NEWFOUNDLAND AND LABRADOR REGULATION 13/11

NEWFOUNDLAND AND LABRADOR
REGULATION 13/11

Pension Benefits Act Regulations (Amendment)
under the
Pension Benefits Act, 1997
(O.C. 2011-028)

(Filed February 8, 2011)

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, February 7, 2011.

Robert Thompson
Clerk of the Executive Council

REGULATIONS

Analysis

1. The Pension Benefits Act Regulations are amended by adding immediately after section 42.2 the following:

Retirement plan exemption

42.3 (1) The Retirement Plan for Employees of the Town of Happy Valley-Goose Bay is exempt from the requirement of paragraph 12(3)(d) for the period of January 1, 2010 to December 31, 2012 in respect of the solvency deficiency of the plan as of December 31, 2009.

(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 Town of Happy Valley-Goose Bay to the fund.