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Newfoundland and Labrador
Benefits Act Regulations (Amendment)
(Filed August 25, 2015)
Under the authority of section 78 of the Pension Benefits Act, 1997, the Lieutenant-Governor in Council makes the following regulations.
1. The Pension Benefits Act Regulations are amended by adding immediately after section 42.4 the following:
42.5 (1) The Pension Plan for the Union Employees of the St. John's Transportation Commission and the Pension Plan for the Non-Union Employees of the St. John's Transportation Commission are exempt from the requirement of paragraph 12(3)(d) for the period of December 31, 2013 to December 31, 2016 in respect of the solvency deficiency of the plans.
(2) Notwithstanding subsection (1), in the event
of the termination of either plan, an amount that would have been payable under
paragraph 12(3)(d) had the exemption not been given shall be paid by the