1998/99 Legislative Session: 3rd Session, 36th Parliament
FIRST READING
The following electronic version is for informational purposes only.
The printed version remains the official version.
HONOURABLE JOY K. MacPHAIL
MINISTER OF FINANCE AND
CORPORATE RELATIONS
HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of British Columbia, enacts as follows:
Pension (College) Act
1 Section 4 of the Pension (College) Act, R.S.B.C. 1996, c. 353, is amended by adding the following subsection:
(1.1) An employee referred to in subsection (1) (a) who is employed on a part time basis may, at the option of the employee, be a contributor to the fund if the employee has completed 2 years of continuous employment with earnings in each year of not less than 35% of the year's maximum pensionable earnings.
2 Section 22 is amended
(a) in subsection (2) by striking out "elect to convert the pension to a payment or series of payments on a basis acceptable to the board." and substituting "elect to convert the pension or part of the pension to a payment or series of payments made on a prescribed basis.", and
(b) by adding the following subsection:
(3) On an election being made under subsection (2), the commissioner is authorized to make the payment or series of payments.
3 Section 35 is amended
(a) by repealing subsection (2) (a) and substituting the following:
(a) 4 persons nominated by the government, one of whom must be designated in the appointment as chair of the board; ,
(b) by repealing subsection (2) (d),
(c) in subsection (3) by striking out "(a), (b) or (c)",
(d) in subsection (4) by striking out "(a), (b) and (c)" and by striking out "2 appointments" and substituting "3 appointments",
(e) by repealing subsection (5), and
(f) by adding the following subsection:
(7) The chair of the board may be paid out of the fund remuneration at a rate set by the Lieutenant Governor in Council.
4 Section 52 (2) is amended by adding the following paragraph:
(r) prescribing the basis for the payment of a shortened life expectancy benefit under section 22 (2) and (3).
Pension (Municipal) Act
5 Section 26 of the Pension (Municipal) Act, R.S.B.C. 1996, c. 355, is amended
(a) in subsection (6) by striking out "elect to convert the pension to a payment or series of payments on a basis acceptable to the board." and substituting "elect to convert the pension or part of the pension to a payment or series of payments made on a prescribed basis.", and
(b) by adding the following subsection:
(7) On an election being made under subsection (6), the commissioner is authorized to make the payment or series of payments.
6 Section 39 is amended
(a) by repealing subsection (2) (a) and substituting the following:
(a) 4 persons nominated by the government, one of whom must be designated in the appointment as chair of the board; ,
(b) by repealing subsection (2) (d),
(c) in subsection (3) by striking out "(a), (b) or (c)",
(d) by repealing subsection (4), and
(e) by adding the following subsection:
(6) The chair of the board may be paid out of the fund remuneration at a rate set by the Lieutenant Governor in Council.
7 Section 55 (2) is amended by adding the following paragraph:
(q) prescribing the basis for the payment of a shortened life expectancy benefit under section 26 (6) and (7).
Pension (Public Service) Act
8 Section 19 (2.1) of the Pension (Public Service) Act, R.S.B.C. 1996, c. 356, is amended by striking out "January 1, 1996" and substituting "July 1, 1994".
9 Section 27 (10) is amended
(a) by striking out "elect to convert the pension to a payment or series of payments on a basis acceptable to the board." and substituting "elect to convert the pension or part of the pension to a payment or series of payments made on a prescribed basis.", and
(b) by adding the following subsection:
(11) On an election being made under subsection (10), the commissioner is authorized to make the payment or series of payments.
10 Section 51 is amended
(a) by repealing subsection (2) (a) and substituting the following:
(a) 5 persons nominated by the government, one of whom must be designated in the appointment as chair of the board; ,
(b) by repealing subsection (2) (d),
(c) in subsection (3) by striking out "(a) to (c)",
(d) by repealing subsection (4), and
(e) by adding the following subsection:
(6) The chair of the board may be paid out of the fund remuneration at a rate set by the Lieutenant Governor in Council.
11 Section 65 (2) is amended by adding the following paragraph:
(p) prescribing the basis for the payment of a shortened life expectancy benefit under section 27 (10) and (11).
12 Section 1 of the Supplement to the Pension (Public Service) Act, R.S.B.C. 1996, c. 356, is amended by renumbering the enacted section 2 (1) (p) as section 2 (1) (r).
Pension Statutes Amendment Act, 1997
13 Sections 44 and 45 of the Pension Statutes Amendment Act, 1997, S.B.C. 1997, c. 35, are amended by striking out '"section 65 (4) to (6)" ' and substituting '"65 (4) to (6)" '.
Pension (Teachers) Act
14 Section 21 (2) (b) of the Pension (Teachers) Act, R.S.B.C. 1996, c. 357, is amended by striking out "section 23 (3)." and substituting "section 23 (4) (b)."
15 Section 24 is amended
(a) in subsection (6) by striking out "elect to convert the pension to a payment or series of payments on a basis acceptable to the board." and substituting "elect to convert the pension or part of the pension to a payment or series of payments made on a prescribed basis.", and
(b) by adding the following subsection:
(7) On an election being made under subsection (6), the commissioner is authorized to make the payment or series of payments.
