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HomeMy WebLinkAboutBy-law 2111I _ T. A T.1 IT TT 1• 12 n n I- .. `-TAT," ()' T'T' -PT,"TSTTTn Or, TT^T""T,.n mn n'T,ITT) "Y-T.h T.7 •Tf., m-,?P ?. ..rvn h*?T T1-DIAT, "v T?T,7 A7'*11?1 1101' r.TTTT'n,T T..(?1TT7)^S 707? T)7,STnn'S To T"TT. 0'7 "S. TIT'1111 n..S '_ __ mnT; _.rT.. -11,, C:? pi 1. _.c i1,- T1.11'? + ^n +,- „1- Tn. C. n-r' V,.:n._r ?'. r.'n...?'n:,._ "n„ ?' ?_1.' ^,tl'l arc nl.n t3 n,. ± .??i-flTf? ?L Y•C1Ll. ???_ .., ?. y,1_1?q 1? nc a n,T T1 T,7TTT,n'I ?,hS T;q'"n"ai .- .:?.: _ r,LL .? r,?? nr•n. +„r.'_. nnnj- r. -L ,_.t +n >?1 n' ??^ 't+ _. .iflTO' c 40 1:1 'M. q ITI) TaTTr,TV,IThG nt'.P4!t_l__?, }n J n -' ^ T_'; ,_ 'PnT•_lfl?1n nr j+r. ^ `TnT7:15?'_Lr +i, nn-.1:,1^C+ SC'., n.TI npt1. „n TT mrirar)g]p(t r, P 7 7., , er... r• m T eit It n° -T T.,7 IT. ' '^_ 1'C`T?f'iT na '1'-c'T "'- „?.•., IrhIf +n ?'7 •-i '; T''-T?. To c 1,o *•; np ?_. Tom'-T 'IT 'PT.. q _T.^,.., Of `7'^ T)n T1'7 _'y _._f nn J ?n^1 ^nf ^?PS .,_J'T - '?"_,. _:1- T.•i t., - ,*5 ,.,y r+r. g, n° T,hTd ,.,n ^ Pa ., c• ._.'T _.. „n..n 1-.7 ._ f'__..5 ?-^? of_??/"'G -- ., -T,pgT t-. rl ^ T', _.2 +(` nli'l I'AS4?T) ±7-,15 ?.zP( la' nr ln?. ??Cn V^ nT n,a, SCHEDULE "A" TO BY-LAW NO. 1 1 GROUP ANNUITY PLAN FOR THE EMPLOYEES OF THE TOWNSHIP OF PICKERING - 1. DEFINITIONS In this plan, unless the contract otherwise requires, (a) "EMPLOYER" means the TOWNSHIP OF PICKERING. (b) "EMPLOYEE" means any salaried officer, clerk, workman, servant or other person in the employ of the Municipality or of a local board and includes any person designated as an employee by the Minister of Municipal Affairs of Ontario; (c) "PRESENT EMPLOYEE" means an employee in the service of the employer prior to the effective date of the plan; (d) "FUTURE EMPLOYEE" means an employee who enters the service of the employer on or after the effective date of the plan; (e) "PERMANENT EMPLOYEE" means an employee who, in a year, serves a least equ va ent of 75% of the year; (f) "MEMBER" means an employee who is a participant in the plan; (g) The masculine pronoun shall include the feminine; (h) "SERVICE" means the exercise of an office, function or occupa on w the employer; (i) "PAST SERVICE" means service rendered with the employer prior to the e ec ve date of the plan; (j) "FUTURE SERVICE" means service rendered with the employer on or a ter a effective date of the plan. (k) "GOVERNMENT" means the Annuities Branch of the Department of Labour the Government of Canada; (1) "INSURANCE COMPANY" means such Insurance Company licensed under the assurance Act of the Province of Ontario as may be designated by the employer; (m) "PLAN" means the group annuity plan hereinafter set out. 2. EFFECTIVE DATE This plan will be effective as of *PRfffi-ast,- a952, (In*nI ^r ?, 19-11 ELIGIBILITY AND PARTICIPATION A (a) Each present employee may elect to participate in the plan as of its effective date provided that he has then fulfilled the eligibility conditions, which are as follows: (1) That he is a permanent employee. (ii) That he has attained the age of 21. (iii) That he has completed six months of continuous service. (iv) That he has not attained normal retirement age (subject to the provisions of subsection (b) of section 4)- (b) That each present employee not eligible to participate on the effective date of the plan may elect to participate on the fulfilment of the eligibility conditions described in subsection (a) of this section. (c) Each present employee who does not elect to participate within one year from the date on which he becomes eligible may elect to participate at a later date, but he will not then be eligible for any past service benefits to which he otherwise would have been entitled. SCHEDULE "A° TO BY-LAW NO. 2 1 1 1 PAGE 2 3. ELIGIBILITY AND PARTICIPATION - continued: (d) All male future employees with the Police and Fire Departments 40 years of age and under, and all other future employees, will be eligible to participate and must, as a condition of employment, become members of the plan on the fulfilment of the eligibility conditions described in subsection (a) of this section. (e) An employee who leaves the service of the employer to become a member of Her Majesty's forces prior to the effective date of the plan or prior to becoming eligible and who returns to service within six months from the date of his discharge from military service will be eligible to participate in the plan on the first day of the month following his return to service and the fulfilment of the eligibility conditions described in subsection (a) of this section. (f) A member cannot withdraw from participation in the plan while he is in the service of the employer and under retirement age, and a former employee re-entering the service