BILL NO. 4

(as introduced)

2nd Session, 60th General Assembly
Nova Scotia
56 Elizabeth II, 2007



Government Bill



Pension Benefits Act
(amended)



The Honourable Mark Parent
Minister of Environment and Labour



First Reading: November 23, 2007

(Explanatory Note)

Second Reading: December 3, 2007

Third Reading: December 12, 2007 (WITH COMMITTEE AMENDMENTS) (LINK TO BILL AS PASSED)

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Explanatory Note

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.

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An Act to Amend Chapter 340
of the Revised Statutes, 1989,
the Pension Benefits Act

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:

(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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