16 Section 37 is amended
(a) by repealing subsection (2) (a) and substituting the following:
(a) 4 persons nominated by the government, one of whom must be designated in the appointment as chair of the board; ,
(b) by repealing subsection (2) (c),
(c) in subsection (3) by striking out "(a) or (b)",
(d) by repealing subsection (4), and
(e) by adding the following subsection:
(6) The chair of the board may be paid out of the fund remuneration at a rate set by the Lieutenant Governor in Council.
17 Section 53 (2) is amended by adding the following paragraph:
(r) prescribing the basis for the payment of a shortened life expectancy benefit under section 24 (6) and (7).
18 (1) Sections 2 to 7, 9 to 11 and 15 to 17 come into force by regulation of the Lieutenant Governor in Council.
(2) Sections 8 and 14 are deemed to have come into force on January 1, 1996 and are retroactive to the extent necessary to give them effect on and after that date.
Pension (College) Act
SECTION 1: [Pension (College) Act, adds section 4 (1.1)] allows senior administrative staff who work part time the option of contributing to the pension plan.
SECTION 2: [Pension (College) Act, amends section 22]
(a) and (b) authorizes the commissioner to make payments to a person with a shortened life expectancy on a basis prescribed by the regulations.
SECTION 3: [Pension (College) Act, amends section 35]
(a) requires that a person nominated by the government be designated as chair of the College Pension Advisory Board;
(b) removes the superannuation commissioner from the board;
(c) is consequential to the amendment made by paragraph (b);
(d) is consequential to the amendment made by paragraph (b);
increases the number of appointments that can be made in a claendar year;
(e) is consequential to the amendment made by paragraph (a);
(f) provides for the payment of remuneration to the chair of the board.
SECTION 4: [Pension (College) Act, adds section 52 (2) (r)] allows the Lieutenant Governor in Council to make regulations setting out the basis for the payment of benefits to a person who has a shortened life expectancy.
Pension (Municipal) Act
SECTION 5: [Pension (Municipal) Act, amends section 26]
(a) and (b) authorizes the commissioner to make payments to a person with a shortened life expectancy on a basis prescribed by the regulations.
SECTION 6: [Pension (Municipal) Act, amends section 39]
(a) requires that a person nominated by the government be designated as chair of the Municipal Pension Board;
(b) removes the commissioner of municipal superannuation from the board;
(c) is consequential to the amendment made by paragraph (b);
(d) is consequential to the amendment made by paragraph (a);
(e) provides for the payment of remuneration to the chair of the board.
SECTION 7: [Pension (Municipal) Act, adds section 55 (2) (q)] allows the commissioner to make regulations setting out the basis for the payment of benefits to a person who has a shortened life expectancy.
Pension (Public Service) Act
SECTION 8: [Pension (Public Service) Act, amends section 19 (2.1)] corrects an error respecting the implementation date for the 3% early retirement reduction.
SECTION 9: [Pension (Public Service) Act, amends section 27 (10)]
(a) and (b) authorizes the commissioner to make payments to a person with a shortened life expectancy on a basis prescribed by the regulations.
SECTION 10: [Pension (Public Service) Act, amends section 51]
(a) requires that a person nominated by the government be designated as chair of the Public Service Pension Advisory Board;
(b) removes the superannuation commissioner from the board;
(c) is consequential to the amendment made by paragraph (b);
(d) is consequential to the amendment made by paragraph (a);
(e) provides for the payment of remuneration to the chair of the board.
SECTION 11: [Pension (Public Service) Act, adds section 65 (2) (p)] allows the Lieutenant Governor in Council to make regulations setting out the basis for the payment of benefits to a person who has a shortened life expectancy.
SECTION 12: [Supplement to the Pension (Public Service) Act, amends section 1] corrects a paragraph renumbering error.
Pension Statutes Amendment Act, 1997
SECTION 13: [Pension Statutes Amendment Act, 1997, amends sections 44 and 45] is housekeeping.
Pension (Teachers) Act
SECTION 14: [Pension (Teachers) Act, amends section 21 (2) (b)] corrects a cross-reference error.
SECTION 15: [Pension (Teachers) Act, amends section 24]
(a) and (b) authorizes the commissioner to make payments to a person with a shortened life expectancy on a basis prescribed by the regulations.
SECTION 16: [Pension (Teachers) Act, amends section 37]
(a) requires that a person nominated by the government be designated as chair of the Teachers' Pension Board;
(b) removes the commissioner of teachers' pensions from the board;
(c) is consequential to the amendment made by paragraph (b);
(d) is consequential to the amendment made by paragraph (a);
(e) provides for the payment of remuneration to the chair of the board.
SECTION 17: [Pension (Teachers) Act, amends section 53 (2)] allows the commissioner to make regulations setting out the basis for the payment of benefits to a person who has a shortened life expectancy.
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