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1998/99 Legislative Session: 3rd Session, 36th Parliament

FIRST READING

The following electronic version is for informational purposes only.

The printed version remains the official version.

HONOURABLE JOY K. MacPHAIL

MINISTER OF FINANCE AND

CORPORATE RELATIONS

BILL 13 – 1998

PENSION STATUTES AMENDMENT ACT, 1998

HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province

of British Columbia, enacts as follows:

Pension (College) Act

Section 4 of the Pension (College) Act, R.S.B.C. 1996, c. 353, is amended by adding the

following subsection:

(1.1) An employee referred to in subsection (1) (

a) who is employed on a part time

basis may, at the option of the employee, be a contributor to the fund if the

employee has completed 2 years of continuous employment with earnings in each

year of not less than 35% of the year's maximum pensionable earnings.

Section 22 is amended

(

a) in subsection (2) by striking out "elect to convert the pension to a payment or series of

payments on a basis acceptable to the board." and substituting "elect to convert the

pension or part of the pension to a payment or series of payments made on a prescribed

basis." , and

(

b) by adding the following subsection:

(3) On an election being made under subsection (2), the commissioner is authorized

to make the payment or series of payments.

Section 35 is amended

(

a) by repealing subsection (2) (

a) and substituting the following:

(a) 4 persons nominated by the government, one of whom must be designated

in the appointment as chair of the board; ,

(

b) by repealing subsection (2) (d),

(

c) in subsection (3) by striking out "(a), (

b) or (c)" ,

(

d) in subsection (4) by striking out "(a), (

b) and (c)" and by striking out "2 appointments"

and substituting "3 appointments" ,

(

e) by repealing subsection (5), and

(

f) by adding the following subsection:

(7) The chair of the board may be paid out of the fund remuneration at a rate set by

the Lieutenant Governor in Council.

Section 52 (2) is amended by adding the following paragraph:

(

r) prescribing the basis for the payment of a shortened life expectancy benefit under

section 22 (2) and (3).

Pension (Municipal) Act

Section 26 of the Pension (Municipal) Act, R.S.B.C. 1996, c. 355, is amended

(

a) in subsection (6) by striking out "elect to convert the pension to a payment or series of

payments on a basis acceptable to the board." and substituting "elect to convert the

pension or part of the pension to a payment or series of payments made on a prescribed

basis." , and

(

b) by adding the following subsection:

(7) On an election being made under subsection (6), the commissioner is authorized

to make the payment or series of payments.

Section 39 is amended

(

a) by repealing subsection (2) (

a) and substituting the following:

(a) 4 persons nominated by the government, one of whom must be designated

in the appointment as chair of the board; ,

(

b) by repealing subsection (2) (d),

(

c) in subsection (3) by striking out "(a), (

b) or (c)" ,

(

d) by repealing subsection (4), and

(

e) by adding the following subsection:

(6) The chair of the board may be paid out of the fund remuneration at a rate set by

the Lieutenant Governor in Council.

Section 55 (2) is amended by adding the following paragraph:

(

q) prescribing the basis for the payment of a shortened life expectancy benefit under

section 26 (6) and (7).

Pension (Public Service) Act

Section 19 (2.1) of the Pension (Public Service) Act, R.S.B.C. 1996, c. 356, is amended by

striking out "January 1, 1996" and substituting "July 1, 1994" .

Section 27 (10) is amended

(

a) by striking out "elect to convert the pension to a payment or series of payments on a

basis acceptable to the board." and substituting "elect to convert the pension or part of

the pension to a payment or series of payments made on a prescribed basis." , and

(

b) by adding the following subsection:

(11) On an election being made under subsection (10), the commissioner is authorized

to make the payment or series of payments.

Section 51 is amended

(

a) by repealing subsection (2) (

a) and substituting the following:

(a) 5 persons nominated by the government, one of whom must be designated

in the appointment as chair of the board; ,

(

b) by repealing subsection (2) (d),

(

c) in subsection (3) by striking out "(

a) to (c)" ,

(

d) by repealing subsection (4), and

(

e) by adding the following subsection:

(6) The chair of the board may be paid out of the fund remuneration at a rate set by

the Lieutenant Governor in Council.

Section 65 (2) is amended by adding the following paragraph:

(

p) prescribing the basis for the payment of a shortened life expectancy benefit under

section 27 (10) and (11).

Section 1 of the Supplement to the Pension (Public Service) Act, R.S.B.C. 1996, c. 356, is

amended by renumbering the enacted

section 2 (1) (

p) as

section 2 (1) (r).

Pension Statutes Amendment Act, 1997

13 Sections 44 and 45 of the Pension Statutes Amendment Act, 1997,

S.B.C. 1997, c. 35, are amended by striking out '"section 65 (4) to

(6)" ' and substituting '"65 (4) to (6)" ' .

Pension (Teachers) Act

Section 21 (2) (

b) of the Pension (Teachers) Act, R.S.B.C. 1996, c. 357, is amended by

striking out "section 23 (3)." and substituting "section 23 (4) (b)."

Section 24 is amended

(

a) in subsection (6) by striking out "elect to convert the pension to a payment or series of

payments on a basis acceptable to the board." and substituting "elect to convert the

pension or part of the pension to a payment or series of payments made on a prescribed

basis." , and

(

b) by adding the following subsection:

(7) On an election being made under subsection (6), the commissioner is authorized

to make the payment or series of payments.

