British Columbia Bill 49 (Government) — 4th Parliament, 37th Session — Previous Version 2
4-37 Gov Bill 49-2
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2003 Legislative Session: 4th Session, 37th Parliament
FOR REPORT
The following electronic version is for informational
purposes only.
The printed version remains the official version.
Certified correct as amended in Committee of the Whole on the
8th day of October, 2003
Ian D. Izard, Law Clerk
HONOURABLE SANDY SANTORI
MINISTER OF MANAGEMENT SERVICES
BILL 49 – 2003
PENSION STATUTES AMENDMENT ACT, 2003
HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of British Columbia, enacts as follows:
Election Act
Section 7 of the Election Act, R.S.B.C. 1996, c. 106, is amended
(
a) in subsection (2) by striking out "subsections (3) and (4),"
and substituting "subsection (3)," , and
(
b) by repealing subsection (4).
Freedom of Information and Protection of Privacy Act
Section 40 of the Freedom of Information and Protection of Privacy
Act, R.S.B.C. 1996, c. 165, is amended
(
a) in subsection (3) by striking out "subsections (4) and (5)."
and substituting "subsection (4)." , and
(
b) by repealing subsection (5).
Ombudsman Act
Section 5 of the Ombudsman Act, R.S.B.C. 1996, c. 340, is amended
(
a) in subsection (1) by striking out "subsections (2) and (3),"
and substituting "subsection (2)," , and
(
b) by repealing subsection (3).
Public Sector Pension Plans Act
Section 1 (1) of the Public Sector Pension Plans Act, S.B.C.
1999, c. 44, is amended by repealing the
definitions of "college board"
and "college plan" and substituting the following:
"college board" means the board of trustees of the college plan appointed under the terms of the college joint management agreement;
"college joint management agreement" means the agreement between the plan employer partners and the plan member partners, as those terms are defined in
section 1 of
Schedule A, for the joint management of the college plan;
"college plan" means the College Pension Plan continued under the college joint management agreement; .
Section
8 (1) is repealed and the following substituted:
(1) The pension management board must have at least 8 directors as follows:
(a) 2 directors appointed by the college board, one being a trustee appointed to the college board by a plan employer partner and one being a trustee appointed to the college board by a plan member partner, as those terms are defined in
section 1 of
Schedule A;
(b) 2 directors appointed by the municipal board, one being a trustee appointed to the municipal board by a plan employer partner and one being a trustee appointed to the municipal board by a plan member partner, as those terms are defined in
section 1 of
Schedule B;
(c) 2 directors appointed by the public service board, one being a trustee appointed to the public service board by a plan employer partner and one being a trustee appointed to the public service board by a plan member partner, as those terms are defined in
section 1 of
Schedule C;
(d) 2 directors appointed by the teachers' board, one being a trustee appointed to the teachers' board by a plan employer partner and one being a trustee appointed to the teachers' board by a plan member partner, as those terms are defined in
section 1 of
Schedule D.
Amendments to Schedules
Section 1 of
Schedule A is amended
(
a) by repealing the definition of "board" and substituting
the following:
"college board" has the same meaning as in
section
1 (1) of the Act; ,
(
b) by repealing the
definitions of "investment management corporation"
and "pension plan rules" ,
(
c) by repealing the
definitions of "pension fund" and
"pension plan" and substituting the following:
"pension fund" means the cash, investments and
other assets of the pension plan held by the college board;
"pension plan" has the same meaning as "college
plan" in
section 1 (1) of the Act; , and
(
d) by repealing the definition of "plan administrator" and substituting
the following:
"plan administrative agent" means the pension corporation;
Part 1 of
Schedule A is repealed.
8 Sections 5 (2) (b) (ii) and (
c) and (4) (
b) and (c), 7 (1) and
14 (a) (
i) and (ii) of
Schedule A are amended by striking out "administrator"
and substituting "administrative agent" .
