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Newfoundland and Labrador
Pension Benefits Act Regulations (Amendment)
(Filed December 11, 2017)
Under the authority of section 78 of the Pension Benefits Act, 1997, the Lieutenant-Governor in Council makes the following regulations.
Ann Marie Hann
1. (1) Subsection 41(4) of the Pension Benefits Act Regulations is repealed and the following substituted: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, 2016 to December 31, 2018 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 these 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, 2016 to March 31, 2017 from the requirement that the employer pay an amount under paragraph 12(3)(c) of these regulations.
(2) Subsections 41(4.2) to (4.4) of the regulations are repealed and the following substituted:
(4.2) Notwithstanding paragraph (4)(c), money required to be paid by the employer during the period from April 1, 2016 to March 31, 2017 shall be added to the end of the going concern special payment schedules in effect on April 1, 2016.
(4.3) The going concern special payment schedules in effect on April 1, 2016 based on the actuarial report of December 31, 2015 shall recommence on April 1, 2017 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, 2015 actuarial report.
2. These regulations are considered to have come into force on April 1, 2016.