BILL 13 -- 1998 : PENSION STATUTES AMENDMENT ACT, 1998

1998 Legislative Session: 3rd Session, 36th Parliament
THIRD READING

The following electronic version is for informational purposes only.
The printed version remains the official version.

Certified correct as passed Third Reading on the 11th day of May, 1998
Ian D. Izard, Law Clerk

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.

(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.

(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.

(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.

(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).

Commencement

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.