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HomeMy WebLinkAboutBy-law 2125 z' B Y LAW NUMB ER ? A BY-LAW OF THE TOWNSHIP OF PICKERING TO ADOPT AN AGREEMENT TO ATTACHE-TO BY-LAW NUMBER 2111jo WHICH AMENDS PENSION PLAN BY-LAW NUMBER 1876. 0 BE IT ENACTED by the Municipal Council of the Township of Pickering: THAT the Reeve and the Clerk be authorized to sign the attached "' . Pension Plan Agreement... BY-LAW read a First and Second time this 3 A day of ? 1955 BY-LAW read a ..Third time and PASSED this f3-day of 1955 i f Reeve r 7 r , y ! ! J `1' 4 " r; l5 ITT)I,'TtTRE made this 2y " "' day of A. D. 1955 E N• T lE' CORPORn lmI OF THE TO',01SHIP OF PICKERING OF T HE FIR ST PART t? T) HE 11 LAJESTY `1'HL?', ?41TI!; N in Iii,-ht of Canada represented by The ! Rinister of Labour OF THE SECOND PART* "',;!";` 2 he Corporation of the To wriship of Picker in is the Purchaser I,: d,3r Group knnuity Contract 'o. 0956 (hereinafter referred to as the C ),retract)., entered into under the Government Annuities Act and pur- suant t:) an i.:t r<Aenent (known E.s ?orrstori Plan for Township of i ickerinr ) b,-tween the i'Urchaser and such of its employees as have become reEis- tored under the Contract; 11 ?T!Et0,1iAS pursuant to ar:iendlnents to the a,rreement above referred to notween the Purchaser and such of its employees as are affected thereby, tho rurcht?ser is desirous of rir:iendin, the terms of the Contract; `'?i.S iD'? tTtp:I ?+TITiVLSS ,TH than in consideration of the premises the nrtrties hare-L6 have agreed to vary the terms of the Contract and Vie said ter!-,,.s are hereby varied as follows, to be effective October 1955: 1. Ry ciel,tinF; item (i) of rara;ranh (a) of subsection (1) o section 4, and subst itut i n- ?heref or the following: (i) „>>ture Service - . ive percent of the Registered Employee's earninz s after his date 'of ontry to the Plan. There ma?,r be. id an additional percentage of the registered employee's et,.rninr;s determ.ine?, in accordance with the table contained in paragraph (iii) of subsection (a) of section 6 of the d.,let ir:,; items (i) and (i:) of paragraph (b) of subsection of section 5, and stab st itt:tt inC therefor the f ollowinf; s 111 of the ,mployer Future Service and employer Past Service Pr 8T! LATI i deletirr su',>>ections (3) and (4) of section 81 and substituting thaT'Pfor the Pollowin slzbseetion, to be known as subsection (3) ! (6 T'lo 11tr.rclzaser from time to tide, by instrument in writing.-, rec Div :d by The, ; Anis-,.or before the da:; of commencement of an a.n:^ i.t-,r p,: ya.ble to c 'e,.'istered l;mployee, elect to have the ter, oi' na-vr not z, ltercd to provide for paynent of the annuity: (q) for the lif'eti--__? of. the :?er-istered Jinployee, or for the li{'ot;-^ of" the lZe °istered Employee or urtil the e:- lr., of {';,.,- or ten Years (p s the Purchaser ray elect) 'role the ()r' co-tnr;enceinent whichever period is the lon._;?r. ! for the of the ? P-ist©red E nplolree and thereafter to another T'r'r•sc?? (herein ct,.lled the joint annuitant) d it i r.:_, h ',_ s l :i f' ; t :Lmc , but r (i) nn elect:.,->n horeunder is not vali a 'ass, at the tiY ;.L TIR(c el, the -Toe nt a.nnuit_nt ' s resident or do-`--'1-1,! In Cr-,nada. ?E I?, 2 - (ii) v the 11inister need not accept an election hereunder until evidence sa.t i sf a ct ory to h 1rn of the ai;e of the Joint annuitant has boon furni-hnd, ,.nd an election under this subsection (3) (c) shall b9 inoper£tive in the event of the death of the keTis- tered Employee, or the ;joint atinu-'Lt6nt, Ijoforo the day of commencement of the L%nnu:it,r, in vrhich event benefits will be •*yablf.) as i.f.' f,119ction had not been made. (d) an uL! ction made under this section rna-,r be revoked at any time before the day oi' corm( ncni'!ent of Lhe €:'rinuitye 4. By r?-number iaC, subsections (L), (6) and -(7) of sect d on 8 as subsections (4), (5) and (6) respectively. 51 By deleting; ,araFraph (b) of subsection (2) of' section ?, and sub- stitutint; therefor the followin,;; (2) (b) the rx/%tur•`..nE; "?T?+. +., ; c! Lr tishd snail ue, if' tY?e -?? teroc, Employee is e. male, 1 . "1: 1", 11.' 1,2 12.1F-:.1, ll,e 7, 11.5150 11.1:3, 10. 