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Consolidated Newfoundland Regulation 1996
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.
1. Short title
3. Costs to be paid
1. These regulations may be cited as the
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.
Costs to be paid
3. In the case of service accrued in the period
(a) if an election to purchase is made before
(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
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%.
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