Section 13 of
Schedule A is amended by adding the following
subsection:
(4) Regulations made under this
Schedule may be made retroactive to no earlier than April 1, 2000, and a regulation made retroactive is deemed to have come into force on the date specified in the regulation.
10 The following Parts are added to
Schedule A:
Part 1.1 – Joint Trusteeship
Joint management agreement
16.1
(1) In this section, "agreement" means
the joint management agreement referred to in subsection (2).
(2) The partners may enter into a unanimous joint management agreement that provides for, but is not limited to, all of the following:
(
a) the continuation of the pension plan and pension fund, that were continued under this Schedule, for the benefit of plan members;
(
b) the joint management of the pension plan and the pension fund;
(
c) establishing who will manage the agreement;
(
d) the establishment of an arrangement to hold and invest the pension fund;
(
e) the composition of the board of trustees of the pension plan, including the appointment of trustees and the delineation of their powers, functions and duties;
(
f) the sharing by employers and plan members of gains or surplus and of liability for deficiencies in the pension fund;
(
g) the method for amending the pension plan by the agreement of the partners;
(
h) the resolution of disputes;
(
i) any other matter on which agreement is reached.
(3) The partners must establish appropriate mechanisms whereby the views and interests of the plan members who are
(
a) non-unionized employees, and
(
b) retirees,
are fairly represented in the negotiation of the agreement.
(4) The pension plan continued under the agreement must provide for all of the following:
(
a) employer and employee eligibility to participate in the pension plan;
(
b) employer and plan member contributions to the pension fund;
(
c) pensionable service, including the calculation of pensions, purchase of service, reinstatement and portability;
(
d) eligibility to receive a benefit and the determination of the amount of that benefit;
(
e) benefits on termination, early retirement, normal retirement, late retirement, disability retirement and pre-retirement death;
(
f) pension indexing;
(
g) general administrative requirements;
(
h) supplemental benefits;
(
i) continued recognition of any rights vested in a plan member or beneficiary, in the same manner and to the same extent as provided under the pension plan;
(
j) any matter necessary or advisable to establish the pension plan rules, including those matters described in
section 13 (1).
(5) The partners must ensure that
(
a) the money of the pension fund is invested or loaned in the best financial interests of the plan members and, in doing that, must
(
i) exercise the care, diligence and skill that a person of ordinary prudence would exercise when dealing with the property of another person, and
(ii) ensure that the investments and loans are made in
accordance with the provisions of the Pension Benefits Standards Act
and other regulatory requirements,
(
b) the plan administrative agent keeps an account of all money received and paid out of the pension fund and keeps an accounting of the assets and liabilities of the pension fund, and
(
c) the plan administrative agent keeps an individual record of contributions made by each plan member.
(6) Any of the partners may initiate discussions respecting the agreement.
(7) Despite subsection (2), the non-unionized employees and the retirees not represented by the partners may benefit from and be subject to the agreement and the partners have the power to enter into the agreement on behalf of those persons and, if entered into, the agreement is binding on those persons.
Part 1.2 – Post Retirement Group Benefits
Definitions
16.2 In this Part, "retired plan member"
means a person who is receiving a monthly pension benefit from the pension plan,
including a person who receives a pension following the death of a plan member,
but does not include a limited member as defined in the Family Relations
Act .
Continuation of existing post retirement group benefit contracts
16.3 Any portions of an insurance contract made
under the Public Service Benefit Plan Act that relate to retired plan
members are continued under this Part for the benefit of retired plan members,
as if made by the college board under the authority of this Part.
Post retirement group benefits
16.4
(1) Subject to any limits set by the partners
in or pursuant to the joint management agreement referred to in
section 16.1
(2), the college board may sponsor a program of post retirement group benefits
for retired plan members and their dependents.
(2) Insurance under this
section may be provided directly or by entering into contracts of insurance.
(3) A contract under this
section may be a contract under which the insurer assumes the risk or under which the college board assumes the risk and under which the insurer disburses benefits and generally manages a scheme of insurance on the college board's behalf.