Section 37 is amended

(

a) by repealing subsection (2) (

a) and substituting the following:

(a) 4 persons nominated by the government, one of whom must be designated

in the appointment as chair of the board; ,

(

b) by repealing subsection (2) (c),

(

c) in subsection (3) by striking out "(

a) or (b)" ,

(

d) by repealing subsection (4), and

(

e) by adding the following subsection:

(6) The chair of the board may be paid out of the fund remuneration at a rate set by

the Lieutenant Governor in Council.

Section 53 (2) is amended by adding the following paragraph:

(

r) prescribing the basis for the payment of a shortened life expectancy benefit under

section 24 (6) and (7).

Commencement

(1) Sections 2 to 7, 9 to 11 and 15 to 17 come into force by regulation of the

Lieutenant Governor in Council.

(2) Sections 8 and 14 are deemed to have come into force on January 1, 1996 and are

retroactive to the extent necessary to give them effect on and after that date.

Explanatory Notes

Pension (College) Act

SECTION 1: [Pension (College) Act, adds

section 4 (1.1)] allows senior administrative staff

who work part time the option of contributing to the pension plan.

SECTION 2: [Pension (College) Act, amends

section 22]

(

a) and (

b) authorizes the commissioner to make payments to a person with a shortened

life expectancy on a basis prescribed by the regulations.

SECTION 3: [Pension (College) Act, amends

section 35]

(

a) requires that a person nominated by the government be designated as chair of

the College Pension Advisory Board;

(

b) removes the superannuation commissioner from the board;

(

c) is consequential to the amendment made by paragraph (b);

(

d) is consequential to the amendment made by paragraph (b);

increases the number of appointments that can be made in a claendar year;

(

e) is consequential to the amendment made by paragraph (a);

(

f) provides for the payment of remuneration to the chair of the board.

SECTION 4: [Pension (College) Act, adds

section 52 (2) (r)] allows the Lieutenant

Governor in Council to make regulations setting out the basis for the payment

of benefits to a person who has a shortened life expectancy.

Pension (Municipal) Act

SECTION 5: [Pension (Municipal) Act, amends

section 26]

(

a) and (

b) authorizes the commissioner to make payments to a person with a shortened

life expectancy on a basis prescribed by the regulations.

SECTION 6: [Pension (Municipal) Act, amends

section 39]

(

a) requires that a person nominated by the government be designated as chair of

the Municipal Pension Board;

(

b) removes the commissioner of municipal superannuation from the board;

(

c) is consequential to the amendment made by paragraph (b);

(

d) is consequential to the amendment made by paragraph (a);

(

e) provides for the payment of remuneration to the chair of the board.

SECTION 7: [Pension (Municipal) Act, adds

section 55 (2) (q)] allows the commissioner to

make regulations setting out the basis for the payment of benefits to a person

who has a shortened life expectancy.

Pension (Public Service) Act

SECTION 8: [Pension (Public Service) Act, amends

section 19 (2.1)] corrects an error

respecting the implementation date for the 3% early retirement reduction.

SECTION 9: [Pension (Public Service) Act, amends

section 27 (10)]

(

a) and (

b) authorizes the commissioner to make payments to a person with a shortened

life expectancy on a basis prescribed by the regulations.

SECTION 10: [Pension (Public Service) Act, amends

section 51]

(

a) requires that a person nominated by the government be designated as chair of

the Public Service Pension Advisory Board;

(

b) removes the superannuation commissioner from the board;

(

c) is consequential to the amendment made by paragraph (b);

(

d) is consequential to the amendment made by paragraph (a);

(

e) provides for the payment of remuneration to the chair of the board.

SECTION 11: [Pension (Public Service) Act, adds

section 65 (2) (p)] allows the Lieutenant

Governor in Council to make regulations setting out the basis for the payment

of benefits to a person who has a shortened life expectancy.

SECTION 12: [Supplement to the Pension (Public Service) Act, amends

section 1] corrects

a paragraph renumbering error.

Pension Statutes Amendment Act, 1997

SECTION 13: [Pension Statutes Amendment Act, 1997, amends sections 44 and 45] is

housekeeping.

Pension (Teachers) Act

SECTION 14: [Pension (Teachers) Act, amends

section 21 (2) (b)] corrects a cross-reference

error.

SECTION 15: [Pension (Teachers) Act, amends

section 24]

(

a) and (

b) authorizes the commissioner to make payments to a person with a shortened

life expectancy on a basis prescribed by the regulations.

SECTION 16: [Pension (Teachers) Act, amends

section 37]

(

a) requires that a person nominated by the government be designated as chair of

the Teachers' Pension Board;

(

b) removes the commissioner of teachers' pensions from the board;

(

c) is consequential to the amendment made by paragraph (b);

(

d) is consequential to the amendment made by paragraph (a);

(

e) provides for the payment of remuneration to the chair of the board.

SECTION 17: [Pension (Teachers) Act, amends

section 53 (2)] allows the commissioner to

make regulations setting out the basis for the payment of benefits to a person

who has a shortened life expectancy.

Copyright © 1999: Queen's Printer, Victoria, British Columbia, Canada