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

Regulations are current to 2019-08-15 and last amended on 2016-06-17. Previous Versions

PART IIParticipation Under the Public Service Superannuation Act (continued)

[SOR/97-520, s. 4]

DIVISION IIITransfers of Funds in Respect of Employees of Certain Corporations (continued)

Canada Post Corporation

Interpretation

 The following definitions apply in this section and sections 41.81 to 41.84.

Canada Post

Canada Post means the Canada Post Corporation established by the Canada Post Corporation Act. (Postes Canada)

Canada Post Supplementary Retirement Arrangement

Canada Post Supplementary Retirement Arrangement means a supplementary pension plan that has been established by Canada Post under paragraph 46.3(1)(b) of the Public Service Superannuation Act and that has been approved by the Treasury Board under subsection 46.3(2) of that Act. (régime supplémentaire de retraite de Postes Canada)

  • SOR/2002-73, s. 17
Application

 This Division applies in respect of the benefits accrued under this Part to persons who, by virtue of the coming into force of section 227 of the Public Sector Pension Investment Board Act, ceased to be employed in the public service for the purposes of the Public Service Superannuation Act on October 1, 2000 and

  • (a) were employed by Canada Post and were contributors under the Public Service Superannuation Act on September 30, 2000, and

  • (b) remain employed by Canada Post for at least one day following September 30, 2000.

  • SOR/2002-73, s. 17
  • SOR/2012-114, s. 4(E)
  • SOR/2016-156, s. 11(E)
Valuation
  •  (1) Subject to subsections (2) and (3), the actuarial present value of the benefits accrued under this Part to the credit of the persons referred to in section 41.81 is calculated as of September 30, 2000 using the actuarial methods and assumptions contained in the Actuarial Report of March 31, 1996 on the Pension Plan for the public service of Canada, tabled in Parliament on March 18, 1998 by the President of the Treasury Board.

  • (2) The actuarial assumptions contained in the Actuarial Report referred to in subsection (1) are varied as follows:

    • (a) the rate of interest for the period beginning on October 1, 2000 and ending on September 30, 2015 is equal to 1.95% per annum plus one-half of the rates of increase in the consumer price index for that period as set out in the Actuarial Report;

    • (b) the rate of interest for the period after September 30, 2015 is equal to 3.25% per annum;

    • (c) the rate of increase in salaries and the yearly maximum pensionable earnings is 3.9% per annum for the period beginning on October 1, 2000 and ending on September 30, 2001 and 4% per annum after that;

    • (d) the retirement rates are the rates set out in Schedule 1, multiplied by the percentage set out in Schedule 3, based on the projected number of salary level increases after October 1, 2000 set out in column 1 of Schedule 3 and the number of completed years of service after October 1, 2000 set out in column 2 of that Schedule;

    • (e) the termination rates are the rates set out in Schedule 2, multiplied by the percentage set out in Schedule 3, based on the projected number of salary level increases after October 1, 2000 set out in column 1 of Schedule 3 and the number of completed years of service after October 1, 2000 set out in column 2 of that Schedule;

    • (f) transfer values on termination of employment shall be calculated at twice the interest rates specified in paragraphs (a) and (b); and

    • (g) the Assumed Seniority and Promotional Salary Increase scale set out in Table 2A of the Actuarial Report is replaced by the probability distribution of rank at termination of employment set out in Schedule 4.

  • (3) The amount calculated in accordance with subsection (1) shall be net of the present value of any instalment payments in respect of periods of service where such payments would have been due and payable into the Retirement Compensation Arrangements Account after September 30, 2000 by persons referred to in section 41.81 had those persons remained employed in the public service for the purposes of the Public Service Superannuation Act.

  • (4) For the purpose of subsection (3), any instalment payment that is attributable to a period of leave of absence without pay is calculated as if it were due and payable on October 1, 2000.

  • (5) For the purpose of subsection (3), the present value is calculated using an interest rate of 3.45% per annum.

