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Newfoundland and Labrador
Regulation 2016


NEWFOUNDLAND AND LABRADOR REGULATION 13/16

NEWFOUNDLAND AND LABRADOR
REGULATION 13/16

Pension Benefits Act Regulations (Amendment)
under the
Pension Benefits Act, 1997
(O.C. 2016-031)

(Filed March 22, 2016)

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, March 16, 2016.

Julia Mullaley
Clerk of the Executive Council

REGULATIONS

Analysis


        1.   S.41 Amdt.
Application to public sector plans

        2.   Commencement


NLR 114/96
as amended

        1. Subsection 41(4) of the Pension Benefits Act Regulations is repealed and the following substituted:

             (4)  Notwithstanding subsection (1), the Memorial University Pension Plan is

             (a)  exempt for the period from April 1, 2015 to March 31, 2016 from the requirement that the employer pay an amount under paragraph 12(3)(d) of these regulations;  

             (b)  exempt from the requirement under paragraph 12(3)(c) of the regulations to liquidate the going concern unfunded liability arising from the cost of providing indexed benefits in relation to past service under section 24.1 of the Memorial University Pensions Act within the prescribed 15 year period and is instead permitted to liquidate this liability within 40 years from the day that indexing is effective; and

             (c)  exempt for the period from April 1, 2015 to March 31, 2016 from the requirement that the employer pay an amount under paragraph 12(3)(c) of the regulations.

         (4.1)  Notwithstanding paragraphs (4)(a) and (c), in the event of the termination of the Memorial University Pension Plan, an amount that would have been payable under paragraphs 12(3)(c) and (d) had the exemptions not been given shall be paid by the employer to the fund.

         (4.2)  Notwithstanding paragraph 4(c), money required to be paid by the employer during the period from April 1, 2015 to March 31, 2016 shall be added to the end of the going concern special payment schedules in effect on April 1, 2015.

         (4.3)  The going concern special payment schedules in effect on April 1, 2015 based on the actuarial report of December 31, 2013 shall recommence on April 1, 2016 and shall be adjusted to add

             (a)  one year of accrued interest; and

             (b)  one additional year for payment.

         (4.4)  The interest referred to in subsection (4.3) shall be based on the going concern discount rate from the December 31, 2013 actuarial report.

Commencement

        2. These regulations are considered to have come into force on April 1, 2015.