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Volume 45, No. 22

B.C. Reg. 314/2002

The British Columbia Gazette,

Part II

December 3, 2002

B.C. Reg. 314/2002, deposited November 29, 2002, pursuant to the HYDRO AND POWER AUTHORITY ACT [Section 36]. Order in Council 1027/2002, approved and ordered November 28, 2002.

On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that

approval is given to the British Columbia Hydro and Power Authority to amend the British Columbia Hydro and Power Authority pension plan as set out in the amendments attached and marked as "A". — R. NEUFELD, Minister of Energy and Mines; S. BOND, Presiding Member of the Executive Council.

"A"

Amendments to

British Columbia Hydro and Power Authority Pension Plan

to Sections 5.05, 8.04, 14.01 and 14.03

Section 5.05 (2) is amended by:

(

a) replacing each reference to "section 14.04" with "section 14.03 (1)";

(

b) renumbering

section 5.05 (2) as

section 5.05 (2) (a); and

(

c) adding the following as

section 5.05 (2) (b):

2 Sections 8.04 (6) and 14.01 are each amended by replacing all references to "section 14.04" with "section 14.03".

3 Sections 14.03 (1) and (2) are deleted and replaced with the following:

"(1) to transfer to a Locked-in RRSP or, on a Locked-in basis, to a pension plan of another employer, the sum of:

(

a) the greater of:

(

i) the Commuted Value of accrued pension entitlements as provided under sections 8.01, 8.02 and 8.04, and

(ii) two times the value of the Member's compulsory contributions collected under sections

5.01 (1) and 5.01 (2), including the portions of any contributions made under sections 5.04 or 5.05 which would have otherwise been collected under sections

5.01 (1) or 5.01 (2), plus accrued Prescribed Interest calculated at the date the transfer is made, and

(

b) two times the value of the Member's compulsory contributions collected under

section 5.01

(4), including the portions of any contributions made under sections 5.04 or 5.05 which would have otherwise been collected under

section 5.01

(4), plus accrued Prescribed Interest calculated at the date the transfer is made; or

(2) regardless of the Period of Service with the Authority, to leave contributions in the Fund so that after attaining the age of 55, and upon making an election in writing to the Authority in the Prescribed Form given not later than the Month before the Month in which the Member is to commence receipt of a pension, or in the absence of such election when attaining the age of 65, the Member shall be qualified to receive an Unmodified Monthly Pension calculated in accordance with sections 8.01, 8.02, 8.03 and 8.04; or

(3) if the Member becomes employed by the entity or individual to whom the Authority divested, sold or transferred a portion of the Authority (hereinafter the "New Employer") immediately after terminating employment with the Authority, to elect to transfer all of his or her entitlement to pension and other benefits under the Plan (the "Member's Benefits") to a registered pension plan sponsored by the New Employer (the "New Plan"), if the following conditions are satisfied:

(

a) the Authority states on the list of Employees who have become privatized Employees upon which the Member's name is placed that this option may be available to the Members on that list if the other conditions specified in this

section

14.03 (3) are satisfied;

(

b) the Authority and the New Employer reach an agreement satisfactory to the Authority relating to the amount of assets that will be transferred from the Fund to the pension fund established in respect of the New Plan (the "New Fund") to fund the payment of the Member's Benefits from the New Plan;

(

c) the Authority and the New Employer reach an agreement satisfactory to the Authority relating to the amount of assets that will be transferred from the New Fund to the Fund if the Member is reemployed by the Authority, which agreement will specify the conditions upon which such asset transfers will occur, and the consequences of such transfers to the affected Members;

(

d) the New Employer provides evidence satisfactory to the Authority that the New Plan provides for the payment of the Member's Benefits;

(

e) all regulatory approvals needed to transfer assets from the Fund to the New Fund are obtained; and

(

f) the Member signs a release satisfactory to the Authority which confirms that when assets are transferred from the Fund to the New Fund in respect of the Member's Benefits:

(

i) all of the Member's rights and entitlements under and in respect of the Plan shall be discharged, and

(ii) all liabilities and obligations relating to the Member's Benefits shall be the exclusive responsibility of the New Employer, the New Plan and the New Fund."

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