Statutes of Newfoundland 1997 Chapter 30

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Statutes of Newfoundland 1997

CHAPTER 30 CHAPTER 30

AN ACT TO AMEND THE TEACHERS' PENSIONS ACT
(Assented to December 19, 1997)

Analysis

1. S.47 Amdt.
Teachers' ancillary
pension plan

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

SN1991 c17 as amended

1. The Teachers' Pensions Act is amended by repealing subsections 47(6) and (7) and substituting the following:

(6) If payment of a pension benefit under a teachers' ancillary pension plan requires funds in excess of funds credited to that plan under this section, the pension benefit shall be paid from funds to the credit of the pension plan.

(7) Funds paid from the pension fund under subsection (6) shall be repaid to the pension fund to the credit of the pension plan, with interest accruing monthly from the date of payment at the average rate earned by the pension fund, when funds credited under this section exceed benefits payable under this section.

(8) Section 9 of the Pensions Funding Act does not apply to a teachers' ancillary pension plan prescribed under this section.

(9) Subsections (6), (7) and (8) are considered to have come into force on September 1, 1996.

©Earl G. Tucker, Queen's Printer