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Newfoundland and Labrador
Pension Benefits Act Regulations (Amendment)
(Filed December 10, 2013)
Under the authority of section 78 of the Pension Benefits Act, 1997, the Lieutenant-Governor in Council makes the following regulations.
1. (1) Subsection 7.1(1) of the Pension Benefits Act Regulations is repealed and the following substituted:
Solvency funding exemption for multi-employer plans
7.1 (1) An administrator of a multi-employer pension plan may elect that subsections (3) to (7), instead of subsections 7(1) to (4), apply to a report filed under sections 5, 6, 11 and 12 where the period covered by the report is between January 1, 2011 and December 31, 2015.
(2) Subsection 7.1(2) of the regulations is repealed.
(3) Paragraph 7.1(5)(c) of the regulations is repealed and the following substituted:
(c) the solvency ratio of the plan and, where the plan is amended to increase benefits, the solvency ratio before and after the amendment, effective on the valuation date of the report; and
2. Subsections 1(1) and (2) of these regulations are considered to have come into force on January 1, 2011.