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Volume 52, No. 2

B.C. Reg. 11/2009

The British Columbia Gazette,

Part II

January 27, 2009

B.C. Reg. 11/2009 , deposited January 26, 2009, pursuant to the PUBLIC SECTOR PENSION PLANS ACT [Section 13]. Regulation of the College Pension Board of Trustees, dated January 13, 2009.

The College Pension Board of Trustees orders that the College Pension Plan Regulation, B.C. Reg. 95/2000, is amended,

(

a) effective September 1, 2009, as set out in

Schedule 1, and

(

b) effective September 1, 2010, as set out in

Schedule 2.

— D. ROELANTS, Chair, College Pension Board of Trustees .

Schedule 1

1 Sections 5 (1) (

c) and 6 (1) (

c) of the College Pension Plan Regulation, B.C. Reg. 95/2000, are amended by striking out " 1.09% " and substituting " 1.34% ".

Section 73 is amended

(

a) in subsection (1) by striking out " members who receive a pension under this Plan " and substituting " retired members ",

(

b) in subsection (2) by striking out " plan administrative agent must grant cost of living benefits to members " and substituting " board must grant cost of living benefits to retired members ",

(

c) in subsection (3) by adding " retired " before " member's ",

(

d) in subsection (3) (

a) and (

b) by adding " retired " before " member " wherever it appears,

(

e) in subsection (4) by adding " to a retired member " after " granted ",

(

f) in subsection (4) (

a) by striking out " percentage increase in the consumer price index " and substituting " percentage change in the value of the consumer price index ",

(

g) in subsection (4) (

b) by adding " retired member's " before " pension ",

(

h) by adding the following subsection:

(4.1) In determining the percentage change in the value of the consumer price index for the purposes of subsection (4) (a), the value of the consumer price index on any September 30 is deemed to be the greater of

(

a) the actual value of the consumer price index on that date, and

(

b) the highest value of the consumer price index on any preceding September 30. , and

(

i) by repealing subsection (5) and substituting the following:

(5) Subject to subsection (4), the cost of living benefits granted on any January 1 must be calculated to provide all retired members a uniform percentage increase in the portions of their pensions eligible for adjustment.

Section 75 is amended

(

a) in subsection (3) (

b) by striking out " less amounts allocated for the payment of group benefit entitlements under the College Pension Plan Post Retirement Group Benefit Regulation ",

(

b) in subsection (4) (a), (

c) and (

h) by striking out " and the College Pension Plan Post Retirement Group Benefit Regulation ",

(

c) in subsection (4) (

f) by adding " and " at the end, and

(

d) by repealing subsection (4) (g).

Schedule 2

Section 73 of the College Pension Plan Regulation, B.C. Reg. 95/2000, is amended

(

a) by adding the following subsection:

(3.1) The amount of a cost of living benefit granted to a retired member on any January 1 must not exceed the amount obtained by multiplying

(

a) the lesser of

(

i) the percentage change in the value of the consumer price index over the 12 months ending on the immediately preceding September 30, and

(ii) the percentage rate recommended by the actuary in the most recent actuarial valuation of this Plan as being the maximum amount of cost of living benefits that can be indefinitely funded from the inflation adjustment account,

(

b) the portion of the retired member's pension eligible for adjustment on that January 1. ,

(

b) in subsection (4) by striking out " The amount " and substituting " Despite subsection (3.1), the board May grant a cost of living benefit in excess of the amount obtained by multiplying the percentage rate referred to in subsection (3.1) (a) (ii) by the amount referred to in subsection (3.1) (b), but the amount ",

(

c) in subsection (4.1) by striking out " subsection (4) (a) " and substituting " subsections (3.1) (a) (

i) and (4) (a) ", and

(

d) in subsection (5) by striking out " subsection (4) " and substituting " subsections (3.1) and (4) ".

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