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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. The Pension Benefits Act Regulations are amended by adding immediately after section 42.3 the following:
42.4 (1) The Retirement Benefit Plan for the Employees of the City of St. John's is exempt from the requirement of paragraph 12(3)(d) for the period of December 31, 2012 to December 31, 2015 in respect of the solvency deficiency of the 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 City
2. These regulations are considered to have come into force on December 31, 2012.