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SNL2018

CHAPTER T-4.01

TEACHERS PENSIONS ACT, 2018

Amended:

2019 cP-44.01 s53; 2022 c23 s56; 2023 c18 s51

CHAPTER T-4.01

AN ACT RESPECTING A PENSION PLAN FOR TEACHERS

(December 5, 2018)

Analysis

Short title

Definitions

Participation in pension plan

Pension plan

Fund continued

Deductions paid to fund

Government payments

Supplementary account and supplementary pension benefits

Transfer of commuted value

Attachment

Error or misrepresentation

Rectification

Marriage breakdown

Appeal

Corporation continued

Application of Acts to corporation

Objects of corporation

Board

Corporation and board bound

Funded status of plan

No liability

Indemnification

Binding effect

Conflict

Pension Benefits Act, 1997

Pension plan protected

RSNL1990 cF-8 Amdt.

SNL1996 cP-4.01 Amdt.

RSNL1990 cP-6 Amdt.

RSNL1990 cP-17 Amdt.

RSNL1990 cT-2 Amdt.

SNL1991 c17 Rep.

Commencement

Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows:

Short title

This Act may be cited as the Teachers Pensions Act, 2018.

2018 cT-4.01 s1

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Definitions

this Act

(a)

" board

" means the board of directors of the corporation;

(b)

" commuted

value" means, unless the context indicates otherwise, the present value of a pension benefit calculated in accordance with the pension plan;

(c)

" corporation

" means the Teachers' Pension Plan Corporation continued under

section 15;

(d)

" deferred

life annuity" means a sum of money payable yearly or at another regular interval that

( i

commences

no earlier than the date the person would have been eligible to retire under the pension plan, and

( ii

continues for the life of the person;

(e)

" deferred

pension" means a pension benefit the payment of which is deferred until the person entitled to the pension benefit is eligible to retire under the pension plan;

(f)

" deferred

pensioner" means a person who has elected or is considered to have elected to receive a deferred pension;

(g)

" employer" means

(

i) the

government,

(ii)

the

Newfoundland

and Labrador Teachers' Association,

(iii)

the

Churchill Falls ( Labrador)

Corporation Limited, and

(iv)

any

other entity admitted to the pension plan by the corporation in accordance with the joint sponsorship agreement;

(h)

" former

Act" means the Teachers' Pensions Act;

( i

" fund

" means the Teachers' Pension Plan Fund continued under

section 5;

(j)

" funding

policy" means the funding policy attached as Appendix A to the joint sponsorship agreement;

(k)

" government" means the government of the province;

(l)

"joint sponsorship agreement" means the agreement relating to the joint sponsorship of the pension plan between government on the one part and the Newfoundland and Labrador Teachers' Association on the other part, dated March 15, 2016 as amended from time to time and includes the appendices to the agreement;

(m)

" life

income fund" and "locked-in retirement income fund" means a registered retirement income fund

(

i) established in accordance with the Income Tax Act

( Canada),

(ii)

included

in the list established and maintained under

section 18 of the Pension Benefits Act Regulations,

and

(iii)

under

which payments commence no earlier than the date the person would have been eligible to retire under the pension plan;

(n)

"locked-in retirement account" means a registered retirement savings plan

( i

established

in accordance with the Income Tax Act

( Canada),

(ii)

included

in the list established and maintained under

section 18 of the Pension Benefits Act Regulations,

and

(iii)

that requires the monies in the registered retirement savings plan to be transferred to a life income fund, locked-in retirement income fund or a deferred life annuity before payments may commence;

(o)

" minister

" means the minister appointed under the Executive Council Act

to administer this Act;

(p)

" pension

benefit" means an amount under the pension plan to which a teacher or other person is, or may, become entitled;

(q)

" pension

plan" means, unless the context indicates otherwise, the Teachers' Pension Plan referred to in

section 4;

(r)

" pensioner

" means a person in receipt of a pension benefit;

(s)

" registered

" means registered under the Income Tax Act

( Canada);

(t)

" sponsor

body" means the body appointed in accordance with the joint sponsorship agreement;

(u)

" supplementary

account" means the Teachers' Supplementary Account continued under

section 8;

(v)

