O. Reg. 371/04: Pension Plan for Board Employees

 

ontario regulation 371/04

made under the

workplace safety and insurance act, 1997

Made: December 1, 2004
Approved: December 1, 2004
Filed: December 2, 2004
Printed in The Ontario Gazette: December 18, 2004

Amending O. Reg. 455/97

(Pension Plan for Board Employees)

1. Subsection 3 (4) of Ontario Regulation 455/97 is amended by striking out “Employment Standards Act” and substituting “Employment Standards Act, 2000”.

2. Subsection 7 (2) of the Regulation is amended by striking out “and would work fewer than 700 hours” and substituting “or would work fewer than 700 hours”.

3. Subsection 8 (2) of the Regulation is amended by striking out “and the employee worked fewer than 700 hours during that 12-month period” and substituting “or the employee worked fewer than 700 hours during that 12-month period”.

4. The definition of “B” in subsection 11 (3) of the Regulation is revoked and the following substituted:

  “B” equals the defined benefit limit established for the year under the Income Tax Regulations (Canada)”.

5. (1) The definition of “C” in subsection 27 (3) of the Regulation is amended by striking out “but not exceeding 35 years of pensionable service”.

(2) Subsection 27 (6) of the Regulation is revoked and the following substituted:

(6) Despite subsection (3), the person’s initial pension at retirement is reduced, if necessary, so that it does not exceed the lesser of,

(a) 2 per cent of the person’s indexed final average salary as determined under subsection (7) multiplied by the person’s years of pensionable service; or

(b) the amount of the defined benefit limit established for the year under the Income Tax Regulations (Canada), multiplied by the person’s years of pensionable service.

(6.1) For the purposes of subsection (6), service before January 1, 1991 in excess of 35 years is not included in the person’s years of pensionable service.

(3) Subsection 27 (8) of the Regulation is revoked.

6. Subsection 47 (2) of the Regulation is revoked and the following substituted:

(2) A member who purchases pensionable service under subsection (1) for a period of continuous employment as a temporary employee leading to membership in the pension plan shall make both employer contributions and member contributions, based on the member’s current salary and the contribution rate for members.

7. Subsection 48 (2) of the Regulation is amended by striking out “plus interest” at the end.

8. Part VIII of the Regulation is amended by adding the following section:

General

55.1 If a member purchases pensionable service under this Part and its cost is calculated using the applicable contribution rate for members, the Board may charge interest on the total amount that the member is required to pay, calculated from the date on which the Board receives the member’s application to purchase service.

9. This Regulation comes into force on December 31, 2004.

Made by:

Workplace Safety and Insurance Board:

Jill Hutcheon

Interim Chair

Linda Angove

Corporate Secretary

Date made: December 1, 2004.