(4) The college board may determine the following:
(
a) the type and level of post retirement group benefits;
(
b) the eligibility to receive post retirement group benefits;
(
d) the rate of contribution toward payment of any premium required to be made by retired plan members and the methods by which those contributions can be made;
(
e) the rate of contribution toward payment of the cost of post retirement group benefits required to be deducted from employer contributions to the pension plan and the methods by which those contributions can be made;
(
f) any other matter necessary or advisable to provide post retirement group benefits.
(5) For the purpose of subsection (4) (d), the college board may determine different rates of contribution for different groups of persons.
(6) Despite the Pension Benefits Standards Act ,
with the retired plan member's consent, the college board may deduct the required
premiums for any post retirement group benefits provided under this
section
from the person's monthly pension benefit.
Application of Pension Benefits Standards Act
16.5 Despite
section 1 (8) of the Pension Benefits
Standards Act and
section 3 (
b) of this Act, the Pension Benefits Standards
Act does not apply to post retirement group benefits provided pursuant to
this Schedule.
Section 18 of
Schedule A is amended by adding "college"
before "board" .
Section 19 of
Schedule A is repealed.
Section 1 of Schedules B, C and D is amended
(
a) by repealing the
definitions of "investment management corporation"
and "pension plan rules" , and
(
b) by repealing the definition of "plan administrator" and substituting
the following:
"plan administrative agent" means the pension corporation;
Section 1 of
Schedule B is amended
(
a) by repealing the definition of "board" and substituting the
following:
"municipal board" has the same meaning as in
section
1 (1) of the Act; , and
(
b) by repealing the
definitions of "pension fund" and "pension
plan" and substituting the following:
"pension fund" means the cash, investments and
other assets of the pension plan held by the municipal board;
"pension plan" has the same meaning as "municipal
plan" in
section 1 (1) of the Act; .
Section 18 (2) (
a) of Schedules B, C and D is amended by
adding ", that were continued under this Schedule," after
"pension fund" .
Section 18 (4) (
f) of
Schedule B is repealed.
Section 18 (5) (
b) and (
c) of Schedules B, C and D and
section
21 of
Schedule C are amended by striking out "administrator"
and substituting "administrative agent" .
18 The following
Part is added to
Schedule B:
Part 2.1 – Post Retirement Group Benefits
Definitions
18.1 In this Part, "retired plan member"
means a person who is receiving a monthly pension benefit from the pension plan,
including a person who receives a pension following the death of a plan member,
but does not include a limited member as defined in the Family Relations
Act .
Continuation of existing post retirement group benefit contracts
18.2 Any portions of an insurance contract made
under the Public Service Benefit Plan Act that relate to retired plan
members are continued under this Part for the benefit of retired plan members,
as if made by the municipal board under the authority of this Part.
Post retirement group benefits
18.3
(1) Subject to any limits set by the partners in or pursuant to
the joint management agreement referred to in
section 18 (2), the municipal
board may sponsor a program of post retirement group benefits for retired plan
members and their dependents.
(2) Insurance under this
section may be provided directly or by entering into contracts of insurance.
(3) A contract under this
section may be a contract under which the insurer assumes the risk or under which the municipal board assumes the risk and under which the insurer disburses benefits and generally manages a scheme of insurance on the municipal board's behalf.
(4) The municipal board may determine the following:
(
a) the type and level of post retirement group benefits;
(
b) the eligibility to receive post retirement group benefits;
(
d) the rate of contribution toward payment of any premium required to be made by retired plan members and the methods by which those contributions can be made;
(
e) the rate of contribution toward payment of the cost of post retirement group benefits required to be deducted from employer contributions to the pension plan and the methods by which those contributions can be made;
(
f) any other matter necessary or advisable to provide post retirement group benefits.
(5) For the purpose of subsection (4) (d), the municipal board may determine different rates of contribution for different groups of persons.
