Copyright © Queen's Printer,

Victoria, British Columbia, Canada

Licence

Disclaimer

Volume 44, No. 25

B.C. Reg. 314/2001

The British Columbia Gazette,

Part II

December 31, 2001

B.C. Reg. 314/2001, deposited December 28, 2001, pursuant to the PUBLIC SECTOR PENSION PLANS ACT [Schedule A,

section 13 (1) and (3)]. Regulation of the College Pension Board of Trustees, dated December 28, 2001.

The College Pension Board of Trustees orders that, effective January 1, 2002, B.C. Reg. 95/2000, the College Pension Plan Regulation, is amended as set out in the attached Schedule. — J. W. COOK, Chair, College Pension Board of Trustees.

Schedule

Section 5 of B.C. Reg. 95/2000, the College Pension Plan Regulation, is amended

(

a) in subsection (1) by striking out "From each payment" and substituting "Subject to subsection (1.1), from each payment",

(

b) in subsection (1) (

a) by striking out "4.5%" and substituting "6.25%",

(

c) in subsection (1) (

b) by striking out "6%" and substituting "7%", and

(

d) by adding the following subsection:

(1.1) Despite subsection (1), during the period commencing January 1, 2002 and ending December 31, 2006, from each payment of salary made during a calendar year to an active member, the employer must deduct and pay to the pension fund, as a contribution from the member,

(a) 4.5% of the member's salary payable that does not exceed the year's maximum pensionable earnings,

(b) 6.0% of the member's salary payable that exceeds the year's maximum pensionable earnings, and

(c) 1% of the member's entire salary.

Section 6 is amended

(

a) in subsection (1) by striking out "Each time an employer" and substituting "Subject to subsection (1.1), each time an employer",

(

b) in subsection (1) (

a) by striking out "4.5%" and substituting "6.25%",

(

c) in subsection (1) (

b) by striking out "6%" and substituting "7%", and

(

d) by adding the following subsection:

(1.1) Despite subsection (1), during the period commencing January 1, 2002 and ending December 31, 2006, each time an employer deducts and pays active member contributions in accordance with

section 5 (1.1), the employer must pay to the pension fund, as a contribution from the employer,

(a) 4.5% of the member's salary payable that does not exceed the year's maximum pensionable earnings,

(b) 6.0% of the member's salary payable that exceeds the year's maximum pensionable earnings, and

(c) 1% of the member's entire salary.

Section 45 is amended

(

a) in subsection (2) (

a) by striking out "April 1, 2000," and substituting "January 1, 2002," ,

(

b) in subsection (2) (

b) by striking out "the Pension (College) Act, R.S.B.C. 1996, c. 353, or any predecessor to that Act, as it read" and substituting "this Plan, or under any predecessor rules to this Plan, as those rules read" , and

(

c) by repealing subsection (3) and substituting the following:

(3) Despite subsection (2), in the case of an inactive member who is entitled to a reduced pension, with an effective date on or after April 1, 2000, the pension must be calculated

(

a) using the formula described in

section 54, but any reduction required by the rules in force at the date of termination must be applied to each of the amounts determined under

section 54 (3) and (4), and

(

b) using the formula described in

section 54, but the percentage to be used in

section 54 (3) (

b) and (4) (

a) is the percentage required by the rules in force at the date of termination.

Section 46 is amended

(

a) in subsection (1.1) (

a) by striking out "April 1, 2000," and substituting "January 1, 2002," ,

(

b) in subsection (1.1) (

b) by striking out "the Pension (College) Act, R.S.B.C. 1996, c. 353, or any predecessor to that Act, as it read" and substituting "this Plan, or under any predecessor rules to this Plan, as those rules read" , and

(

c) by repealing subsection (1.2) and substituting the following:

(1.2) Despite subsection (1.1), if a person is entitled to a reduced pension, with an effective date on or after April 1, 2000, then the commuted value, if not yet paid, must be calculated

(

a) using the formula described in

section 54, but any reduction required by the rules in force at the date of termination must be applied to each of the amounts determined under

section 54 (3) and (4), and

(

b) using the formula described in

section 54, but the percentage to be used in

section 54 (3) (

b) and (4) (

a) is the percentage required by the rules in force at the date of termination.

Section 51 is amended

(

a) in paragraph (

a) by striking out "section 55 (1) or (2)" and substituting "section 55 (2)" , and

(

b) in paragraph (

b) by striking out "section 55 (3) or (4)" and substituting "section 55 (4)".

Section 54 is amended

(

a) by repealing subsections (1) and (2),

(

b) in subsection (3) by striking out "January 1, 1999," and substituting "January 1, 2002," ,

(

c) in subsection (3) (

b) by striking out "1.35%" and substituting "1.7%" , and

(

d) in subsection (4) (

a) by striking out "0.65% and substituting "0.3%".

Section 55 is amended

(

a) by repealing subsections (1) and (3),

(

b) in subsections (2) and (4) by striking out "January 1, 1999," and substituting "January 1, 2002," , and

(

c) in subsection (5) by striking out "subsections (1) and (2)" in both places and substituting "subsection (2)".

Section 56 (4) is amended by striking out "the member is deemed to have elected that 60% of the member's pension" and substituting "the member is required to elect that 60% of the member's pension, in relation to subsection (1) (

a) to (c),".

Section 63 is amended

(

a) by repealing subsection (1), and

(

b) in subsection (2) by striking out "January 1, 1999," and substituting "January 1, 2002,".

Section 69 (3) is amended by striking out "section 54 (1) or (3)" in both places and substituting "section 54 (3)".

Section 74 is amended

(

a) in subsection (1) (

a) by striking out "at the refund interest rates" and substituting "at the fund interest rates" , and

(

b) by repealing subsection (4) and substituting the following:

(4) If the payment of a pension ceases under subsection (1) (b), the pension payable to the member on termination of the period of re-employment must be determined as the sum of

(

a) the pension accrued during the period of that re-employment, calculated in accordance with

section 54 or 55, and

(

b) the pension that ceased, increased by the amount provided under

section 73 that would have applied to the pension if the pension has not ceased during the period of re-employment.

Copyright © 2001: Queen's Printer, Victoria, British Columbia, Canada