AN ACT PROVIDING FOR THE FUNDING OF CERTAIN PENSION PLANS AND RETIREMENT BENEFITS SPONSORED BY THE PROVINCE
Short title
1. This Act may be cited as the Pensions Funding Act.
1981 c3 s1
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Definitions
2. In this Act
(a) "fund" means the Province of Newfoundland Pooled Pension Fund referred to in section 5;
(b) "minister" means the Minister of Finance; and
(c) "plan" means a pension plan, retirement benefit or arrangement as established by the Acts referred to in section 3 and another pension plan, retirement benefit or arrangement included under this Act by order of the Lieutenant-Governor in Council under section 4.
1981 c3 s2
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Interpretation
3. This Act shall be read as one with
(a) The Constabulary Pensions Act and the Royal Newfoundland Constabulary Act;
(b) the Teachers' Pensions Act and The Education Act, 1927;
(c) the Members of the House of Assembly Retiring Allowances Act and The Members of the House of Assembly Contributory Pension Plan Act; and
(d) the Public Service Pensions Act, and The Civil Service Act.
1981 c3 s3
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Other pension plans
4. The Lieutenant-Governor in Council may by order include under this Act a pension plan that covers an employee or pensioner
(a) of the government of the province; or
(b) of a corporation, agency, commission or board created by a statute of the province in respect of which control, directly or indirectly, whether by the appointment of members or otherwise vests in the Crown, or a corporation of which 50% of the outstanding common shares are owned by the body, agency, commission or corporation.
1981 c3 s4
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Fund established
5. The Province of Newfoundland Pooled Pension Fund is continued.
1981 c3 s5
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Investment of fund
6. The fund shall be held in trust by the minister and may be invested on the terms and conditions that the minister considers advisable in the securities and investments that conform to the investment requirements of
(a) section 19 of the Pension Benefits Act; and
(b) the regulations made under section 28 of that Act.
1981 c3 s6; 1988 c54 s17
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Participation in fund
7. (1) A plan shall participate in the fund proportionate to its equity in the fund.
(2) The participation of a plan in the fund shall operate under the regulations.
1981 c3 s7
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Lines of credit
8. The minister may establish temporary lines of credit, with or without guarantee, for the orderly conduct of the affairs of the fund.
1981 c3 s8
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Deficiency guarantee
9. Where
(a) there are insufficient assets to meet the obligations of the fund; or
(b) the equity apportioned to a plan referred to in section 7 is insufficient to meet the obligations of the plan under section 11,
the minister shall pay out of the Consolidated Revenue Fund sufficient money as may be necessary to cover the deficit, and the money shall be paid on a timely basis in order to protect the other plans included under this Act.
1981 c3 s9
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Contributions
10. There shall be deposited into the fund
(a) contributions made by employees and employers under each plan;
(b) assets taken over by the absorption of pension plans under the terms of each plan;
(c) the share of each plan proportionate to the share of the income of the fund;
(d) other income arising from the operation of each plan; and
(e) amounts as may be voted by the Legislature for the purpose of each plan or the fund,
and deposits shall be credited to the appropriate plan.
1981 c3 s10
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Disbursements
11. There shall be paid out of the fund
(a) pensions, refunds and payments as they fall due for payment under each plan;
(b) unpaid liabilities taken over by the absorption of pension plans under the terms of each plan;
(c) the proportionate share for each plan of the operating costs of the fund; and
(d) other expenditures arising from the operation of each plan,
and payments shall be charged against the appropriate plan.
1981 c3 s11
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Accounts
12. (1) The minister shall keep complete books of account in which shall be entered the amounts deposited into and paid out of the fund and details carried on in connection with the fund.
(2) The books of account referred to in subsection (1) shall provide for a separate accounting for each plan participating in the fund.
(3) The minister shall establish those bank accounts for the fund that may be required and each bank account shall be operated and administered under this Act and the regulations.
1981 c3 s12
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Report and audit of fund
13. (1) The minister shall not later than June 30 in a year submit to the Lieutenant-Governor in Council the financial statements in connection with the fund for the preceding year.
(2) The auditor general shall audit the financial statements submitted under subsection (1) and there shall be attached to them a report that the auditor general may make in relation to those financial statements.
(3) The minister shall lay the audited financial statements before the House of Assembly within 15 days after the audited financial statements are submitted to the Lieutenant-Governor in Council, if the House of Assembly is then in session, and, if not, then within 15 days after the beginning of the next session.
(4) The financial statements submitted under subsection (1) shall be signed by the minister and the officers or agents authorized to administer the fund.
1981 c3 s13; 1984 c18 s11
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Officers to administer fund
14. The minister may appoint officers, agents and other staff that may be necessary to administer and manage the fund for the purposes of this Act.
1981 c3 s14
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Regulations
15. The Lieutenant-Governor in Council may make regulations
(a) respecting the proportionate participation of each plan in the fund; and
(b) respecting the operation and administration of the fund and the bank accounts established under subsection 12(3).
1981 c3 s15
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Consolidated Revenue Fund
16. Money paid into and out of the Consolidated Revenue Fund for the purposes of this Act shall be considered to have been paid into and out of the fund under this Act.
1981 c3 s17
©Earl G. Tucker, Queen's Printer