" supplementary

pension benefit" means the supplementary pension benefit referred to in subsection 8(3);

(w)

" teacher

" includes the following persons appointed or employed by an employer:

(

i) a person who holds a valid and subsisting certificate, grade or licence not lower than the emergency supply licence issued under the Teacher Training Act

and who is, subject to the Schools Act,

1997,

appointed or employed by an employer to give instruction or to administer or supervise instructional services in a college or a school,

(ii)

a person who holds a valid and subsisting certificate, grade or licence not lower than the emergency supply licence issued under the Teacher Training Act

and who is a director, an assistant director or a senior management official as defined in the Schools Act, 1997;

(ii.1)

a person who holds a valid and subsisting certificate, grade or licence not lower than the emergency supply licence issued under the Teacher Training Act

and who is appointed or employed by the Department of Education in a position that requires the person to hold a valid and subsisting certificate, grade or licence not lower than the emergency supply licence issued under the Teacher Training Act;

(ii.2)

a person who holds a valid and subsisting certificate, grade or licence not lower than the emergency supply licence issued under the Teacher Training Act

and who is appointed or employed by the Department of Education in the position of deputy minister, associate deputy minister or assistant deputy minister, where that person is a member of the pension plan at the time of their appointment.

(iii)

an administrative officer of the Newfoundland and Labrador Teachers Association by virtue of the Teachers' Association Act,

and who was before his or her appointment

(

A) teacher to whom this Act or the former Act applied, or

(

B) public servant to whom the Public Service Pensions Act, 2019

applied,

(iv)

a full time salaried president of the Newfoundland and Labrador Teachers Association or the Canadian Teachers Federation and who was before his or her appointment

(

A) teacher to whom this Act or the former Act applied, or

(

B) public servant to whom the Public Service Pensions Act, 2019

applied, or

(

v) person who is considered a teacher under the pension plan; and

(x)

" year's

maximum pensionable earnings" has the same meaning as in the Canada Pension Plan Act

( Canada).

2018 cT-4.01 s2 ; 2019 cP-44.01 s53 ; 2022 c23 s56 ; 2023 c18 s51

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Participation in pension plan

(1) A

teacher shall contribute to and participate in the pension plan.

(2) In addition to the contributions under subsection (1), a teacher whose pensionable earnings in a calendar year exceed the pensionable earnings that would require contributions up to the limit approved under the Income Tax Act

( Canada)

shall make contributions, at the contribution rate set out in the pension plan, in respect of the excess pensionable earnings.

(3) The contributions required under subsections (1) and (2) shall be deducted from the teacher's salary.

2018 cT-4.01 s3

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Pension plan

(1) The pension plan provided for, by and under the former Act is continued in accordance with this Act and the documentation prepared and maintained in accordance with the joint sponsorship agreement prescribing the terms applicable to the pension plan.

(2) The supplementary pension benefit is not included in the pension plan.

2018 cT-4.01 s4

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Fund continued

(1)The Teachers' Pension Plan Fund established under the former Act is continued.

(2) The fund shall be held in trust by the corporation.

(3) There shall be deposited into the fund

(

a) contributions

made by teachers and employers under this Act;

(

b) the

income of the fund; and

(

c) any

other income arising from the operation of the pension plan.

(4) Where an employer does not make a contribution or deposit to the fund in the manner required by this Act, a penalty may be assessed and levied upon the amount of that contribution or deposit in a manner directed by the corporation.

(5) There shall be paid out of the fund

(

a) pension

benefits, refunds and payments under the pension plan;

(

b) the

operating costs of the fund; and

(

c) other

expenditures arising from the operation of the pension plan.

(6) The assets of the fund may be pooled with the assets of other pension plans, including government pension plans, for investment purposes as directed by the corporation.

2018 cT-4.01 s5

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Deductions paid to fund

(1) An

employer shall pay into the fund all contributions required under the pension plan and the joint sponsorship agreement.

(2) In addition to the contributions under subsection (1), where a teacher's pensionable earnings in a calendar year exceeds the pensionable earnings that would require contributions up to the limit approved under the Income Tax Act

(Canada), the employer shall pay into the fund contributions in respect of the teacher's excess pensionable earnings at the contribution rate set out in the pension plan.