(6) Despite the Pension Benefits Standards Act ,
with the retired plan member's consent, the municipal board may deduct the
required premiums for any post retirement group benefits provided under this
section from the person's monthly pension benefit.
Application of Pension Benefits Standards Act
18.4 Despite
section 1 (8) of the Pension Benefits
Standards Act and
section 3 (
b) of this Act, the Pension Benefits Standards
Act does not apply to post retirement group benefits provided pursuant to
this Schedule.
19 Sections 20 and 21 of
Schedule B are amended by adding "municipal" before "board" .
Section 1 of
Schedule C is amended
(
a) by repealing the definition of "board" and substituting
the following:
"public service board" has the same meaning as
section 1 (1) of the Act. , and
(
b) by repealing the
definitions of "pension fund" and
"pension plan" and substituting the following:
"pension fund" means the cash, investments and
other assets of the pension plan held by the public service board;
"pension plan" has the same meaning as "public
service plan" in
section 1 (1) of the Act; .
Section 18 (4) (
f) of
Schedule C is repealed.
22 The following
Part is added to
Schedule C:
Part 2.1 – Post Retirement Group Benefits
Definitions
18.1 In this Part, "retired plan member"
means a person who is receiving a monthly pension benefit from the pension plan,
including a person who receives a pension following the death of a plan member,
but does not include a limited member as defined in the Family Relations
Act .
Continuation of existing post retirement group benefit contracts
18.2 Any portions of an insurance contract made
under the Public Service Benefit Plan Act that relate to retired plan
members are continued under this Part for the benefit of retired plan members,
as if made by the public service board under the authority of this Part.
Post retirement group benefits
18.3
(1) Subject to any limits set by the partners in or pursuant to
the joint management agreement referred to in
section 18 (2), the public service
board may sponsor a program of post retirement group benefits for retired plan
members and their dependents.
(2) Insurance under this
section may be provided directly or by entering into contracts of insurance.
(3) A contract under this
section may be a contract under which the insurer assumes the risk or under which the public service board assumes the risk and under which the insurer disburses benefits and generally manages a scheme of insurance on the public service board's behalf.
(4) The public service board may determine the following:
(
a) the type and level of post retirement group benefits;
(
b) the eligibility to receive post retirement group benefits;
(
d) the rate of contribution toward payment of any premium required to be made by retired plan members and the methods by which those contributions can be made;
(
e) the rate of contribution toward payment of the cost of post retirement group benefits required to be deducted from employer contributions to the pension plan and the methods by which those contributions can be made;
(
f) any other matter necessary or advisable to provide post retirement group benefits.
(5) For the purpose of subsection (4) (d), the public service board may determine different rates of contribution for different groups of persons.
(6) Despite the Pension Benefits Standards Act ,
with the retired plan member's consent, the public service board may deduct
the required premiums for any post retirement group benefits provided under
this
section from the person's monthly pension benefit.
Application of Pension Benefits Standards Act
18.4 Despite
section 1 (8) of the Pension Benefits
Standards Act and
section 3 (
b) of this Act, the Pension Benefits Standards
Act does not apply to post retirement group benefits provided pursuant to
this Schedule.
23 Sections 20 and 22 of
Schedule C are amended by adding "public
service" before "board" .
Section 1 of
Schedule D is amended
(
a) by repealing the definition of "board" and substituting the
following:
"teachers' board" has the same meaning as in
section
1 (1) of the Act; , and
(
b) by repealing the
definitions of "pension fund" and "pension
plan" and substituting the following:
"pension fund" means the cash, investments and
other assets of the pension plan held by the teachers' board;
"pension plan" has the same meaning as "teachers'
plan" in
section 1 (1) of the Act; .
Section 18 (4) (
f) of
Schedule D is repealed.
