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Newfoundland and Labrador
Regulation 2017


NEWFOUNDLAND AND LABRADOR REGULATION 24/17

NEWFOUNDLAND AND LABRADOR
REGULATION 24/17

Pension Benefits Act Regulations (Amendment)
under the
Pension Benefits Act, 1997
(O.C. 2017-120)

(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.15 Amdt.
Transfer

        2.   S.42.3 Amdt.
Town of Happy Valley-Goose Bay retirement plan exemption

        3.   Commencement

 

 

 


NLR 114/96
as amended

        1. Subsection 15(11) of the Pension Benefits Act Regulations is repealed and the following substituted:

          (11)  An administrator of a pension plan shall not make payment

             (a)  under subparagraphs 40(1)(a)(ii) and 40(2)(a)(ii) of the Act, unless the retirement savings arrangement meets the requirements of the superintendent; or

             (b)  under subparagraphs 40(1)(a)(iii) and 40(2)(a)(iii) of the Act, unless the contract to purchase the deferred life annuity meets the requirements of the superintendent and payments under the deferred life annuity shall not commence before the earliest date that the member may retire under the plan.

 

        2. Subsection 42.3(1) of the regulations is repealed and the following substituted:

Town of Happy Valley-Goose Bay retirement plan exemption

   42.3 (1) The Retirement Plan for Employees of the Town of Happy Valley-Goose Bay is exempt from the requirement of paragraph 12(3)(d) for the period of December 31, 2015 to December 31, 2020 in respect of the solvency deficiency of the plan.

Commencement

        3. Section 2 is considered to have come into force on December 31, 2015.