NEWFOUNDLAND AND LABRADOR
REGULATION 110/11

Solvency Funding Relief Regulations (Amendment)
under the
Pension Benefits Act, 1997
(O.C. 2011-382)

(Filed December 20, 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, December 16, 2011.

Robert Thompson
Clerk of the Executive Council

REGULATIONS

Analysis

        1.    S.2 Amdt.
Interpretation

        2.   S.27.1 Added
Initial solvency funding deficiency, January 1, 2010 to January 1, 2013

        3.   S.28 R&S
Repeal

NLR 30/08

 1. Paragraph 2(1)(g) of the Solvency Funding Relief Regulations is repealed and the following substituted:

             (g)  "initial solvency deficiency" means the solvency deficiency of a plan that emerged on the date on which the valuation that identified the deficiency was performed, as reported in an actuarial report filed with the Superintendent of Pensions that values the plan as of a date between

                      (i)  January 1, 2007 to January 1, 2009, or

                     (ii)  January 1, 2010 to January 1, 2013;

 

        2. The regulations are amended by adding immediately after section 27 the following:

Initial solvency funding deficiency, January 1, 2010 to January 1, 2013

   27.1 For the period of January 1, 2010 to January 1, 2013, an initial solvency deficiency referred to in paragraph 2(g)(ii) may be funded using one of the following methods:

             (a)  by funding the initial solvency deficiency in accordance with Part I where solvency funding relief under Part I has not previously been applied;

             (b)  by extending the solvency funding period from 5 years to 10 years in accordance with Part II; or

             (c)  by extending the solvency funding period to 10 years in accordance with Part III.

 

        3. Section 28 of the regulations is repealed and the following substituted:

Repeal

      28. These regulations are repealed on January 1, 2023.

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