Pension Committee Report #010-02-02-05 : 1.3 Regulation Changes - General Synod Pension Plan
https://archives.anglican.ca/link/official8210
- Date
- 2002 May 3-5
- Type
- Resolution 22-05-02
- Mover
- Archbishop Thomas Morgan
- Seconder
- Bishop Ann Tottenham
- Text of motion
- That the Council of General Synod approve an amendment to Regulation 9.6(a); and approve a new Regulation 19 effective January 1, 2001. CARRIED #22-05-02
- Notes
- The resolution (indicating actual wording changes/additions/deletions, etc.) and rationale is attached as Appendix D.
- APPENDIX D
- (In all amendments, bold [in electronic database bold indicated by pointed brackets i.e. <>] indicates addition and underline indicates deletion [in electronic database underline indicated by curly brackets i.e. {}].)
- In Regulation 9.6(a), change Regulation "1.3" to "1.4". Regulation 9.6(a) will now read:
- (a) in which the individual on whose behalf the allowance is payable ceases to be a Child pursuant to Regulation {1.3} <1.4>, or
- Rationale
- This amendment is required as the cross-reference is incorrect.
- New Regulation 19 would read as follows:
- <19. COMPLIANCE WITH QUEBEC SUPPLEMENTAL PENSION PLANS ACT
- 1. Application
- (a) Regulations 19.2 and 19.3 apply only to Members whose Active Service terminates on or after January 1, 2001, and whose last employment by a Participating Employer was in the Province of Quebec.
- (b) Regulation 19.4 applies only to Members whose last employment by a Participating Employer was in the Province of Quebec and whose Pension commences on or after January 1, 2001.
- (c) Regulation 19.5 applies only to Members employed by a Participating Employer in the Province of Quebec, and only with respect to their period of employment in that province on or after January 1, 2001.
- (d) In the circumstances described in Regulations 19.1(a), 19.1(b) and 19.1(c), the applicable provisions of this Regulation take precedence over any other provisions of the Plan that would otherwise be applicable.
- 2. Immediate Vesting
- (a) If, on the termination of a Member's Active Service, the commuted value of the Member's accrued Pension is less than 20% of the maximum pensionable earnings under the Quebec Pension Plan for the year in which the Member's Active Service terminated, the Member shall receive a lump sum payment in an amount determined in accordance with Regulations 10.1(b) and 15.5, after taking account of Regulation 19.3.
- (b) If, on the termination of a Member's Active Service, the commuted value of the Member's accrued Pension is greater than or equal to 20% of the maximum pensionable earnings under the Quebec Pension Plan for the year in which the Member's Active Service terminated, the Member shall become an inactive Member of the Plan in accordance with the terms of Regulation 11 and shall have the same rights as a Member who becomes an inactive Member pursuant to Regulation 10.1(c).
- 3. Minimum Amount of Pension at Retirement
- The retirement benefit payable to a Member referred to in Regulation 19.1(a) shall not be less than the amount determined in accordance with Regulation 5 as of the date of termination of Active Service plus an amount, the commuted value of which is equal to the excess (if positive) of:
- (a) the commuted value of the amount determined in accordance with Regulation 5 as of the date of termination of Active Service in respect of Contributory Membership on and after January 1, 2001, increased by the lesser of
- (i) 50% of the increase, if positive, in the Consumer Price Index (Canada) from the month of termination of Active Service to the month ten years prior to the Member's Normal Retirement Date and
- (ii) 2% per annum compounded annually from the month of termination of Active Service to the month ten years prior to the Member's Normal Retirement Date, plus any excess member contributions as determined in accordance with the requirements of the Quebec Supplemental Pension Plans Act applicable to the calculation of such amounts; over
- (b) the commuted value of the amount determined in accordance with Regulation 5 as of the date of termination of Active Service in respect of Contributory Membership on and after January 1, 2001 plus any excess member contributions as determined in accordance with Regulation 15.5, provided that the commuted value referred to in Regulation 19.3(a) shall be determined assuming commencement of the deferred pension at the Member's Normal Retirement Date.
- 4. Pension Guaranteed for 10 Years
- (a) In addition to the optional forms of pension available pursuant to Regulation 5.5, a Member referred to in Regulation 19.1(b) may elect at time of retirement to receive a reduced Pension, payable in the form that would otherwise apply in the absence of an election under Regulation 5.5 except that payment will continue in full for 120 months in the event of the Member's death within 120 months following the commencement of Pension payments.
- (b) If the Member's Partner at the Member's retirement date is then living, any Pension payments made after the death of a Member who has made an election pursuant to Regulation 19.4(a) shall be paid to the surviving Partner, and otherwise to the Member's designated beneficiary or, in the absence of a living designated beneficiary, to the estate of the last survivor of the Member and the Partner.
- (c) The amount of the reduced Pension pursuant to Regulation 19.4(a) shall be actuarially equivalent to the Pension otherwise payable, as determined by the Trustees on the advice of the Actuary, subject to compliance with Applicable Pension Legislation.
- 5. Interest
- The Interest credited on the contributions of a Member referred to in Regulation 19.1(c) in respect of any calendar year shall be at a rate equal to the average rate of investment return on the Pension Fund for the three preceding calendar years, net of investment management and administrative expenses, as determined by the Trustees.>
- This Regulation is required to comply with the new Quebec Supplemental Pension Plans Act which came into effect on January 1, 2001.
- [N.B. The first resolution of the 8-10 November 2003 CoGS Minutes [#01-11-02] re Approval of the Minutes of the May 2002 meeting renumbered Pages 17 and 18 of the Pensions Committee Report as follows: 1.2 Actuarial Valuation - General Synod Pension Plan; 1.3 Regulation Changes - General Synod Pension Plan; 1.4 Regulation Changes - Lay Retirement Plan.]
- Subjects
- Pensions - Anglican Church of Canada - Regulations
- Anglican Church of Canada. General Synod. Constitution. Canon VIII