Statutes of Newfoundland 1997 Chapter 31

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Statutes of Newfoundland 1997

CHAPTER 31 CHAPTER 31

AN ACT TO AMEND THE PUBLIC SERVICE
PENSIONS ACT, 1991
(Assented to December 19, 1997)

Analysis

1. S.18 Amdt.
Calculation of pension

Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows:

SN1991 c12 as amended

1. Section 18 of the Public Service Pensions Act, 1991 is amended by adding immediately after subsection (1.1) the following:

(1.2) Subject to the Income Tax Act (Canada), an employee may elect to pay an amount to partially or fully reinstate the reduction in pension required under subsection (1.1).

(1.3) Where an employee elects to pay an amount under subsection (1.2), the reduction required under subsection (1.1) shall be reduced proportionately by the ratio of the amount paid by the employee to the amount under subsection (1.4) required to fully reinstate the calculated reduction.

(1.4) The amount to be paid under subsection (1.2) shall be

(a) determined by the minister; and

(b) paid in a manner directed by the minister.

(1.5) Subsections (1.2) to (1.4) shall be considered to have come into force on February 28, 1997.

©Earl G. Tucker, Queen's Printer