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CONSOLIDATED NEWFOUNDLAND

AND

LABRADOR REGULATION 1017/96

Pensions Funding Regulations

under the

Pensions Funding Act

Under the authority of

section 15 of the Pensions Funding Act

and the Subordinate Legislation Revision and Consolidation Act

, the Lieutenant-Governor in Council makes the following regulations.

REGULATIONS

Analysis

Short title

Definitions

Remittance of contributions

Failure to remit

Repeal

Short title

These regulations may be cited as the Pensions Funding Regulations

134/95 s1

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Definitions

In these regulations

(a)

"contributions due date" means the date on which contributions are deducted from employees; and

(b)

"minister" means the minister appointed under the Executive Council Act

to administer the Pension Funding Act

134/95 s2

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Remittance of contributions

All contributions required to be paid under a plan shall be remitted by an employer to the minister so as to be received by the minister on or before the 10th working day following the contributions due date as specified under these regulations.

134/95 s3

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Failure to remit

Where an employer fails to remit contributions in accordance with

section 3

(

a) interest shall be assessed at 1.2% compounded monthly from the contributions due date to the date of receipt by the minister; and

(

b) a penalty shall be assessed at the greater of $500 or 1% of the late remittance.

134/95 s4

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Repeal

The Pensions Funding Regulations, 1995, Newfoundland Regulation 134/95, are repealed.

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