HomeMy WebLinkAboutBy-law 3846/70THE CORPORATION OF THE TOWNSHIP OF PICKERING
BY-LAW NUMBER ??y C
A By-law to authorize the Reeve and
Clerk to sign an agreement between
the Corporation of the Township of
Pickering and the Ontario Municipal
Employees Retirement Board.
WHEREAS the Corporation of the Township of Pickering
is a participant in the Ontario Municipal Employees
Retirement System; and
WHEREAS certain contributions are available for the
purchase of prior service benefits for certain
employees of the Corporation of the Township of
Pickering;
NOW THEREFORE BE IT ENACTED that
1. Prior Service Agreement Number 242-U-2 between
the Corporation of the Township of Pickering
and the Ontario Municipal Employees Retirement
Board, as per copy of Agreement attached hereto,
be entered into; and
2. The Reeve and Clerk of the Corporation of the
Township of Pickering be hereby authorized to
execute the said Agreement on behalf of the
Corporation of the Township of Pickering.
By-Law read a first, second and third time and Passed
this day of Qaa , 1970.
eeve
C Clerk
PAGE 1
Agreement Number 242-U-2
ONTARIO MUNICIPAL EMPLOYEES RETIR£119N-2 SYSTEM
PRIOR SERVICE AGREEMENT
1
THIS AGREEMENT made this SIXT11 day of APRIL 19 70
pursuant to Section 21 of Regulation 168/62 under The Ontario Municipal
Employees Retirement System Act, 1961-62 as amended,
BETWEEN THE ONTARIO MUNICIPAL EMPLOYEES RETIREMENT BOARD
herein called the Board
and TOWNSHIP OF PICKERING
herein called the Employer,
WITNESSETH THAT in consideration of the mutual covenants and agreements
herein contained and of the payment to the Board of $73,644.73
SEVENTY-THREE THOUSAND, SIX HUNDRED FORTY-FOUR DOLLARS AND SEVENTY-THREE CENTS
on or before the firs[ day of MARCH 19 70 (herein called
the effective date of this Agreement) or of an equivalent amount in
periodical instalments as determined under this Agreement, benefits as
prescribed in the terms and conditions hereto annexed shall be payable by the
® Board in respect of the prior service of employees of the Employer who have
become members of the System.
The terms and conditions hereto annexed are to be read herewith and form
part of this Agreement as fully and completely to all intents and purposes
as though embodied herein,
IN WITNESS WHEREOF this Agreement is executed by the parties hereto under
the hand of their offiecrs lawfully authorized in that behalf and corporate
seals respectively,
i
Approvod by: ioC??...`.._:-a_._....-...,,.e.
Actuary of the Hoard
Si&ned by
E Ivp 7 oye r
Signed by - OM ARiO MUNICIPAL GMI'LOYEES RE'I'IREDP.FT BOARD
Board
Secretary-'1reasurLr
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PACE 4
Terms and Conditions of Prior Service Agreement Number 242-IJ-2
8
9
Schedule 1 shows opposite the name of each member the lump sum amount of
contributions by the member and by the employer which are payable co the
board in respect of the member on or before the effective date of this
Agreement to provide for payment of the pension shown in Schedule 1 with
respect to the member provided that if
(a) there is an error in the date of birth shown in Schedule I for
the member, or
(h) in accordance with the Regulations the amount of pension shown in
Schedule 1 for the member does not become payable to the member
or does not become payable on the day or In the amount shown therein
that portion of the contribution which is payable by the Employer in
respect of the member shall be recalculated in accordance with Schedule 2,
3, or 4 whichever Schedule is applicable and in accordance with the amount
of pension to which the member, his widow and children are entitled under
this Agreement.
In lieu of the lump sum amounts payable under clause 8 by and in respect
of a member, there may be paid to the Hoard such equivalent periodical
instalments as may be required under section 10 to provide for payment of
the benefits to which the member, his widow, children and beneficiary or
estate may be entitled under this Agreement excepting that no contributions
may be paid by or in respect of a member after the day on which he ceases
to he an employee of the Employer,
10. All contribution received under this Agreement shall be credited co an
account to which interest at the rate of 5'S,, per annum compounded yearly
shall be added at the end of each year in respect of the balance in the
account at the end of each month in the veer and from which there shall be
deducted such amounts as may he required in accordance with clause 7 or
Schedules 2, 3 or 4, whichever is applicahle to provide for payment of the
benefits under this Agreement, provided that
(a} No s,ich deduction shall be made so as to reduce the balance in the
account to an amotmt which is Less than the contributions made by the
cuaabets who have not commenced to receive a pension plus interest
thereon, and
Corm 288
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(b) When provision has been made tinder this Agreement for payment of every
be.tefit that may become payable under the Agreement, the balance, if any,
held in the account it be refunded to the Employer.
anything in this Agreement the right is reserved to the
11, Notwithstanding
board to change from time to time the rate of interest in clause 10 and the
factors in Schedules 2, 3, 4, with respect to any contribution or part
thereof which at the time has not been paid,
12. Wherever an amount is paid to the Board under this Agreement it shall be
deemed to have been paid on the first day of the month in which the amount
is received by the Board, but not before the effective date of this
Agreement,
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