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Newfoundland and Labrador
Benefits Act Regulations (Amendment)
(Filed August 25, 2015)
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 42.5 the following:
Town of Grand Falls-Windsor exemption
42.6 (1) The Defined Benefit Retirement Plan for Employees of the Town of Grand Falls-Windsor is exempt from the requirement of paragraph 12(3)(d) for the period of December 31, 2013 to December 31, 2016 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 Town of Grand Falls-Windsor to the fund.