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Statutes of Newfoundland 1996


CHAPTER 7

CHAPTER 7

AN ACT TO AMEND THE PORTABILITY OF
PENSIONS ACT

(Assented to June 18, 1996)

Analysis

1. S.6 Amdt.
Deficiency and surplus

2. Schedule R&S

3. Commencement

Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows:


RSN1990 cP-17

1. Subsections 6(1) and (2) of the Portability of Pensions Act are repealed and the following substituted:

Deficiency and surplus

6. (1) Where there is a deficiency in the amount of contributions paid under section 4, the employee may elect to pay the amount required to make up the deficiency.

(2) Where an employee does not elect to pay the amount of the deficiency, the period of pensionable service to be credited under the importing plan shall be proportionately reduced by the ratio of the amount of contributions paid under section 4 to the amount calculated under paragraph (3)(b).

(2.1) Where there is a surplus in the amount of contributions paid under section 4, one-half of the surplus shall be paid to the employee and one-half shall be paid over to the Consolidated Revenue Fund.

(2.2) An amount of a deficiency shall be repaid in the manner directed by the minister.

Schedule

2. The Schedule to the Act is repealed and the following substituted:

Schedule

1. The Teachers' Pensions Act.

2. The Members of the House of Assembly Retiring Allowances Act.

3. The Memorial University Pensions Act.

4. The Public Service Pensions Act, 1991.

5. The Uniformed Services Pensions Act, 1991.

Commencement

3. (1) This Act comes into force on August 1, 1996.

(2) Notwithstanding subsection (1), section 1 does not apply until October 1, 1996 to an employee employed before August 1, 1996 and subsections 6(1) and (2) as they read on August 1, 1996, continue to apply to those employees as if they had not been repealed.

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