26 The following
Part is added to
Schedule D:
Part 2.1 – Post Retirement Group Benefits
Definitions
18.1 In this Part, "retired plan member"
means a person who is receiving a monthly pension benefit from the pension plan,
including a person who receives a pension following the death of a plan member,
but does not include a limited member as defined in the Family Relations
Act .
Continuation of existing post retirement group benefit contracts
18.2 Any portions of an insurance contract made
under the Public Service Benefit Plan Act that relate to retired plan
members are continued under this Part for the benefit of retired plan members,
as if made by the teachers' board under the authority of this Part.
Post retirement group benefits
18.3
(1) Subject to any limits set by the partners
in or pursuant to the joint management agreement referred to in
section 18 (2),
the teachers' board may sponsor a program of post retirement group benefits
for retired plan members and their dependents.
(2) Insurance under this
section may be provided directly or by entering into contracts of insurance.
(3) A contract under this
section may be a contract under which the insurer assumes the risk or under which the teachers' board assumes the risk and under which the insurer disburses benefits and generally manages a scheme of insurance on the teachers' board's behalf.
(4) The teachers' board may determine the following:
(
a) the type and level of post retirement group benefits;
(
b) the eligibility to receive post retirement group benefits;
(
d) the rate of contribution toward payment of any premium required to be made by retired plan members and the methods by which those contributions can be made;
(
e) the rate of contribution toward payment of the cost of post retirement group benefits required to be deducted from employer contributions to the pension plan and the methods by which those contributions can be made;
(
f) any other matter necessary or advisable to provide post retirement group benefits.
(5) For the purpose of subsection (4) (d), the teachers' board may determine different rates of contribution for different groups of persons.
(6) Despite the Pension Benefits Standards Act ,
with the retired plan member's consent, the teachers' board may deduct the required
premiums for any post retirement group benefits provided under this
section
from the person's monthly pension benefit.
Application of Pension Benefits Standards Act
18.4 Despite
section 1 (8) of the Pension Benefits
Standards Act and
section 3 (
b) of this Act, the Pension Benefits Standards
Act does not apply to post retirement group benefits provided pursuant to
this Schedule.
27 Sections 20 and 21 of
Schedule D are amended by adding "teachers'"
before "board" .
Public Service Benefit Plan Act
Section 1 (
f) of the Public Service Benefit Plan Act, R.S.B.C.
1996, c. 386, is repealed.
Section 9 is amended
(
a) in the definition of "contributor" by striking out
"or pensioner" , and
(
b) by repealing the definition of "pensioner" .
30 Sections 10 (1) (c), 11 (3) and 17 (2) (
l) are amended by striking
out "or pensioner" .
Section 11 is amended
(
a) by repealing subsection (1) (b), and
(
b) in subsection (3) by striking out "and (b)" .
Section 12 is amended
(
a) in subsection (1) (
a) by striking out "or pensioners, and
their dependants," and substituting "and their dependants" ,
(
b) in subsection (1) (
a) by striking out "and pensioners, and
their dependants," and substituting "and their dependants" ,
and
(
c) in subsection (2) by striking out "and pensioners" .
Trade Development Corporation Act
Section 10 (3) of the Trade Development Corporation Act, R.S.B.C.
1996, c. 456, is repealed.
Commencement
(1) Sections 1 to 3 and 33 32 are deemed to have come into force on January 1, 2001 and are retroactive to the extent necessary to give them effect on and after that date.
(2) Sections 4, 6 5 (a), (
b) and (c), 7 6 , 11 10 and 28 27 to 32 31 come into force by regulation of the Lieutenant Governor in Council.
(3) Subject to subsection (4), sections 10 9 , 16 15 , 18 17 , 21 20 , 22 21 , 25 24 and 26 25 come into force by regulation of the Lieutenant Governor in Council.
(4) Section 16.5 of
Schedule A and
section 18.4 of Schedules B, C and D of the Public Sector Pension Plans Act as enacted by this Act are deemed to have come into force on April 1, 2000 and are retroactive to give the extent necessary to give them effect on and after that date.
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