of the employer after previous termination of service will be considered a new employee. Ja . RETIREMENT DATE (a) The normal retirement date of a member will be the first day of the month immediately following the attainment of normal retire- ment age which is as follows : (i) Female_ Employees and Male Employees with the Age on becomii2g a member Normal retirement age Age 55 and under 60 56 61 62 59 64 60 and over 65 (ii) Male Employees except those with the Police and Fire Depts, Age on becoming a member Normal retirement age Age 60 and under 65 61 66 62 68 6 69 65 and over 70 (h) A member who is over normal retirement age on the effective date of the plan will be retired at a date to be determined by the employer and will receive from the actual date of retirement the amount of annuity determined by his years of past service as provided for in paragraph (1) of subsection (b) of section 5 of this plan. (c) A member may be retired at any age on the first day of any month for reasons of sickness or disability which have been established by medical evidence satisfactory to the employer and the annuity thereupon payable will be on a reduced scale such as the funds standing to his credit together with interest thereon will then purchase. 5• RETIREMENT ANNUITY (a) FUTURE SERVICE BENEFITS Subject to the terms of the plan, each member will receive from the date of his retirement, in respect of future service, the annuity purchased by his own contributions and those made on his behalf by the employer, together with interest thereon. SCHEDULE "A" TO BY-LAW NO. 2 1 1 1 5. RETIREMENT ANNUITY - continued: (b) PAST SERVICE BENEFITS PAGE . (i) Subject to the terms of the plan, each member will receive commencing on his retirement date, in respect of past service, an annuity equal to i pO for each c ompleted year of past service which is not more than LP years before a male member's normal retirement date or 35 years before a female member's normal retirement date. (ii)In calculating the number of years of past service of an employee who has been or is absent on Military Service and who subsequently becomes a member of the plan in accordance with section 3 hereof, credit shall also be given for the period in Military Service up to the effective date of the plan. Such credit shall not exceed the limitation in respect to past service as provided in paragraph (i) of this subsection. (c) The annuity, which will be payable in monthly instalments for life and guaranteed for five years in any event, will be purchased from the Government up to the maximum obtainable from that source on the life of each member and the excess over such maximum from the Insurance Company. (d) (i) At any time before retirement, a member may choose in place of the annuity guaranteed for five years, one which will be guaranteed for ten years or one which will be without any guarantee or a last survivor annuity, ih which event the amount of annuity will be actuarially adjusted. (ii) A member may at any time before the annuity becomes payable revoke an election of an optional type of annuity or substitute another election for a previous election. (e) (i) Provided that a member has not chosen the last survivor type of annuity, he may elect that the terms of payment of the annuity be altered to provide for an annuity, the amount of which would increase during the interval between his retirement date and age 70 and thereafter decrease by $40.00 a month. (ii) If such an option is made and the annuity that would be payable on and after the time agreed upon for its reduction would be less than $10.00 a year, and the election is not revoked before the date on which the annuity becomes payable, the member will then receive, in lieu of the reducing annuity described in paragraph (i) of this subsection, a temporary annuity which will cease with his death or age 70, whichever first occurs. (iii) This election will not apply when a member retires or is retired before the attainment of age 55- (f) If, at the time of his retirement, the funds at the credit of a member are not sufficient to purchase, pursuant to such options as are available to him, an annuity on his life of $120.00 a year commencing at his normal retirement date, the said member may surrender his rights to receive an annuity in consideration of a single payment being made to him of a sum not less than his contributions together with such interest, if any, as may be credited thereon. (6 CONTRIBUTIONS (a) FUTURE SERVICE (i) Each member will contribute 5% of his earnings from the date of his inclusion in the plan in respect of future service. (ii) The employer will contribute on behalf of each member 5% of the member's earnings from the date of his inclusion in the plan in respect of future service. SCHEDULE «A° TO BY-LAW NO. 2 1 1 1 PAGE 6. CONTRIBUTIONS - (a) Future Service - continued: (iii) Each member who does not elect to pay in respect of service rendered during the years in which he was not a contributor, as provided in paragraph (ii) of subsection (b) of this section, may pay an additional contribution in respect of future service provided that it shall not exceed the percentage of his remuneration, in relation to the number of years of future service to his normal retirement date, as indicated in the following table: Number of Years from Date Maximum Percentage of Entry into Plan of additional until Normal Retirement date Contributions 36 - 4o 2 31 - 35 26 - 30 !