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Copyright © 2000: Queens Printer,
Statutes of Newfoundland 1998
AN ACT TO AMEND THE PUBLIC SERVICE PENSIONS ACT, 1991
(Assented to December 15, 1998)
1. S.6 Amdt.
Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows:
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.
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