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First
Session, 50th General Assembly 71 Elizabeth II, 2022 |
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AN ACT TO AMEND THE
INCOME TAX SAVINGS PLANS ACT AND THE PENSION PLANS DESIGNATION OF
BENEFICIARIES ACT |
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Received and Read the First Time................................................................ |
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Second
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Committee..................................................................................................... |
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Third
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Royal Assent................................................................................................. |
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HONOURABLE SARAH STOODLEY Minister of Digital Government and Service Newfoundland and Labrador |
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Ordered to be printed by
the Honourable House of Assembly |
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EXPLANATORY NOTES This Bill would
amend the Income Tax Savings Plans Act and the Pension Plans Designation of Beneficiaries Act to · allow for the designation of beneficiaries by electronic means; and · incorporate gender-silent language.
A BILL AN ACT TO AMEND THE INCOME TAX SAVINGS PLANS ACT AND THE PENSION PLANS DESIGNATION OF BENEFICIARIES ACT Analysis INCOME TAX SAVINGS PLANS ACT 1.
S.3 Amdt. 2.
S.4 Amdt. PENSION PLANS DESIGNATION OF BENEFICIARIES ACT 3.
S.3 Amdt. 4.
S.4.1 Added Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows: INCOME TAX SAVINGS PLANS ACT RSNL1990 cI-2 1. Paragraph 3(b) of the Income Tax Savings Plans Act is amended by deleting the words "his or her" and substituting the words "the plan holder's". 2. Section 4 of the Act is amended by renumbering it as subsection 4(1) and by adding immediately after that subsection the following: (2) Notwithstanding subsection (1), a designation, or the alteration or revocation of a designation, under a savings plan may be made electronically in accordance with the Electronic Commerce Act. PENSION PLANS DESIGNATION OF BENEFICIARIES ACT RSNL1990 cP-5 3. (1) Subsection 3(1) of the Pension Plans Designation of Beneficiaries Act is repealed and the following substituted: Designation of beneficiary 3. (1) Where, under the terms of a plan, a participant, by a written instrument signed by the participant or on the participant's behalf by another person in the participant's presence and by the participant's direction, has designated a person to receive a benefit payable under the plan in the event of the death of the participant, (a) the employer is
discharged on paying to the person designated the amount of the benefit; and (b) the person
designated may on the death of the participant enforce payment of the benefit. (2) Subsection 3(2) of the Act is amended by deleting the words "his or her" and substituting the words "the participant's". 4. The Act is amended by adding immediately after section 4 the following: Electronic form 4.1 Notwithstanding sections 3 and 4, a designation under subsection 3(1), or the alteration or revocation of a designation under section 4, may be made electronically in accordance with the Electronic Commerce Act. ©Queen's Printer |