Bill 255 — First Session, 21St Legislature, 35 Elizabeth Ii the Legislative Assembly of Alberta Bill 255 Provincial Pensions Liability Reporting Act (Legislature 21, Session 1)

L21 S1 3288

Alberta — Bills

1986 BILL 255 First Session, 21st Legislature, 35 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL 255 PROVINCIAL PENSIONS LIABILITY REPORTING ACT MR. McEACHERN First Reading Second Reading Committee of the Whole Third Reading Royal Assent

Definitions Bid 255 Mr. McEachem BILL 255 1986 PROVINCIAL PENSIONS LIABILITY REPORTING ACT (Assented to , 1986) HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Alberta, enacts as follows: 1 In this Act, (a) "fiscal year" means the period commencing April 1 of a year and ending March 31 of the following year; (b) "General Revenue Fund" means the fund described in

section 19 of the Financial Administration Act ; (c) "financial statement" means a public document prepared by the Provincial Treasurer showing the general disposition of the General Revenue Fund or any other public document that purports to describe the financial assets and liabilities of the Province and includes the estimates; (d) "pension plan" means a provincially administered pen sion plan as set out in the Schedule; (e) "public money" means public money as defined by

section l(l)(

p) of the Financial Administration Act. valuation of plans ^ ^^c Proviucial Trcasurcr shall cause an actuarial valuation of every pension plan to be prepared at the end of the 1986-87 fiscal year and at the end of every third fiscal year thereafter in the form prescribed in the regulations.

Annual estimate of value of plans 3 The Provincial Treasurer shall cause a report on every pension plan to be prepared at the end of every fiscal year in which a valuation is not to be made pursuant to

section 2 containing an estimate of the valuation of the pension plan for that fiscal year. Statement of 4 Evcry financial statement shall incorporate a statement of unfunded liability ,. , •!• 1 • liability showing (

a) the total unfimded liability of every pension plan; (

b) the amount of increase in the liabilities reported pursuant to clause (a), that derives from the change in an actuarial valuation made pursuant to

section 2 or an estimate of a valuation prepared pursuant to

section 3, since the immediately previous financial statement was prepared; and (

c) an outline of the assumptions and methods used in calculating the liability. Regulations 5 jj^g Licutenaut Governor in Council may make regulations prescribing the form or content of any report or financial statement required by this Act. In accordance with

section 4(1) of the

Interpretation Act, this Bill comes into force on the date it receives Royal Assent.

SCHEDULE The Local Authorities Pension Plan The Public Service Pension Plan The Public Service Management Pension Plan The Members of the Legislative Assembly Pension Plan The Universities Academic Pension Plan The Special Forces Pension Plan The Teachers' Retirement Fund Plan Title: 1986 (21st, 1st) Bill 255, Provincial Pensions Liability Reporting Act

Document details

Collection	Alberta — Bills
Citation	L21 S1 3288
Type	bill
Volume / chapter	L21 S1 3288
Language	en
Format	json
Source	PROVINCIAL
Identifier	02db9f25e2c0021fe923657c3df09dbe8d3a855e

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