BILL NO. 24
(as introduced)
1st Session, 62nd General Assembly
Nova Scotia
62 Elizabeth II, 2013
Pension Benefits Act
(amended)
Allan MacMaster
Inverness
First Reading: December 6, 2013
Second Reading:
Third Reading:
Explanatory Note
This Bill amends the existing Pension Benefits Act and its unproclaimed replacement to require that the annual written statement sent to members of a pension plan also be sent to former members and retired members, and that the statement contain information about the investment performance and solvency of the pension fund and how amendments to the pension plan and decisions made by the employer in the preceding year are expected to affect the pension plan.
An Act to Amend Chapter 340
of the Revised Statutes, 1989, and
Chapter 41 of the Acts of 2011,
the Pension Benefits Act
1 Section 33 of Chapter 340 of the Revised Statutes, 1989, the Pension Benefits Act, is repealed and the following Section substituted:
(2) A statement transmitted pursuant to subsection (1) in respect of a pension plan that provides defined benefits must include
(b) information respecting the solvency of the pension fund;
(c) information respecting the asset mix of the pension fund;
(d) a summary of the schedule of any special payments required to amortize a going concern unfunded liability or solvency deficiency;
(e) information respecting any amendment to the pension plan in the preceding year that is expected to affect pension benefits under the pension plan or create a going concern unfunded liability or solvency deficiency; and
(f) information respecting any action undertaken by the employer in the preceding year that is expected to affect pension benefits under the pension plan or create a going concern unfunded liability or solvency deficiency, including, without limiting the generality of the foregoing, the implementation of an early retirement package for employees or the restructuring of the employer's workforce.
(2) A statement transmitted pursuant to subsection (1) in respect of a pension plan that provides defined benefits must include
(b) information respecting the solvency of the pension fund;
(c) information respecting the asset mix of the pension fund;
(d) a summary of the schedule of any special payments required to amortize a going concern unfunded liability or solvency deficiency;
(e) information respecting any amendment to the pension plan in the preceding year that is expected to affect pension benefits under the pension plan or create a going concern unfunded liability or solvency deficiency; and
(f) information respecting any action undertaken by the employer in the preceding year that is expected to affect pension benefits under the pension plan or create a going concern unfunded liability or solvency deficiency, including, without limiting the generality of the foregoing, the implementation of an early retirement package for employees or the restructuring of the employer's workforce.
This page and its contents published by the Office of the Legislative Counsel, Nova Scotia House of Assembly, and © 2013 Crown in right of Nova Scotia. Created December 6, 2013. Send comments to legc.office@novascotia.ca.
