Statutes of Newfoundland 1997 Chapter 34

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Statutes of Newfoundland 1997

CHAPTER 34 CHAPTER 34

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

Analysis

PUBLIC SERVICE PENSIONS ACT, 1991

1. S.8.1 Added
Purchase by designated
employees

2. S.12 Amdt.
Purchase of service

UNIFORMED SERVICES PENSIONS ACT, 1991

3. S.10.1 Added
Purchase by designated
employees

4. S.13 Amdt.
Purchase of service

Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows:
PUBLIC SERVICE PENSIONS ACT, 1991

SN1991 c12 as amended

1. The Public Service Pensions Act, 1991 is amended by adding immediately after section 8 the following:

Purchase by designated employees

8.1 (1) Where an employee was formerly employed by a company owned by the government of the province, the employee may elect to purchase as pensionable service the period of full time service worked with that company while that company was owned by government.

(2) Purchase of pensionable service under subsection (1) shall be at full actuarial cost determined at the date of purchase.

(3) For the purpose of subsection (1), included companies and periods of service eligible to be purchased shall be prescribed.

2. Subsection 12(1) of the Act is amended by adding immediately after the number and comma "8," the number and comma "8.1,".

UNIFORMED SERVICES PENSIONS ACT, 1991

SN1991 c19 as amended

3. The Act is amended by adding immediately after section 10 the following:

Purchase by designated employees

10.1 (1) Where an employee was formerly employed by a company owned by the government of the province, the employee may elect to purchase as pensionable service the period of full time service worked with that company while that company was owned by government.

(2) Purchase of pensionable service under subsection (1) shall be at full actuarial cost determined at the date of purchase.

(3) For the purpose of subsection (1), included companies and periods of service eligible to be purchased shall be prescribed.

4. Subsection 13(1) of the Act is amended by adding immediately after the number and comma "10," the number and comma "10.1,".