Bill 91 — Third Session, 16Th Legislature, 19 Elizabeth Ii the Legislative Asse'Mbly (>F Alberta Bill 91 An Act To Amend the Teachers' Retirement Fund Act, 1965 (Legislature 16, Session 3)

L16 S3 4783

Alberta — Bills

1970 Bill 91 Third Session, 16th Legislature, 19 Elizabeth II THE LEGISLATIVE ASSE'MBLY (>F ALBERTA BILL 91

An Act to amend The Teachers' Retirement Fund Act, 1965 THE MINISTER OF EDUCATION First Reading ............................. . Second Reading ............................ . Third Reading .............................. . Printed by L. S. Wall, Queen's Printer, Edmonton

BILL 91 1970

An Act to amend The Teachers' Retirement Fund Act, 1965 (Assented to , 1970) HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of Alberta enacts as follows: ' 1. The Teachers' Retirement Fund Act, 1965 is hereby amended.

Section 4 is struck out and the following is substituted: 4.

(1) The Board shall be composed of (

a) three persons who shall be appointed by the Lieutenant Governor in Council to hold office dur ing pleasure, and (

b) three teachers nominated by The Alberta Teachers' Association and appointed by the Lieutenant Governor in Council for a term of four years each or until their respective successors are appointed subject to revocation of the appointment for cause.

(2) Four members of the Board constitute a quorum.

(3) The members of the Board shall elect one of their own number to be chairman and shall determine the term for which he shall hold office.

(4) A resolution, by-law or regulation passed by a majority of the members present at a meeting of the Board at which a quorum is present binds all the members of the Board and in the event of an equality of votes the chair man shall have a second or casting vote.

Section 9 is struck out and the following is sub stituted: 9 .. T~e Board shall loan or invest the Fund upon or in ~eCUrI~IeS . of the kind, but not limited to the proportions, In whICh Insurance companies are permitted to lend or in vest under the Canadian and British Insurance Companies Act. (Canada).

Expla nat'Ory Notes 1. This Bill amends

chapter 91 of the Statutes of Alberta, 1965. 2. Board of administrators.

Section 4 presently reads: 4.

(1) The Board shall be composed of (

a) two persons who shall ,be appointed by the Lieutenant Governor in Council to hold office during pleasure, and (

b) two teachers thereunto nominated by The Alberta Tea'chers' Assoclation and appointed by the Lieutenant Governor in Coun cil for a term of four years each and in each case until his successor is appointed, but subject to revocation of the appoint ment for cause.

(2) Three members ,of the Board .shall constitute a quorum. 3. Investments. The power to lend is now specifically included in order that the Fund may be also invested in N.H.A. guaranteed or insured loans.

Section 9 presently reads: 9. The Board shall invest the Fund in securities of the kind, but not limited to the, proportions, in which insurance companies are permitted to invest under the Canadian and British Insurance Companies Act (Canada).

4. The following

section is added after

section 23: 23a.

(1) A teacher who, within three m.on~hs of the date of his last contribution to the Fund or wIthIn such longer period as the Board, upon his written application, may approve, becomes employed as an academic staff member of a public college under The Colleges Act may elect to con tinue to contribute to the Fund.

(2) A college academic staff member who elects under subsection (1) may also elect to contribute to the Fund, upon such terms as the Board directs, an amount equal to the contributions that would have accrued had the teacher been contributing under

section 16 from the commencement of his employment.

(3) The election shall be in writing and delivered to the Board on or before October 1, 1970 or within one year from the commencement of his employment as a college academic staff member, whichever is the later date, and the Board shall forthwith notify the board of the college employing the academic staff member of the election.

(4) On and after receipt by the college board of the notification, the academic staff member while so employed shall be deemed to be a teacher and the college board shall retain from his salary the amount required to be con tributed by him to the Fund under

section 16, and any addi tional amount directed pursuant to subsection (2) and shall deduct the amount from each payment to the academic staff member on account of salary.

(5) Every amount so paid shall be deemed (

a) to have been paid on account of the academic staff member's salary, and (

b) to be a contribution to the Fund by the academic staff member in respect of the period of his em ployment for which the payment from salary is made.

(6) The college board shall promptly pay the amounts so retained to the Board as contributions by the academic staf~ member to the Fund and with every payment shall furnIsh to the ~oard a correct statement showing the name of each academIc staff member whose contributions to the Fund are inc.luded in the payment, the amount of salary earned by hIm, and any other information within the knowledge of ~he college board which the Board may reasonably reqUIre for the due administration of the Fund.

(7) With every payme~t under subsection (6) the college board shall payout of Its funds an equal amount to the BoaI:d for the pu:-poses of the Fund and the Board shall cre~It the amount- to the reserve account established by

sectIOn 15. 2

4. College teachers. University teachers can elect to continue their contributions and with the passing of The Colleges Act, Statutes of Alberta, 1969, this right of election is being given to contributors who become college teachers. 2

(8) The Fund shall be deemed to be approved by th Alberta Colleges Commission for the purposes of

section e 48 and 49 of The Colleges Act. s

Section 32 is amended by striking out subsection (2). 6.

(1) Section 33 is amended by striking out subsection (1) and by substituting the following: 33.

(1) Subject to subsection (2) and to the by-laws of the Board, the normal pension payable to a teacher upon his retirement shall be an amount equal to 2 per cent of the average annual salary paid to the teacher for the five con secutive years of his pensionable service during which his salary was the highest, multiplied by the total number of years of his pensionable service (taking into account parts of years) or by 35, whichever number is less, and shall be for his life or a term of five years certain, whichever is longer.

(2) Section 33 is further amended by striking out sub section (3). 7. This Act comes into force on July 1, 1970 except for

section 6, subsection (2) which comes into force on procla mation. 3

5. Retirement.

Section 32 presently reads: 32.

(1) The Board shall make provision by by-law for payment of pensions out of the Fund to teachers up,on retirement.

(2) A normal pension shall be payable to a teacher upon attaining sixty-five years of age and shall be for his life or a term of five years certain, whichever is longer. 6. Calculation of pension.

Section 33 reads: 33.

(1) Subject to subsections (2) and (3), the normal pension pay able to a teacher upon his retirement shall be an annual am,ount equal to two per cent of the average annual salary paid to the teacher for the five consecutive years of his pensionable service during which his salary was the highest, multiplied by the total number of years of his pensionable service (taking into account parts of years), or by thirty-five, whichever number is less.

(2) When a tea.cher has made -contributions to any ,other pension plan to which he is compelled by law to contribute and those contri butions have been taken into account by the Board under subsection (3) of

section 16, or under

section 26 in the case of a private s-chool teacher, the Board shall adjust his normal pension, or the formula by which it is determined, to such e:lCtent as it considers proper by taking into account the benefits he receives from that other pension plan upon retirement.

(3) The normal pension of a female teacher shall be adjusted to an amount that is an actuarial equivalent of the normal pension after taking into account the difference between life expectancy ,of males and females according to established life expectancy tables approved by the Board, on the footing that the life expectancy of males is the norm. 3 Title: 1970 (16th, 3rd) Bill 91,

An Act to amend The Teachers' Retirement Fund Act, 1965

Document details

Collection	Alberta — Bills
Citation	L16 S3 4783
Type	bill
Volume / chapter	L16 S3 4783
Language	en
Format	json
Source	PROVINCIAL
Identifier	bf02be2cc5566fd5e52804fb4f42c8e4a09fa526

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