Bill 39 — Second Session, 20Th Legislature, 33 Elizabeth Ii the Legislative Assembly of Alberta Bill 39 Pension Statutes Amendment Act, 1984 the Provincial Treasurer (Legislature 20, Session 2)

L20 S2 3510

Alberta — Bills

1984 BILL 39 Second Session, 20th Legislature, 33 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL 39 PENSION STATUTES AMENDMENT ACT, 1984 THE PROVINCIAL TREASURER First Reading T.-K.^ . i. .u^ui,.^ Second Reading Committee of the Whole Third Reading Royal Assent

BiU 39 BILL 39 1984 PENSION STATUTES AMENDMENT ACT, 1984 (Assented to , 1984) HER MAJESTY, by and with the advice and consent ofthe Legislative Assembly of Alberta, enacts as follows: Local Authorities Pension Act 1(1) The Local Authorities Pension Act is amended by this section.

(2) Section 4 is amended (

a) in subsection (l)(

a) by striking out "5%" and substituting "6.25%"; (

b) in subsection (l)(

b) by striking out "at least equal to the con tributions ofthe employees" and substituting "equal to 7.25% of the salary or wages of each employee"; (

c) by adding the following after subsection (2):

(3) Notwithstanding subsection (1), the contributions of each employee shall be at the following rates of the employee's salary or wages: (a) 5.25% in the calendar year beginning on January 1, 1985, (b) 5.50% in the calendar year beginning on January 1, 1986, (c) 5.75% in the calendar year beginning on January I, 1987, and (d) 6.00% in the calendar year beginning on January 1, 1988, and the contributions of the local authority in those years shall be equal to 6.25%, 6.50%, 6.75% and 7.00% respectively ofthe salary or wages of each employee. Public Service Pension Act 2(1) The Public Service Pension Act is amended by this section.

Explanatory Notes Local Authorities Pension Act 1(1) This

section amends

chapter L-28 of the Revised Statutes of Alberta 1980.

(2) Section 4(1) presently reads: 4(1) Under the pension plan, contributions shaU be made by both the employees and the local authority, but (

a) the contributions of each employee under the plan shall be 5% of his salary or wages, and (

b) the contributions of the local authority shall be at least equal to the contributions ofthe employees. Public Service Pension Act 2(1) This

section will amend

chapter P-3 5 ofthe Revised Statutes of Alberta 1980. Explanatory Notes

(2) Section 5 is amended (

a) in subsection (1) by striking out "5%" and substituting "6.25%"; (

b) by adding the following after subsection (3):

(4) Notwithstanding subsection (1), each employee shall make contributions under that subsection at the following rates of the employee's salary: (a) 5.25% in the calendar year beginning on January 1, 1985; (b) 5.50% in the calendar year beginning on January 1, 1986; (c) 5.75% in the calendar year beginning on January 1, 1987; (d) 6.00% in the calendar year beginning on January 1, 1988.

(3) Section 5.1 is amended (

a) by renumbering it as

section 5.1(1); (

b) in subsection (1), by striking out "on and after April I, 1981 at the rate of 5%" and substituting "at the rate of 6.25%"; (

c) by adding the following after subsection (1):

(2) Notwithstanding subsection (1), the employer shall make contributions under that subsection at the following rates of the salary of each employee: (a) 5.25% in the calendar year beginning on January I, 1985; (b) 5.50% in the calendar year beginning on January 1, 1986; (c) 5.75% in the calendar year beginning on January 1, 1987; (d) 6.00% in the calendar year beginning on January 1, 1988.

(4) Section 28(3) is amended by striking out "at the rates prescribed". This Act comes into force on January 1, 1985.

(2) Section 5(1) presently reads: 5(1) Subject to the other provisions ofthis Act, every employee shaU make contributions at the rate of 5% of his salary to the Provincial Treasurer

(3) Section 5.1 presently reads: 5.7 Subject to the other provisions ofthis Act, the employer shaU make contributions to the Provincial Treasurer on and after AprU 1, 1981 at the rate of 5% ofthe salary of each employee.

(4) Section 28(3) presently reads:

(3) If the beneficiary of a deceased employee, or a deceased former em ployee who had elected to receive a deferred pension, is (

a) the surviving spouse of that employee or former employee, or (

b) a dependent minor child, the beneftciary is also entitled to receive a further sum equal to the amount standing to the credU of the amount of the deceased, but that sum shaU not exceed an amount that is equal to the accumulated contributions that were made at the rates prescribed pursuant to sections 5 and 40 and inter est. Explanatory Notes Title: 1984 (20th, 2nd) Bill 39, Pension Statutes Amendment Act, 1984

Document details

Collection	Alberta — Bills
Citation	L20 S2 3510
Type	bill
Volume / chapter	L20 S2 3510
Language	en
Format	json
Source	PROVINCIAL
Identifier	e0752b9191a136d42d04ca27dd0acccac685142e

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