Bill 243 — Fourth Session, 19Th Legislature, 31 Elizabeth Ii the Legislative Assembly of Alberta Bill 243 Provincial Pensions Liability Reporting Act (Legislature 19, Session 4)

L19 S4 3858

Alberta — Bills

1982 BILL 243 Fourth Session, 19th Legislature, 31 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL 243 PROVINCIAL PENSIONS LIABILITY REPORTING ACT MR. NOTLEY First Reading ................................................................ . Second Reading ........................ -1"1'''1' ...... ; •••••••••• '.' \ ...... , .• ·,1·, .... ·'······· Committee of the Whole ............................................ ~ ..... . Third Reading ............................................................... . Royal Assent ................................................................ .

Definitions Triennial valuation of plans Annual estimate of value of plans Bill 243 Mr.

Notley BILL 243 1982 PROVINCIAL PENSIONS LIABILITY REPORTING ACT (Assented to , 1982) 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 1st of 1 year and ending March 31 st of the following year; (b) "General Revenue Fund" means the fund described in sec tion 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 pension plan as set out in the Schedule; and (e) "public money" means public money as defined by

section 1(1)(

p) of the Financial Administration Act. 2 The Provincial Treasurer shall cause an actuarial valuation of every pension plan to be prepared at the end of the 1982-83 fiscal year and at the end of every third fiscal year thereafter in the form prescribed in the regulations. 3 The Provincial Treasurer shall cause a report on every pens~on 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 unfunded liability Regulations 4 Every financial statement shall incorporate a statement of liability showing (

a) the total unfunded 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. 5 The Lieutenant Governor in Council may make regulations pre scribing 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. 2

SCHEDULE The Local Authorities Pension Plan The Public Service Pension Plan The Public Service Management Pension Plan The M.L.A. Pension Plan The Universities Academic Pension Plan The Special Forces Pension Plan The Teachers' Retirement Fund Plan 3 Title: 1982 (19th, 4th) Bill 243, Provincial Pensions Liability Reporting Act

Document details

Collection	Alberta — Bills
Citation	L19 S4 3858
Type	bill
Volume / chapter	L19 S4 3858
Language	en
Format	json
Source	PROVINCIAL
Identifier	12521cfc50abfdd7d1bf9f1c1f6a9863c367be04

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