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CONSOLIDATED NEWFOUNDLAND AND LABRADOR REGULATION 1014/96

Memorial University Pensions Purchase of
Service Accrual Regulations
under the
Memorial University Pensions Act

Under the authority of section 31 of the Memorial University Pensions Act and the Subordinate Legislation and Consolidation Act , the Lieutenant-Governor in Council makes the following regulations.

REGULATIONS

Analysis


       
1.   Short title

       
2.   Definitions

       
3.   Costs to be paid

       
4.   Instalments

       
5.   Repeal


Short title

        1. These regulations may be cited as the Memorial University Pensions Purchase of Service Accrual Regulations.

21/95 s1

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Definitions

        2. In these regulations

             (a)  "Act" means the Memorial University Pensions Act ;

             (b)  "actuarial cost" means the cost of the service accrual to be purchased as determined at the date of election to purchase calculated with reference to the actuarial assumptions used in the most recent actuarial report; and

             (c)  "board" means the Board of Regents of the Memorial University of Newfoundland.

21/95 s2

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Costs to be paid

        3. In the case of service accrued in the period April 1, 1993 to March 31, 1994, the cost to be paid by the employee is

             (a)  if an election to purchase is made before April 1, 1995, an amount equal to the amount by which the board's contribution was reduced under subsection 5.1(1) of the Act;

             (b)  if an election to purchase is made during the period April 1, 1995 to March 31, 1996, the amount required under paragraph (a) together with an amount equal to the income that would have been earned on the amount required under paragraph (a) had that amount been on deposit in the fund from April 1, 1993 to the date of election; or

             (c)  if an election to purchase is made on or after April 1, 1996, the actuarial cost of the service.

21/95 s3

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Instalments

        4. (1) The employee may pay all sums payable under section 3 together with interest by equal instalments over the shorter of

             (a)  a period up to 52 pay periods from the date of election; or

             (b)  the period from the date of election to a date immediately preceding the date on which the employee retires.

             (2)  For the purpose of subsection (1), interest is set at the Chartered Bank Prime Rate, as established at January 1 and July 1 each year, plus 2%.

21/95 s4

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Repeal

        5. The Memorial University Pensions (Purchase of Service Accrual) Regulations, 1995, Newfoundland Regulation 21/95, are repealed.