53, 10.,'25, 10.199 and 9.F'.75, f-f the P -,e f ixea for corro,,iE?r"ic :rror_t cf the anrivity is 60 to 70, incl)tsi?r?;, ros f.'Ect, i-rely, or if the Re'-istered Er icyce is a. f'e.:. le, 14.6'94, 14.561, 14.2219 13. 75, 1;S.5?4 n.r:cl 10.1671 if the fixod for the corxriencerlent of thri is (.'.?_' to 65, inclusive, resp';ctivF 1;<. ,,;Tied; the a;-o f ix?"J i'or the rC)ri1??'r%11Cem?rt r t}?e e.nrt?-):it?• is nfa. EAU -to 70, or to 6i, in- IT fr,--- lex t:flc; ;nt.)rr;?;t retr? in by the i-nister on the . fore-. ot1 th,, Da.to, of ?e 'i.strrt i clr of -u in r'. 'iStE:rE?C. }j',mr)2.u"o;e, exce",)t tv?r t; Vrr.ere t?-!f ',i . trat icn. E3:t'f E:Ca .VC' of trl+' isterc.,O i?T. '!1.CJ„r' • 1 :} it ?J „ " r::? :lr t. ?'l "t he dt)"t of' this contrast",, or t-J'E3 T•.€zdf-i a.n. e1F:cticrl cursuant to se cti.c,n 8, of tile tT'f.+.-i;i.Cn 0' tho E';o-i st;Er,, ',1`n]-(-' ?n b^P(.)rya t11e da on iTi cl1 on nrlil); `f), 1 to hir iind-r th1.^ ?o-0i, r ^.t, the T^£1 i I, ;;, •1e'.1) :, ,7:11 r•_ ri1red bV tl,v:: i1_ ^istE r on thF ; )£ (, -` n ; r!t r:,x`p• ?'t r€'.tF) c • ,. . aiid riortr' Iii r t£-.,r)1_r?s to I6, t,i ',';r• 1'(:.r?t,l>1•; V C_'.i):'?'???;lrl' tl)t; ,•r?-?-,£, ..F? ? r.! ,..,r. r?-' =?I?ri, -i ;rl, ; ,i ,- F'f'c;nt 1.ir(??,r• the. (ic??rrT•lirriF,'rit i:r?rl? is it?i^ ri' or: of 1:hr 'ister(,C? ?'.l!-IC>'?Ej:;, l.l;l.1.?'.':; t1.E; UI'C1i%1. ;,Efr' 1"iE.tS r!.f'.GE% all elect iun ;nzrsual.t to ,:r1r"'t .rr. (3) of Soctlori , ,I!(.F;(t i'UI' :'ti•, I?lf.:l'Et.:IiGI l:}11 1,,?'.thrlrl?'; u?zli ?l.1._ ?- ii. dc't'.:T•1''J .'C:Ci o' ;lE: 1'I. Ut;r:r C: '.' a-t`p }:f uf` tYle intr:2'E r?a?.; OrtJ£. t.iic: Li G G 11 :' '..-. C Ci:"' .'vt l t'(I 3 , ?• r r l ir. f'fE r.+ r <,r tl ,' o"vcr??:'.tyT-it ?..:: .i.-A(; 3 c-,- the da"L,., cn ivhicil t:I f 1ect I o i i is r e c (2iv..b E)r. - ,y, £e?c'.,11' t,i1e1 fo1.1 ;r the Contr?.c;t ; 1 1 1 1 t ? T T'1-1('; r7r t111_.` „1, r1• 1 C: 't. r, .,;'f.;1 ':!11 't Lt i l?"1 or C? ; r1 ?,' +?1• 1 ( ? ?.. t ? :. 1 t J T G `' ;t '.c1: , , . , . _ . . s e : A l-11 ia... ). .t, 1. ^. 'r.; ?i? r n d '',ri.l1 ti.E;,• ?,' 'c,r, ?.' - I•r ,, '' :c.' ,.', t?'?_; ?? i "i';i,:'L. !.. Ee ' a nnuril. b ) i' : 41 i d .T 'i, Y Tinder this Option the annuity insfEalrments shall be pay- to th,, i{n istered ?Lsmplc 'eq dairir- the I ifetim.1 of the ?e .isi;f:rod. ?:rnnluveo, and s>ia_1l tnrT-il.ns.te witi-i either 1 t''r' l-,t s t. ins-t t..lnant dre j:rinr• to k.rle of the t?r '•c' i?rl}?a 0?'r?r or, (i':) the in-trilnant (iue on a date Which iri-l dit.tely follows the attt)ATLT-o!t of aF;t- 7(), whioh- evE?r si,ttll i'irst occur, provided tlu+t Min animat" so able O oe ,,i riot exceed 1-460.UO per ct ..ntiT,, • 7. By aCldin-. the followinf-., relative to ?);e cosh refund option, to b,j knoinz hencoi'ort}i as Section of thu Contract : 2;.'. (1) ',here an employee has retired or has otherwise ceRsed l o be erpluyPd before an annuitygbocomos payable to him and the total an, ount of nreriii-?rrns JPhd for his account under this and any other f;rouT) a.rinuity contract under the Act, issued pursuant to the flan, are, not sufficient to pur- chase h.n anrnai.ty on his life of ?„120.00 under any of the options ava'Llable under the Contract and payable on the date nor-.e.111,, fixed for the comri(-jnce7,:ent of his annuity, the er:iv;lcyeo ria;r, by ins-trLU-pert in vrritin,- received by the ".,inister before the a..nrmity- b::comes -oavable, elect to surrender his ri-Chts to receive all annuity in con- sideration of a sin.-le payment being-; made to him, without interort, of the ar:iount held for his account and vested in. hiTr, under this Contract. (2) Subsection (1) shall not be applicable to an mployee who would as a result of an election thereunder f rfeit his rights -to any employer prey=hums which woula o herwise vest in h1m on the day fixed for the coraniencement if the annuit Id .OTI'11_150" the parties hereto have herounto setltheir hands and seals. S's1hLi:1) ?L!J) D':'LTV L *`4D hIM ATTLST61 by the duly authorize officers of TE] COPPOVLhT1ON OP THE;; 10,il,STT111 0 DICKERING I: I,?CT l'rID on boha.lf' of Her Y Rjesty The la-en at the Cf Ottalva this day of D• 1955• ..i :? c c',- .. , f? • D irector of 1,nnuities Deput Finister of Labour