Marginal note:Public Service corporations
16. (1) A Public Service corporation that is designated by the regulations shall pay into the Retirement Compensation Arrangements Account, at such time or times as the Minister may determine, in respect of any benefits accrued or accruing by any employee of the Public Service corporation under a retirement compensation arrangement, an amount determined in accordance with the regulations.
(2) In this section, “employee” and “Public Service corporation” have the same meaning as in subsection 37(2) of the Public Service Superannuation Act.
Retirement Compensation Arrangements Account
Marginal note:Establishment of Account
17. There shall be established in the accounts of Canada an account to be known as the Retirement Compensation Arrangements Account.
Marginal note:Amounts to be credited to Account
18. (1) There shall be credited to the Retirement Compensation Arrangements Account in each fiscal year
(a) in respect of every month, an amount equal to the amount estimated by the Minister to be required to provide for the cost of the benefits that have accrued in respect of that month and that will become chargeable against that Account; and
(b) an amount representing interest on the balance from time to time to the credit of that Account, calculated at the same rates and credited in the same manner and at the same time as interest is calculated and credited in respect of the Superannuation Account.
(2) There shall be credited to the Retirement Compensation Arrangements Account in each calendar year an amount equal to the amount, if any, determined at the end of the year, that is refundable in respect of that Account under subsection 207.7(2) of the Income Tax Act.
Marginal note:Valuation and assets reports
19. (1) A valuation report and an assets report on the state of the Retirement Compensation Arrangements Account shall be prepared, filed with the Minister and laid before Parliament in accordance with the Public Pensions Reporting Act as if the retirement compensation arrangements established under this Act were pension plans established under an Act referred to in subsection 3(1) of that Act.
Marginal note:Review dates
(2) For the purposes of subsection (1), the review date as of which an actuarial review of the Retirement Compensation Arrangements Account must be conducted for the purposes of the first valuation report is December 31 in the year that is four years after the day on which this subsection comes into force and, thereafter, the review dates must not be more than three years apart.
Marginal note:Amounts to be credited on basis of valuation report
(3) Following the laying before Parliament of any valuation report under subsection (1), there shall be credited to the Retirement Compensation Arrangements Account, at the time and in the manner determined by the Minister, such amounts as in the opinion of the Minister will, at the end of the prescribed period, together with the amount estimated by the Minister to be to the credit of the Account at that time, meet the cost of the benefits chargeable against the Account.
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