}' 21 - 25 b% 20 and under 10% (iv) The contributions of a member will be deducted from his earnings by the employer and remitted to the Government or the Insurance Company at the and of each quarterly period together with employer contributions for the same period. (b) PAST SERVICE (i) The employer shall pay the cost of the past service benefits provided for in paragraph (i) of subsection (b) of section 5 of this plan. (ii) A member who does not elect to pay additional contributions in respect of future service, as provided in paragraph (iii) of subsection (a) of this section, may, if he so desires, elect to pay contributions for his years of service in which he was not a contributor. Such contributions may not exceed 5% of the member's earnings with the employer prior to the date of his inclusion in the plan. Such contributions may be made through the employer at any time or from time to time Wa fore the member's retirement date. (c) If the contributions made by and on behalf of a member become sufficient, before his retirement date, to purchase the maximum annuity available to him from the Government, no further contributions will be payable to the Government by the member or by the employer on his behalf. Thereafter, contributions will be remitted to the Insurance Company until the member retires. 7• TERMINATION OF SERVICE (a) If, for any reason other than death, the service of a member is terminated prior to his normal retirement age, the total of his own contributions together with the total contributions made on his behalf by the employer, with interest thereon, shall remain at his credit with the Government to provide him, commencing at retirement date, with the annuity purchased by the said contributions with interest thereon and he shall receive a paid-up policy providing for such annuity. (b) If, at the time of such termination of service, the funds at the credit of a member are not sufficient to purchase, pursuant to such options as are available to him, an annuity on his life of $120.00 a year commencing at his normal retirement date, the said member may surrender his rights to receive an annuity in consideration of a single payment being made to him of a sum not less than his own contributions together with such interest, if any, as may be credited thereon. 8• TRANSFER OF FUNDS BY INSURANCE CO. Where a member of : (i) The civil service of Ontario or Canada, SCHEDULE "tA" TO BY-LAW NO. 2 1 1 1 PAGE r' 8. TRANSFER OF FUNDS BY INSURANCE CO. - continued: (ii) the civil service of any other municipality or local board, or (iii) the staff of any board, commission or public institution established under any Act of Legislature, on or after the first of March, 1948, has become or becomes an employee of the municipality or local board and a sum of money is transferred from any fund or plan maintained to provide super- annuation benefits or pensions for the members of such civil or civic service or staff, as the case may be, to the credit of the employee, the council shall by by-law authorize the transfer into and shall transfer into the pension plan heretofore or hereafter established under this or any other general or special Act and applicable to the employee such sum in the like manner as a payment for past service. 9. DEATH BENEFITS (a) BEFORE RETIREMENT Should the death of a member occur before the first instalment of his annuity becomes payable, whether or not he is in the service of the employer at the date of his death, the total of his own contributions and of the contributions made on his behalf by the employer shall be paid, with interest, to his beneficiary. (b) AFTER RETIREMENT Should the death of a member occur after the first instalment of his annuity has become payable and before sixty (60) monthly instalments have been paid, the annuity payments will be continued to his beneficiary until the sixty (60) monthly instalments have been paid. However, if a member has elected an optional type of annuity, the death benefits, if any, will be determined accordingly. 