Bill 247 — Second Session, 21St Legislature, 36 Elizabeth Ii the Legislative Assembly of Alberta Bill 247 Provincial Pensions Liability Reporting Act (Legislature 21, Session 2)

L21 S2 3143

Alberta — Bills

1987 BILL 247 Second Session, 21st Legislature, 36 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL 247 PROVINCIAL PENSIONS LIABILITY REPORTING ACT MR. McEACHERN First Reading Second Reading Committee of the Whole Third Reading Royal Assent

Bill 247 Mr. McEachern BILL 247 1987 PROVINCIAL PENSIONS LIABILITY REPORTING ACT (Assented to , 1987) HER MAJESTY, by and with the advice and consent of tiie Legislative Assembly of Alberta, enacts as follows:

Definitions 1 Jjj j^is Act, (a) "fiscal year" means the period commencing April 1 of a year and ending March 31 of the following year; (b) "General Revenue Fund" means the fund described in

section 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 pen sion plan as set out in the Schedule; (e) "public money" means public money as defined by

section l(l)(

p) of the Financial Administration Act. vL"tSofpiarB ^ ^^^ Provincial Treasurer shall cause an actuarial valuation of every pension plan to be prepared at tiie end of the 1987-88 fiscal year and at the end of every third fiscal year thereafter in the form prescribed in the regulations.

Annual estimate of value of plans Statement of unfunded liability Regulations 3 The Provincial Treasurer shall cause a report on every pension 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. 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 outiine of the assumptions and methods used in calculating the liability. 5 The Lieutenant Governor in Council may make regulations prescribing the form or content of any report or financial statement required by this Act.

SCHEDULE The Local Authorities Pension Plan The Public Service Pension Plan The Public Service Management Pension Plan The Members of the Legislative Assembly Pension Plan The Uiuversities Academic Pension Plan The Special Forces Pension Plan The Teachers' Retirement Fund Plan Title: 1987 (21st, 2nd) Bill 247, Provincial Pensions Liability Reporting Act

Document details

Collection	Alberta — Bills
Citation	L21 S2 3143
Type	bill
Volume / chapter	L21 S2 3143
Language	en
Format	json
Source	PROVINCIAL
Identifier	7fe3b4f123f8c00119c32aed3a20721bccef76c6

Source file is stored in the law ingest library (json).