Bill 204 — Second Session, 23Rd Legislature, 43 Elizabeth Ii the Legislative Assembly of Alberta Bill 204 Retirement Savings Plan Act (Legislature 23, Session 2)

L23 S2 2216

Alberta — Bills

1994 BILL 204 Second Session, 23rd Legislature, 43 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL 204 RETIREMENT SAVINGS PLAN ACT MR. HLADY First Reading Second Reading Committee of the Whole Third Reading Royal Assent Title: 1994 (23rd, 2nd) Bill 204, Retirement Savings Plan Act

Bill 204 Mr. Hlady BILL 204 1994 RETIREMENT SAVINGS PLAN ACT (Assented to , 1994) HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Alberta, enacts as follows: 1 In this Act, (a) "locked in retirement account" means a registered retirement savings plan that meets the prescribed conditions; (b) "participant" means a person who is a participant in a pension plan established by

an Act set out in

section 2. 2 Notwithstanding anything in any other Act, a participant may, subject to the provisions of this Act, withdraw from a pension plan established by any of the following, the Local Authorities Pension Plan Act, the Members of the Legislative Assembly Pension Plan Act, the Provincial Court Judges Act, the Public Service Pension Plan Act, the Public Service Management Pension Plan Act, the Special Forces Pension Plan Act, the Teacher's Retirement Fund Act, or the Universities Academic Pension Plan Act. 1

3 Subject to

section 7, a participant who is not yet entitled to receive a pension pursuant to the pension plan in which he is a participant may elect to cease being a participant in that pension plan and have an amount equal to the employee's contributions not previously returned with interest at the prescribed rate, paid into a locked-in retirement account designated by the participant. 4 Subject to

section 7, a participant who is entitled to receive a pension pursuant to the pension plan in which he is a participant may elect to cease being a participant in that pension plan and to have an amount equal to, (

a) the employee’s contributions, not previously returned, with interest at the prescribed rate, and (b) 50% of the employer contributions paid with respect to that participant, with interest at the prescribed rate, paid into a locked-in retirement account designated by the employee. 5 The election and the designation of a locked-in retirement account referred to in sections 3 and 4 shall be made in the manner prescribed by the Lieutenant Governor in Council. 6 Once a participant has made an election under

section 3 or 4, he may not participate again in the pension plan in respect of which the election was made. 7 Until the deficit, within the meaning of the Deficit Elimination Act, is $0 the total sum of employer contributions, with interest at the prescribed rate, returned to participants under this Act in any fiscal year shall not exceed $200 000 000. 8 The Lieutenant Governor in Council may make regulations (

a) respecting the rate of interest to be paid pursuant to sections 3 and 4; (

b) prescribing conditions for locked-in retirement accounts 2

which are eligible to have amounts transferred pursuant to sections 3 and 4; (

c) the manner in which an election is to be made pursuant to sections 3 and 4; (

d) the manner in which a designation is to be made pursuant to sections 3 and 4. (

e) generally respecting any other matters and things that the Lieutenant Governor in Council considers necessary to carry out the intent of this Act. 9 This Act comes into force on Proclamation. 3 Title: 1994 (23rd, 2nd) Bill 204, Retirement Savings Plan Act

Document details

Collection	Alberta — Bills
Citation	L23 S2 2216
Type	bill
Volume / chapter	L23 S2 2216
Language	en
Format	json
Source	PROVINCIAL
Identifier	09601a8dbc87d992630622935aacbec4ac198edc

Source file is stored in the law ingest library (json).