10. ABSENCES FROM WORK Authorized absences from work shall not constitute termination of employment for purposes of this plan, but will be governed as follows: (a) If the member receives pay, contributions will continue and he will be entitled to all benefits as though he were actually at work. (b) If the member does not receive pay, contributions will cease but any benefits previously purchased will not be affected. Upon return to active service, contributions will be resumed. 11. LIMITATION OF ASSIGNMENT (a) Retirement annuity and other benefits under the plan are not assignable. (b) A member may not borrow against the contributions at his credit under the plan. (c) A member may not withdraw the contributions at his credit under the plan except as provided in subsection (f) of section 5 and subsection (b) of section 7 of this plan. 12. RIGHT TO EMPLOYME NT BENEFITS Participation in the plan will not give any member the right to be retained in the service of the employer or any right or claim to retirement benefits unless the right or claim to such benefits has specifically accrued under the terms of this plan. SCHEDULE "A" TO BY-LAW NO. 2 1 1 1 PAGE 6. 13, ADMINISTRATION (a) The employer shall decide on all matters of any nature whatsoever in connection with the administration, interpretation or application of the plan subject to Law and the contract entered into with the Government and/or the Insurance company. (b) It will be the obligation of the employer to pay over to the Government and/or the Insurance Company the contributions deducted from the remuneration of the members together with the contributions required to be made by the employer under the terms of the plan and it will be the obligation of the Government and the Insurance Company to pay benefits as set out in this plan in accordance with the contributions received. REGULATIONS UNDER THE PLAN 1. PRESENT EMPLOYEES' OPTION OF BECOMING MEMBERS OF THE PLAN Any employee in service on the effective date of the plan who within one year does not elect to participate from the date he becomes eligible shall sign a waiver forfeiting any rights to past service benefits should he elect to become a member at a later date. 2. EVIDENCE OF MEMBERSHIP Each member will receive evidence that he has been included as a member of the plan. 3. PROOF OF AGE (a) At the time of joining the plan or as soon thereafter as possible a member will furnish proof of the date of his birth in the form of a birth or baptismal certificate. This certificate will be returned to the member. (b) If a birth or baptismal certificate cannot be obtained, the member will furnish such other document in proof of his age as may be acceptable to the Government or the Insurance Company. l{. BENEFICIARY Each employee on becoming a member of the plan may, with the concurrence of the Government and/or the Insurance company, designate any person as his beneficiary to receive such sums as may be payable on or after his death, reserving the right to change the beneficiary from time to time with the assent of the Government or the Insurance Company. If, on the death of the member, there should be no living designated beneficiary with respect to himself, such sums as would otherwise be payable to the designated beneficiary will be payable to the legal representative of the member. S• TERMINATION OF SERVICE A member shall be deemed to have finally terminated his services when, in the opinion of the employer, he has terminated his employment without reason to believe that he will be further employed. 6. SUSPENSION OF SERVICE A member shall be deemed to have suspended his service when he is temporarily off duty without pay for any reason other than on account of illness or accident, except as otherwise provided herein or in the plan. SCHEDULE "A" TO BYwLAW NO. 2 1 1 1 REGULATIONS UNDER THE PLAN - continued: 7• SERVICE TO COUNT T In computing a member's period of share of retirement annuity, the prevail: Service to be included: IS SHARE OF PAGE 7 service tarards the employer's following regulations shall (a) All time worked with any or all departments of the employer or all time worked and paid or contributed to in whole or in part by the employer. (b) All time lost on account of absences for reasons of illness where a member is paid for such absence. (c) All time lost on account of absences for reasons of illness where a member isnbt paid for such absences but is considered as being on sick leave. (d) All time lost on account of season lay-offs where a member is not paid for such absenoes but who qualified as a permanent employee. DISABILITY 8. Disability, as set out in the plan, shall be interpreted to mean that a member has furnished medical testimony, satisfactory to the employer, that he is unable to continue further at his employment.