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Third
Session, 48th General Assembly 67 Elizabeth II, 2018 |
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AN ACT TO AMEND THE WORKPLACE
HEALTH, SAFETY AND COMPENSATION ACT NO. 2 |
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Received and Read the First Time................................................................ |
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Second
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Committee..................................................................................................... |
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Third
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Royal Assent................................................................................................. |
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HONOURABLE SHERRY GAMBIN-WALSH Minister Responsible for Workplace NL |
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Ordered to be printed by
the Honourable House of Assembly |
EXPLANATORY NOTES This Bill would amend the Workplace Health, Safety and Compensation Act to replace the current pension replacement benefit with a lump sum retirement benefit.
A BILL AN ACT TO AMEND THE WORKPLACE HEALTH, SAFETY AND COMPENSATION ACT NO. 2 Analysis 1.
S.2 Amdt. 2.
S.75 R&S 3. Commencement Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows: RSNL1990 cW-11 1. Subsection 2(1) of the Workplace Health, Safety and Compensation Act is amended by adding immediately after paragraph (j) the following: (j.1) "employer-sponsored pension plan" includes (i) a pension plan that is registered with and certified by the Superintendent of Pensions under the Pension Benefits Act, 1997 or an equivalent Act of another province or of the Parliament of Canada; and (ii) a pension plan that is established under an Act of the province; 2. Section 75 of the Act is repealed and the following substituted: Retirement benefits 75. (1) Where a worker who is in receipt of extended earnings loss benefits on or after January 1, 2019 reaches the age of 65 years, the worker is entitled to receive a lump sum payment equal to (a) 5% of extended earnings loss benefits paid to the worker, together with accrued interest; or (b) 10% of extended earnings loss benefits paid to the worker, together with accrued interest, where the worker is or was at the time of the injury a member of an employer-sponsored pension plan. (2) Notwithstanding subsection (1), a worker to whom subsection 74(5) applies is entitled to a lump sum payment equal to the amount specified in paragraph (1)(a) or (b) in relation to all benefits paid under subsection 74(5), together with accrued interest. (3) For the purpose of subsections (1) and (2), the rate of interest is equal to the injury fund's 4 year average net rate of return. (4) Where a worker dies before receiving a lump sum payment under subsections (1) or (2), the lump sum payment shall be paid by the commission to those dependents of the deceased worker who the commission considers to be appropriate recipients. Commencement 3. This Act comes into force on January 1, 2019. ©Queen's Printer |