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St. John's, Newfoundland and Labrador, Canada

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Newfoundland and Labrador
Regulation 2006


NEWFOUNDLAND AND LABRADOR REGULATION 40/06

NEWFOUNDLAND AND LABRADOR
REGULATION 40/06

Pension Benefits Act Regulations
(Amendment)
under the
Pension Benefits Act, 1997
(O.C. 2006-210)

(Filed May 15, 2006)

Under the authority of subsection 78(1) of the Pension Benefits Act, the Lieutenant-Governor in Council makes the following regulations.

Dated at St. John’s, May 15, 2006.

Robert C. Thompson
Clerk of the Executive Council

REGULATIONS

Analysis


        1.   S.41 Amdt.
Application to public sector plans

        2.   S.42.2 Added
Municipalities pension plan exemption

        3.   Commencement


NLR 114/96
as amended

        1. Paragraph 41(4)(a) of the Pension Benefits Act Regulations is amended by

             (a)  striking out the date "April 1, 2002" and substituting the date "January 1, 2006"; and

             (b)  striking out the date "December 31, 2005" and substituting the date "December 31, 2010".

 

        2. The regulations are amended by adding immediately after section 42.1 the following:

Municipalities pension plan exemption

   42.2 (1) The Newfoundland and Labrador Municipal Employees Benefits Inc. Pension Plan shall be exempt from the requirement of paragraph 12(3)(d) for the period January 1, 2006 to December 31, 2008 in respect of the solvency deficiency of the plan as of December 31, 2005.

             (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 participating employers to the fund.

Commencement

        3. These regulations shall be considered to have come into force on January 1, 2006.