Statutes of Newfoundland 1998 Chapter 28

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Statutes of Newfoundland 1998

CHAPTER 28 CHAPTER 28

AN ACT TO AMEND THE PUBLIC SERVICE PENSIONS ACT, 1991
(Assented to December 15, 1998)

Analysis

1. S.6 Amdt.
Deductions paid to fund

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

SN1991 c12
as amended

1. (1) Section 6 of the Public Service Pensions Act, 1991 is amended by adding immediately after subsection (2) the following:

(2.1) The government of the province shall pay into the pension plan payments of $40 million yearly.

(2) Section 6 of the Act is amended by adding immediately after subsection (3) the following:

(3.1) Payments required under subsection (2.1) may be made

(a) in cash; or

(b) through the issuance of a 25 year bond of the required value, redeemable at any time at the option of the province bearing interest at a rate of 8% a year, compounded yearly.

(3.2) Payments required under subsection (2.1) shall commence before March 31, 2000 and shall be made yearly after that on a date directed by the minister.

(3.3) Payments required under subsection (2.1) shall continue for the period of time that the pension plan remains unfunded as established by government's actuary on a plan termination basis.