  • SOR/2002-73, s. 17
  • SOR/2016-156, s. 11(E)
Transfer of Funds
  •  (1) The amount calculated in accordance with section 41.82, together with interest calculated in accordance with subsection (2), shall be paid by the President of the Treasury Board over a period not exceeding two years beginning on October 1, 2000.

  • (2) Interest on each payment made by the President of the Treasury Board shall be calculated at a rate of 7.25% per annum from October 1, 2000 to the end of the day preceding each payment.

  • SOR/2002-73, s. 17

 The amount calculated in accordance with section 41.82 together with interest calculated in accordance with subsection 41.83(2) shall be paid to the Supplementary Fund established under the Canada Post Supplementary Retirement Arrangement out of the Retirement Compensation Arrangements Account.

  • SOR/2002-73, s. 17

PART IIIParticipation Under the Canadian Forces Superannuation Act

[SOR/2002-73, s. 18]

 Words and expressions used in this Part and not otherwise defined in the Act or in these Regulations have the same meaning as in the Canadian Forces Superannuation Act.

DIVISION IAdditional Pensionable Earnings

 Any person who, on or after December 15, 1994, is required to contribute to the Canadian Forces Superannuation Account or the Canadian Forces Pension Fund and whose annual rate of pay is greater than the annual rate of pay determined under section 12.1 of the Canadian Forces Superannuation Regulations shall contribute to the Retirement Compensation Arrangements Account on the excess pay at the same rates and subject to the same conditions as are set out in section 5 of the Canadian Forces Superannuation Act.

  • SOR/2002-73, s. 19
  •  (1) Contributions by a participant under section 43 shall be based on an annual rate of pay equal to the portion of the annual rate of pay of the participant that exceeds the annual rate of pay determined under section 12.1 of the Canadian Forces Superannuation Regulations.

  • (2) Contributions by a participant under section 43 in respect of periods of service without pay shall be payable at the same rates and in the same manner as are specified in sections 11 and 12 of the Canadian Forces Superannuation Regulations, based on an annual rate of pay equal to the portion of the annual rate of pay of the participant that exceeds the annual rate of pay determined under section 12.1 of those Regulations.

  • (3) An election under section 6.1 of the Canadian Forces Superannuation Act in respect of a period of leave without pay constitutes an election not to contribute to the Retirement Compensation Arrangements Account in respect of the same period.

  • SOR/2012-114, s. 5

 A participant who makes an election pursuant to paragraph 6(b) of the Canadian Forces Superannuation Act shall pay to the Retirement Compensation Arrangements Account, in respect of any portion of the participant’s annual rate of pay that exceeds the amount determined under section 12.1 of the Canadian Forces Superannuation Regulations, the amount that the participant would be required to contribute in respect of that portion pursuant to section 7 of that Act, in the same manner and subject to the same conditions as are set out in sections 8 and 9 of that Act.

 A participant becomes subject to the retirement compensation arrangement on the later of

 A participant ceases to be required to contribute to the Retirement Compensation Arrangements Account under this Part on the day on which the participant ceases to be required to contribute under Part I of the Canadian Forces Superannuation Act.

  •  (1) A benefit shall be paid under this Part to a participant who is entitled to an annuity under the Canadian Forces Superannuation Act as of the same day that the annuity becomes payable.

  • (2) Subject to subsection 49(1), the benefit to which a participant is entitled shall be in an amount equal to

    • (a) the amount of the annuity that would be payable to the participant under Part I of the Canadian Forces Superannuation Act if paragraph 15(1)(b) of that Act applied without reference to the annual rate of pay fixed by or determined in accordance with the regulations referred to in subparagraph 15(1)(b)(iii) of that Act,

    less

  • (3) A benefit payable to a participant under subsection (1) is payable in the same manner and subject to the same conditions as is an annuity payable to the participant under the Canadian Forces Superannuation Act.

  • SOR/2002-73, s. 20
 
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