HomeMy WebLinkAboutBy-law 2022B Y- L A W N U M B E R 2 0 2 2
A BY-LAW OF THE TOWNSHIP OF PICKERING TO AMEND BY-LAW NUMBER 187J, WHICH
PROVIDES FOR PENSIONS TO EMPLOYEES.
WHEREAS the Township of Pickering is the purchaser under Group Annuity
Contract No. G. 956 entered into under the provisions of the Government
Annuities Act and in pursuance of an agreement entered into between
Purchaser and its employees on that behalf, hereinafter referred to as
the "Pension Plan";
AND WHEREAS the Minister of Labour and the Minister of Municipal Affairs
„(I have agreed to vary the terms of a contract to provide that an employee
Jr`? registered thereunder may surrender his rights to the payment of an
annuity under circumstances as hereinafter described;
AND WHEREAS pursuant to an amendment to the agreement above referred to
between the Township of Pickering and such of its employees as may be
affected thereby, the said Township is desirous of varying the terms of
the Contract as hereinafter described;
BE IT THEREFORE ENACTED by the Municipal Council of the Corporation of
the Township of Pickering that the terms of Group Annuity Contract No.
G. 956 and the said terms are hereby varied to provide that where
1. (a) an employee has ceased to be employed by the Township of Pickering
prior to Retirement Date and
(b) there are no employer contributions vested in him at the time of
termination of employment and
(c) the employee contributions under the said Contract or any other
?- contract issued pursuant to the Plan are not sufficient to
purchase, pursuant to such options as are available to him under
the Contract, an annuity of 120.00 a year payable at Normal
Retirement Date,
the employee may at any time before retirement surrender his rights to
receive an annuity under the said contract in consideration of a single
payment being made to him, without interest, of such employee contributions.
U2. This By-Law is subject to the approval of the Department of Municipal
Affairs and in agreement with the Minister of Labour.
BY-LAW read a First and Second time this O day of 1954
BY-LAW read a Third time and PASSED this 3 o day of 1954
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Reeve
Clerk