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Newfoundland and Labrador
Regulation 2017


NEWFOUNDLAND AND LABRADOR REGULATION 23/17

NEWFOUNDLAND AND LABRADOR
REGULATION 23/17

Pension Benefits Act Regulations (Amendment)
under the
Pension Benefits Act, 1997
(O.C. 2017-119)

(Filed April 4, 2017)

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 30, 2017.

Bernard M. Coffey, Q.C.
Clerk of the Executive Council

REGULATIONS

Analysis


        1.   S.7.1 Amdt.
Solvency funding exemption for multi-employer plans

        2.   Commencement


NLR 114/96
as amended

        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 (1) Subsection 7.1(1) of the Pension Benefits Act Regulations is repealed and the following substituted: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, 2016 and December 31, 2020 inclusive.

             (2)  Subsection 7.1 is amended by adding immediately after subsection (3) the following:

         (3.1)  Notwithstanding paragraph 12(3)(c), the maximum period for liquidating a going concern unfunded liability for a multi-employer pension plan is within 12 years of the review date for actuarial reports prepared with review dates between December 31, 2015 and December 31, 2020 inclusive.

Commencement

        2. These regulations are considered to have come into force on December 31, 2015.