NEWFOUNDLAND AND LABRADOR REGULATION 43/03

NEWFOUNDLAND AND LABRADOR
REGULATION 43/03

Pension Benefits Act Regulations (Amendment)
under the
Pension Benefits Act, 1997
(O.C. 2002-222)

(Filed June 4, 2002)

Under the authority of section 78 of the Pension Benefits Act, 1997, the Lieutenant-Governor in Council makes the following regulations.

Dated at St. John's, June 3, 2002.

Deborah E. Fry
Clerk of the Executive Council

REGULATION

Analysis

NLR 114/96
as amended

1. The Pension Benefits Act Regulations is amended by adding immediately after section 42 the following:

Exemption

42.1 (1) Notwithstanding paragraph 12(3)(d), a solvency deficiency limited to the value of the benefit commonly referred to as the 45 and 10 vested termination benefit under section 4.5(a) of the Pension Plan for Employees of the Iron Ore Company of Canada and Associated and Subsidiary Companies Unionized Employees Text as amended and re-stated as of March 1, 1999 shall be paid by the employer to the pension fund at the time the liability becomes due under the pension plan.

(2) Notwithstanding subsection (1), in the event of the termination of the plan, an amount that would have been payable under paragraph 12(3)(d) had the exemption not been given shall be paid by the employer to the fund.