(3) The government shall pay the contributions referred to in subsections (1) and (2) out of the Consolidated Revenue Fund.

2018 cT-4.01 s6

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Government payments

(1) The

promissory note delivered by the government to the corporation under the former Act continues to be fully enforceable.

(2) The promissory note shall amortize $1,862,000,000, valued at September 1, 2015, over 30 years in equal annual payments of $135,272,273 beginning on August 31, 2016.

(3) Payments made under subsection (2) shall be made regardless of the funded status of the pension plan in the future.

(4) The present value of the residual payments described in subsection (2), discounted at 6%, shall be considered to be an asset of the pension plan.

(5) The asset referred to in subsection (4) is a non-investment asset which is non-marketable and non-transferrable except as otherwise provided in this Act and which shall be used solely for the purpose of determining the funded ratio of the pension plan.

2018 cT-4.01 s7

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Supplementary account and supplementary pension benefits

(1)The Teachers Supplementary Account established in the Consolidated Revenue Fund under the former Act is continued.

(2) The minister shall be responsible for the supplementary account and supplementary pension benefits.

(3) Where the calculation of a teacher's pension benefit without application of the limits under the Income Tax Act

(4) Notwithstanding subsection (3), a teacher employed by an entity referred to in subparagraph 2(g )(

iv) shall not be entitled to a supplementary pension benefit without the approval of the minister.

(5) Where a person is eligible to transfer his or her commuted value under the pension plan, the person is eligible to receive payment of the commuted value of his or her supplementary pension benefit.

(6) A supplementary pension benefit shall be paid from the supplementary account.

(7) The contributions made under subsections 3(2) and 6(2) shall be paid by the corporation to the supplementary account no later than the last day of February of the subsequent year.

(8) Where there is insufficient money in the supplementary account to pay supplementary pension benefits, money shall be paid from the Consolidated Revenue Fund to the supplementary account to make the payments.

2018 cT-4.01 s8

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Transfer of commuted value

(1) Where

a person is eligible to transfer his or her commuted value under the pension plan and elects to transfer his or her commuted value, the commuted value shall be transferred to

(

a) registered pension plan provided the administrator of the pension plan agrees to accept the transfer;

(

b) life income fund, locked-in retirement income fund or locked-in retirement account; or

(

c) deferred life annuity purchased from an insurance company licensed to transact business in Canada.

(2) Subsection (1) does not apply where

(

a) the

person's annual pension benefit payable is less than 4% of the year's maximum pensionable earnings for the calendar year in which employment is terminated;

(

b) the commuted value of a person's pension benefit is less than 10% of the year's maximum pensionable earnings for the calendar year in which employment is terminated; or

(

c) the

person provides documentation from a medical practitioner satisfactory to the corporation that he or she has a mental or physical disability that is likely to shorten considerably his or her life expectancy.

(3) For the purpose of a transfer under subsection (1), a contract to establish a life income fund, locked-in retirement income fund, locked-in retirement account or a deferred life annuity shall be in the form of a certified specimen contract filed under

section 18 of the Pension Benefits Act Regulations.

(4) Where a person transfers or is paid his or her commuted value under this section, the corporation and the pension plan shall be fully discharged of all obligations to the teacher or deferred pensioner in respect of the period of pensionable service related to the transfer.

2018 cT-4.01 s9

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Attachment

Monies payable or awarded under the pension plan shall not be assigned, charged, attached, anticipated or given as security and is exempt from execution, seizure or attachment and a transaction purporting to assign, charge, attach, anticipate or give that pension benefit as security is void, except where

(

a) this

section is overridden by another Act; or

(

b) the

transaction is a division of a pension benefit or supplementary pension benefit in accordance with

section 13.

2018 cT-4.01 s10

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Error or misrepresentation

The corporation may adjust or cancel a pension benefit which has been paid or awarded as a result of error or misrepresentation and where an overpayment of a pension benefit has been made the corporation may recover the overpayment.

2018 cT-4.01 s11

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Rectification

Where a pension benefit has been underpaid or unreasonable delays in payments have occurred, the corporation may make payments in rectification together with interest that may be determined by the corporation.

