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Volume 53, No. 9

B.C. Reg. 124/2010

The British Columbia Gazette,

Part II

May 18, 2010

B.C. Reg. 124/2010 , deposited May 6, 2010, pursuant to the PUBLIC SECTOR PENSION PLANS ACT [Section 13]. Regulation of the College Pension Board of Trustees, dated March 11, 2010.

The College Pension Board of Trustees orders that

Schedule 2 of B.C. Reg. 11/2009 is repealed and the attached

Schedule 2 substituted.

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

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 average CPI for that January 1 as compared to the average CPI for January 1 of the preceding year, 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) by repealing subsection (4) (

a) and substituting the following:

(

a) the percentage change in the average CPI for that January 1 as compared to the average CPI for January 1 of the preceding year ,

(

d) by repealing subsection (4.1) and substituting the following:

(4.1) In determining the percentage change in the average CPI for the purposes of subsections (3.1) (a) (

i) and (4) (a), the average CPI for any January 1 is deemed to be the greater of

(

a) the average CPI calculated for that date, and

(

b) the highest average CPI calculated for any preceding January 1. , and

(

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

Section 96 (1) is amended by adding the following definition:

"average CPI" means, in relation to January 1 of a calendar year, the average of the consumer price index for each month in the twelve month period ending October 31 of the preceding calendar year; .

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