Statutes of Newfoundland and Labrador 2008 Chapter 16

AN ACT TO AMEND THE PENSION
BENEFITS ACT, 1997

(Assented to June 4, 2008)

Analysis

Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows:

SNL1996 cP-4.01 as amended

1. Section 61 of the Pension Benefits Act, 1997 is amended by renumbering it as subsection 61(1) and by adding immediately after that subsection the following:

(2) Where, on the termination, after April 1, 2008, of a pension plan, other than a multi-employer pension plan, the assets in the pension fund are less than the value of the benefits provided under the plan, the employer shall, as prescribed by the regulations, make the payments into the pension fund, in addition to the payments required under subsection (1), that are necessary to fund the benefits provided under the plan.