Retirement Compensation Arrangements Regulations, No. 1 (SOR/94-785)

67.02 The lump sum amount referred to in paragraph 67.01(2)(a) is equal to the amount by which the amount referred to in paragraph (a) is greater than the amount referred to in paragraph (b):

• (a) the amount of the transfer value that would be paid to the participant under section 12.1 of the Royal Canadian Mounted Police Superannuation Act on valuation day, whether or not the participant would otherwise be entitled to a transfer value, if paragraph 10(1)(b) of that Act applied without reference to the annual rate of pay referred to in subparagraph 10(1)(b)(iii) of that Act;

• (b) any amount paid or payable to or in respect of the participant under that Act and section 67.2 in respect of the period of pensionable service to the credit of the participant under that Act.

67.03 Any amount transferred by an eligible employer from the employer’s external retirement compensation arrangement in respect of a participant, in accordance with an agreement referred to in subsection 24.1(2) of the Royal Canadian Mounted Police Superannuation Act that provides for payment of that amount to the Retirement Compensation Arrangements Account, shall be credited to that account.

DIVISION IIAdditional Benefits

Benefits to Survivor, Children and Participant

• 67.1 (1) A benefit shall be paid to a survivor or child of a participant equal to the amount by which an allowance payable to that person under the Royal Canadian Mounted Police Superannuation Act is reduced as a result of the operation of the limits set out in subsections 20.2(1) to (5) of the Royal Canadian Mounted Police Superannuation Regulations, which limits apply, as provided in subsection 20.2(6) of those Regulations, to amounts payable in respect of a contributor who dies after the coming into force of this section.

• (2) A benefit shall be paid to a participant equal to the amount by which an annual allowance payable to that person under the Royal Canadian Mounted Police Superannuation Act is reduced as a result of the operation of the limit set out in subsection 52(1) of the Royal Canadian Mounted Police Superannuation Regulations, which limit applies, as provided in subsection 52(2) of those Regulations, to an annual allowance payable in respect of a contributor who ceases to be employed after the coming into force of this section.

• (3) The benefit referred to in subsection (1) or (2) is payable in the same manner and subject to the same terms and conditions as apply to the payment of the allowance or annual allowance referred to in that subsection, as the case may be, before the reduction.

Transfer Value

67.2 A participant who, on or after September 1, 2003, opts for a transfer value under section 12.1 of the Royal Canadian Mounted Police Superannuation Act or becomes entitled to the payment referred to in subsection 24.1(7) of that Act shall receive a benefit in the form of a lump sum amount equal to the amount by which the transfer value is reduced as a result of the operation of the limits set out in section 20.2 of the Royal Canadian Mounted Police Superannuation Regulations.

PART VGeneral

Supplementary Benefits

• 68 (1) Subject to subsection (2), supplementary benefits shall be paid in respect of periodic payments payable under any of Parts I to IV at the same rates and in the same manner as are specified under the Supplementary Retirement Benefits Act for the payment of supplementary payments.

• (2) Supplementary benefits in respect of benefits payable under Part I shall be calculated in reference to the date on which the participant ceases to be required to contribute to the Retirement Compensation Arrangement Account under that Part.

Recovery of Overpayment

69 Where under Part II, III or IV an amount has been paid in error to a participant, an amount equal to the amount paid in error shall be recovered in the same manner as is specified

• (a) in respect of a participant under Part II, in section 20;

• (b) in respect of a participant under Part III, in section 28 of the Canadian Forces Superannuation Regulations; and

• (c) in respect of a participant under Part IV, in subsection 9(6) of the Royal Canadian Mounted Police Superannuation Regulations.

Public Service Corporations

• 70 (1) For the purposes of subsection 16(1) of the Act, the following are designated corporations:

  • (a) every public service corporation set out in Part I of Schedule I to the Public Service Superannuation Act; and

  • (b) every corporation that forms part of the public service as a result of a direction of the Treasury Board made under paragraph 40.1(2)(a) of the Public Service Superannuation Act, during the period set out in the direction.

• (2) Every corporation referred to in subsection (1) shall pay to the Retirement Compensation Arrangements Account an amount equal to

  • (a) in respect of each month during the period from December 15, 1994 to March 31, 1995, the amount contributed to that Account by each employee who is a participant, unless the employee has contributed in respect of that period at a rate equal to twice the rate referred to in subsection 29(1); and

  • (b) in respect of each month after March 31, 1995, an amount equal to the total of

    • (i) in respect of each employee who contributed to that Account in respect of that month at twice the rate referred to in section 29(1), the product of

      • (A) the amount contributed by the employee in respect of that month,

      multiplied by

      • (B) the rate used in estimating an amount under paragraph 18(1)(a) of the Act in respect of that month less the applicable rate set out in section 5 of the Public Service Superannuation Act, divided by 2, and

    • (ii) in respect of every other employee who contributed to that Account in respect of that month,

      • (A) the amount contributed by the employee in respect of that month,

      multiplied by

      • (B) the rate used in estimating an amount under paragraph 18(1)(a) of the Act in respect of that month.

Application of Certain Provisions of the Public Service Superannuation Regulations

71 Sections 30, 35 and 47 and subsections 48(1) to (5) of the Public Service Superannuation Regulations apply to benefits under a retirement compensation arrangement in the same manner in which those provisions would apply to an annuity or annual allowance payable under the Public Service Superannuation Act.

Period Referred to in Subsection 19(3) of the Act

72 The period referred to in subsection 19(3) of the Act begins on the first day of the fiscal year in which the report referred to in subsection 19(1) of the Act is laid before Parliament and ends on the last day of the fifteenth fiscal year after the tabling of that report.