Pension Benefits Act (amended)
BILL NO. 4
2nd Session, 60th General Assembly
56 Elizabeth II, 2007
Pension Benefits Act
The Honourable Mark Parent
Minister of Environment and Labour
First Reading: November 23, 2007
Second Reading: December 3, 2007
Third Reading: December 12, 2007 (WITH COMMITTEE AMENDMENTS) (LINK TO BILL AS PASSED)
This Bill amends the Pension Benefits Act to require, upon the wind up of a pension plan, the employer to make payments into the pension fund if the fund is insufficient to fund the benefits under the plan.
Be it enacted by the Governor and Assembly as follows:
1 (1) Section 80 of Chapter 340 of the Revised Statutes, 1989, the Pension Benefits Act, is amended by adding immediately after subsection (1) the following subsection:
(1A) Where, at the wind up on or after July 20, 2007, of a pension plan in whole or in part, other than a multi-employer pension plan, the assets in the pension fund are less than the value of the benefits provided under the plan and under Section 79, the employer shall make such payments into the pension fund of the amount necessary to fund the benefits provided under the plan and under Section 79.
(2) Subsection 80(2) of Chapter 340 is amended by
(a) striking out "money" in the first line and substituting "monies"; and
(b) striking out "subsection (1)" in the second line and substituting "subsections (1) and (1A)".
2 Section 81 of Chapter 340 is amended by adding "the employer satisfies its obligations under Section 80 and" immediately after "until" in the third line.
3 Section 82 of Chapter 340 is amended by adding "distributed and, if appropriate," immediately after "be" in the fourth line.
4 This Act comes into force on such day as the Governor in Council orders and declares by proclamation.
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