OIC Number: 2001 - 280

Date of Order: Jun 15, 2001

Statute: Public Service Superannuation Act

OIC Text: The Governor in Council on the report and recommendation of the Minister of Finance dated May 24, 2001, and pursuant to clause 13(3)(

a) of

Chapter 377 of the Revised Statutes of Nova Scotia, 1989, the Public Service Superannuation Act, is pleased to order that, upon a transfer of a person from the Teachers' Pension Fund to the Public Service Superannuation Fund, the following amounts shall be paid: (

a) the lesser of: (

i) the actuarial value of the benefits credited to the person in the Teachers' Pension Plan as determined by the Minister; and (ii) the actuarial value in the Public Service Superannuation Plan of the transferred service as determined by the Minister; (

b) if the amount transferred to the Public Service Superannuation Fund is less than the actuarial cost of the transferred service as determined under clause (a)(ii), the amount of pensionable service credited to the member under the Public Service Superannuation Plan shall be the amount of transferred service prorated according to the ratio that the amount paid or transferred to the Public Service Superannuation Fund is to the actuarial cost of the total amount of transferred service; and (

c) the person may elect to pay directly to the Public Service Superannuation Fund, at the same time as the transfer from the Teachers' Pension Fund is made, part or all of the difference between the amount transferred from the Teachers' Pension Fund and the amount required by the Public Service Superannuation Fund under clause (b), and in doing so shall be given credit for the corresponding pensionable service in the Public Service Superannuation Plan.

Department(s): Finance