2018 cT-4.01 s12

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Marriage breakdown

(1) Where

(

a) a court in the province makes an order for the division of matrimonial property under the Family Law Act

or a similar order is made by a court outside the province; or

(

b) teacher, deferred pensioner or pensioner has entered into a separation agreement within the meaning of the Family Law Act

to divide matrimonial property,

pension benefit or supplementary pension benefit shall be divided in accordance with the court order or separation agreement and the pension plan.

(2) Where the corporation applies to the court for direction under the marriage breakdown provisions of the pension plan, the court may make or vary an order for the division of matrimonial property as it considers appropriate in the circumstances and any order made against the corporation shall be paid from the fund.

2018 cT-4.01 s13

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Appeal

(1)A person may, in accordance with the pension plan, appeal a decision of the corporation in a matter related to, connected with or arising out of his or her entitlement to, or payment of, a pension benefit or other money under this Act.

(2) A person may apply for judicial review of a decision under subsection (1) within 60 days after receipt of the decision by filing an application with the Supreme Court.

2018 cT-4.01 s14

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Corporation continued

(1)The Teachers' Pension Plan Corporation established under the former Act is continued as a corporation without share capital.

(2) The head office of the corporation shall be at St. John's.

(3) The corporation is not an agent of the Crown.

(4) The provisions of this

section and sections 16 to

section 21 constitute the articles of the corporation.

(5) A director or a person employed by the corporation does not become an officer or employee of the Crown by reason of that office or employment only.

2018 cT-4.01 s15

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Application of Acts to corporation

(1)The Corporations Act,

except

section 27, paragraphs 31(a), (

d) and (e), sections 32, 167, 172, 190, 191, 198, 199, 200, 201, 204, 277, 278, 378, and subsection 422(1), does not apply to the corporation.

(2) The Lieutenant-Governor in Council, on the recommendation of the sponsor body, may make regulations directing that additional provisions of the Corporations Act

apply to the corporation, provided that those regulations do not conflict with this Act.

(3) Where there is a conflict between a provision referred to in subsection (1) and this Act, this Act prevails.

2018 cT-4.01 s16

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Objects of corporation

The objects of the corporation are

(

a) act as trustee of the fund;

(

b) act as administrator of the pension plan; and

(

c) exercise those other powers and perform those other duties as may be conferred upon the corporation under the joint sponsorship agreement.

2018 cT-4.01 s17

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Board

(1) The

number of persons on the board shall be determined in accordance with the joint sponsorship agreement.

(2) A director of the corporation, in exercising his or her powers and discharging his or her duties, shall

(

a) act honestly and in good faith with a view to the best interests of the pension plan and for the benefit of all teachers, pensioners and deferred pensioners; and

(

b) exercise

the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances.

(3) The board, by resolution, may make, amend or repeal by-laws that regulate the business or affairs of the corporation.

(4) By-laws made by the board shall not conflict with the joint sponsorship agreement.

2018 cT-4.01 s18

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Corporation and board bound

The corporation and the board are bound by and shall act in accordance with the joint sponsorship agreement as provided for in that agreement.

2018 cT-4.01 s19

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Funded status of plan

Actuarial surpluses and deficits relating to the pension plan shall be shared in accordance with the funding policy.

2018 cT-4.01 s20

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No liability

The corporation is not liable for loss or damage suffered by another person because of anything done or omitted to be done under or in the exercise or supposed exercise of the powers conferred by this Act, where those powers have been exercised in accordance with subsection 18(2).

2018 cT-4.01 s21

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Indemnification

A director or officer or a former director or officer who acted in good faith in the execution of his or her duties and powers and his or her heirs, executors, administrators and other legal representatives shall be indemnified by the fund for all legal expenses and all other charges and expenses actually and reasonably incurred by that director, officer, former director or former officer, including an amount paid to settle an action or to satisfy a judgment in a civil, criminal or administrative action or proceeding to which the person is made a party because of being or having been a director or officer.

2018 cT-4.01 s22

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Binding effect

(1)The sponsor body's decisions, rules, policies and procedures made or established in accordance with the joint sponsorship agreement, the pension plan or the fund shall be binding on the corporation, employers, teachers, pensioners and deferred pensioners and their respective beneficiaries, dependents, estates, heirs, executors, administrators, successors and

assigns.

