DEDUCTION FOR EARNINGS

 There shall be deducted from pre-retirement benefits payable to an employee an amount equal to

  • (a) $0.66 2/3 for each dollar obtained by the employee as

    • (i) earnings from employment or self-employment,

    • (ii) pension benefits from employer pension plans that were earned as a result of employment,

    • (iii) vacation pay, and

    • (iv) any income other than that described in subparagraphs (i) to (iii) that is received during the pre-retirement benefit period established under these Regulations as a result of current or previous employment; and

  • (b) $1 for each dollar obtained by the employee as unemployment insurance benefit received during a pre-retirement benefit period established under these Regulations.

ANNUAL ADJUSTMENT OF BENEFITS

  •  (1) Where a lay-off occurs as a result of which a pre-retirement benefit is authorized to be paid to an employee, the monthly amount of that benefit shall be adjusted annually so that the pre-retirement benefit payable to the employee for a month in any year following the year in which the lay-off occurs is the product obtained by multiplying

    • (a) the pre-retirement benefit for that month

    by

    • (b) the ratio that the Pension Index for the year bears to the Pension Index for the year in which the lay-off occurred.

  • (2) In this section, “Pension Index” has the same meaning as in section 43.1 of the Canada Pension Plan, and the Pension Index for any year means the Pension Index for that year calculated in the manner described in that section.

  • SOR/79-283, s. 5.
  •  (1) When the maximum pre-retirement benefit is adjusted annually pursuant to section 11,

    • (a) the product obtained by multiplying the amount referred to in paragraph 11(1)(a) by the ratio referred to in paragraph 11(1)(b) shall be adjusted to the nearest cent in accordance with subsection (2); and

    • (b) the quotient obtained from the ratio referred to in paragraph 11(1)(b) shall be expressed as a decimal fraction in accordance with subsection (3).

  • (2) Where the product referred to in paragraph (1)(a) contains a fractional part of $1, that fraction shall be expressed as a decimal fraction of three or more digits after the decimal point and

    • (a) the third and subsequent digits after the decimal point shall be dropped if the third digit is less than five; or

    • (b) the second digit after the decimal point shall be increased by one and the third and subsequent digits shall be dropped if the third digit is five or greater than five.

  • (3) Where the quotient referred to in paragraph (1)(b) contains a fraction that is less than one, that fraction shall be expressed as a decimal fraction of four digits after the decimal point, and

    • (a) the fourth digit after the decimal point shall be dropped if that digit is less than five; or

    • (b) the third digit after the decimal point shall be increased by one and the fourth digit dropped if the fourth digit is five or greater than five.