(2) The corporation's decisions, rules, policies and procedures shall be binding on the sponsor body, employers, teachers, pensioners and deferred pensioners and their respective beneficiaries, dependents, estates, heirs, executors, administrators, successors and assigns.

2018 cT-4.01 s23

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Conflict

Where this Act conflicts with another Act of the province, this Act shall prevail.

2018 cT-4.01 s24

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Pension Benefits Act, 1997

The Pension Benefits Act, 1997

does not apply to this Act or the pension plan.

2018 cT-4.01 s25

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Pension plan protected

This Act shall apply to all pension benefits and supplementary pension benefits accrued under the former Act.

2018 cT-4.01 s26

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RSNL1990 cF-8 Amdt.

Subparagraph 2(1 )(

k.1)(ii) of the Financial Administration Act

is repealed and the following substituted:

(ii)

the

Teachers' Pension Plan Corporation continued under the Teachers' Pensions Act, 2018,

and

2018 cT-4.01 s27

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SNL1996 cP-4.01 Amdt.

(1)Section 2 of the Pension Benefits Act, 1997

is amended by adding immediately after paragraph ( ee) the following:

(ee.1)

"Public Service Pension Plan" has the same meaning as the term "pension plan" in the Public Service Pensions

Act, 1991;

(2) Section 2 of the Act is amended by deleting the word "and" at the end of paragraph (ii) and adding immediately after that paragraph the following:

(ii.1)

"Teachers' Pension Plan" has the same meaning as the term "pension plan" in the Teachers' Pensions Act, 2018;

and

(3) Section 25 of the Act is amended by adding immediately after subsection (5) the following:

(5.1) Where

a member of a pension plan requests to transfer the commuted value of his or her pension benefit to the Public Service Pension Plan or the Teachers' Pension Plan, the administrator of the plan shall provide a written statement as required by the superintendent.

(4) Paragraph 40(1) (

a) of the Act is amended by adding immediately after subparagraph (

i) the following:

(i.1)

transfer the commuted value of the member's pension benefit to the Public Service Pension Plan or the Teachers' Pension Plan, if the Public Service Pension Plan or the Teachers' Pension Plan permits and the administrator of the Public Service Pension Plan or the Teachers' Pension Plan agrees to accept the payment,

(5) Paragraph 40(2) (

a) of the Act is amended by adding immediately after subparagraph (

i) the following:

(i.1)

transfer the commuted value of the member's pension benefit to the Public Service Pension Plan or the Teachers' Pension Plan, if the Public Service Pension Plan or the Teachers' Pension Plan permits and the administrator of the Public Service Pension Plan or the Teachers' Pension Plan agrees to accept the payment,

2018 cT-4.2 s28

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RSNL1990 cP-6 Amdt.

Subsection 9(3) of the Pensions Funding Act

is repealed and the following substituted:

(3) Subsection (1) does not apply to the plan continued under the Teachers' Pensions Act, 2018.

2018 cT-4.01 s29

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RSNL1990 cP-17 Amdt.

The

Schedule to the Portability of Pensions Act

is amended by deleting the reference "The Teachers' Pensions Act".

2018 cT-4.01 s30

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RSNL1990 cT-2 Amdt.

Section 8 of the Teachers' Association Act

is repealed and the following substituted:

Administrative officers

A person who is an administrative officer of the association and who was before his or her appointment to the post a teacher to whom

(

a) the

Teachers' Pensions Act, 2018

applied; or

(

b) the

definition of "teacher" in the Schools Act, 1997

applies

shall

during his or her term of office as an administrative officer be considered to be a teacher for all of the purposes of the Teachers' Pensions Act, 2018.

2018 cT-4.01 s31

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SNL1991 c17 Rep.

The Teachers Pensions Act

is repealed.

2018 cT-4.01 s32

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Commencement

(1) This Act, or a section, subsection or paragraph of it, except subsections 28(1), (2), (4) and (5), comes into force on a day or days to be proclaimed by the Lieutenant-Governor in Council.

(2) Subsections 28(1), (2), (4) and (5) are considered to have come into force on December 16, 2014.

2018 cT-4.01 s33

(Remainder of Act in force on April 15, 2019)

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