HomeMy WebLinkAbout2210A by-law to provide pensions for employees.
Being a By-late to Provide Pensions for
Employees.
S~rHEREAS The I.lunicipal Act provides that by-lay*s may be passed
by all municipalities for providing pensions for employees or any class
thereof,
THEREFORE the Council of the Corporation of the Township of
Darlington (hereinafter referred to as the Corporation) ENACTS A.S
FOL,'_ Ot+r5 :
1, The Punicipality shall enter into a.n employees Retirement
Annuity Contract in the form set out in the Plan attached hereto
a.nd forming part of this by-law, and the Clerk Treasurer hereby
is authorized. and directed to execute all documents, and do all
things necessary in connection therewith, and the Clerk Treasurer
is hereby authorized. and directed to affix the seal of the
municipality to all such documents.
2, The Corporation annually shall provide in the current estimates
the sum required to nay for the annuities to be uurchased by the
Corporation under the Plan for those employees who from time to
time become members of the Plan; and annually the Corporation shall.
pay the said sum in 12 instalments to the Insurer, after such
employees have comp]_eted service earning the contributions by
the Corporation.
3. The Corporation shall record the payments by members of the
Plan in a separate account and shall remit same to the Insurer.
(a.) The Municipal Auditor shall audit all transactions
in connection ~•rith the pension plan and shall
report annually to the Corporation and his report
shall be contained. in the annual municipal audit.
~, Every employee ~+rho elects to join the Plan shall sign a form
of application for membership in the Plan *frhich shall authorize
the Corporation in writing to deduct from his salary or wages
his payments under the Plan.
5, Every employee who applies for membership in the Plan shall
be given a copy of this by-law at the ti?ne of ap;~lica.tion.
6. Every person who becomes a permanent full-time employee
after the effective date of the Plan shall be required. as a
condition of his employment to join the Plan as provided therein.
7. Every employee rho joins the Plan shall be deemed to have
joined it upon terns and conditions contained in this by-law.
$, It shall be the duty of the Corporation:
(a_) To keep a list of all member employees under the Plan in
which shall be set out the name and age of each, the time
when he entered the service of the Corporation, a
cumulative record of his services, the amount of his
salary or wages from time to time, the name, address, age
and. relationship of each beneficiary nominated by him
under the Plan, his normal retirement age, and. his
earlier retirement age according to the Plan.
(b) To keep a correct list of a.ll member employees and former
member employees who have retired or who have terminate
their em,:~loyment or whose employment has been terminated_
and the amount of the annuity to which each became or
will become entitled to under the Plan.
- z -
(c) To keep such other statistical and other records relative
to the Plan as ma.y be required.
(d.) The Corporation shall maintain a. record. showing:
(1) The names of all member employees who have retired
from the service of the Corporation or have died
during the last calendar year.
(2) The salary or wages of each member employee a.t the
time of his retirement or death.
(3) The cause of retirement.
(e) Generally to do all things necessary in connection frith
the administration of the Plan.
q, Any member employee who claims to be entitled. to be retired
before his normal retirement or earlier retirement age on account
of disability shall make his claim to the Corporation.
10. The Corporation shall provide such clerical assistance,
stationery, postage, printing, office and filing equipment as may
be necessary to enable the Clerk_ Treasurer to carry out his
duties under this by-law.
11. This by-la:~: shall not be amended so as to
benefits or rights of the member employees, or
repealed unless such emendment or repeal shall
assented to by a majority vote of all member e'
the said- by-law be repealed or amended without
the Department of 1~Iunicipal Affairs..
adversely affect the
any of them, or be
€-irst have been
nployees; not shall
the approval of
READ A FIRST AND SECOND TIT~IE THIS FIFTEENTH
~ARCx 196z.
DAY OF
READ A THIRD AND FINALLY PF.SSED THIS FIFTEh~NTH DAY OF
P~iP.RCH 1962.
Reeve
~ i~~ti.
Clerk =- - -
~~
., ,
ode CANADA LIFE
., ~.
~~c ASSURANCE COMPANY
~~ P.~~ TORONTO CANADA
HEREBY AGRE'63
to pay to the person or persona entitled the pensions sad
other benefits that become payable in accordance xith the
terms of this policy.
The proMeione on the attached sheets together r+ith this
aheet~ constitute the poliay.
EI~LOYER .• TtiB '!'TOOT Cdr THH TUWHSHIi' t7~' D
Issued at the Insurance Company~e Head Office at Toronta9
Canada sa of late 1411.
~' Secrets
W. D. Sh2!es, Asst Rsg'sstrar
ASSISTANT RFxiI3TRAR
President
GA 1
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SPIOIZIPII,3~~Q '
ACTNE, biEMB~;R.S
An employee may become an active member as of any entry date if a completed appli-
cation signed by the employee and approved by the Employer is deposited with the Insur-
ance Company at its Head Office within one month thereafter or within such longer period
as may be agreed to by the Insurance Company in writing.
PREMIUMS
Within thirty-one days after each premium payment or within such longer period as
may be agreed to by the Insurance Company in writing, the Employer shall. furnish to the
Insurance Company at its Head Office a written statement setting Forth the active mem-
bers amongst whom such premium is to be allocated, the amount to be allocated to each
such member and the amount of the contributionay~~ made by each such member
with respect to such premium. PJo premium may be allocated to an active member on or
after the due-date of his first pension payment,,
~tlcaepk s geoslded Su t~ 3aerdiateit
Each premium paid and allocated to a member as provided herein shall immediately
be applied. to purchase for such member an amount of regular pension which shall be de-
termined in accordance with the Table of Premiums provision.
Pi%il'Pf[1 &1~P7RE~NT
7'he a~Athly
bs by
the Insurance
e~troet of the pension paysatate oiA[ oa the date so sle8ted ehtll
the ~ using tables and s~ethads as adapted apd +~tabliehs~
!or the pesrpoae.
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SNOISN^d 2f`lIll`,YI2i 30 ,LN~,n][tld
AOF AND SEX
If the Insurance Company shall learn that the date of birth or the sex stated
in an employees applicaticn to become a member was misstated,
(a) his normal retirement date will be chanced to the date that it would have
been if the true, date of birth and sex had been stated in his application
except where the normal retirement date as so changed would be earlier than
the date of discovery of the misstatement in which case his normal retirement
date will be changed to the 7.St. coincident
with or next following the date of such discovery, and
(b) the amount payable hereunder with respect to such member shall be such as the
premiums paid with respect to him would have provided if his true date of
birth and sex had been stated in his application and his normal retirement
date was the changed date (if any) provided for in clause (a) hereof.
If thr. date of birth or thr. sex of any prrson designated in an election of option
(d) of the Optional Pensioneprovision has been misstated, the correct date of birth
and sex of such person shall be used in calculating the amount of the pension payments
under the said option.
DEATH BENEFIT PRIOR TO COt9P1;NCEMENT OF PF:PdSION PAYMENTS
Qn reeeip6 at ite bteed Offloe of due panoP tit the death of a mamber saaurred
P='~ to t et penaims xitb z~p.at to hiey the Iasmraaae
rill pey to the baaefiaiar9s as a death bsaeflt xith respsct to the swiber, am ateu~
equal. to the ~ pe4d ender this Pe7.iRT xth reepaat is the tc-gether with
~ntrast iatareat en sash sash m to tt{e sate et death et tks
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ZtdSt•INOISStl
'i LitiAiIilA i'iOiC ON isP-:r~l_Oi1'dl;:~i'P
An active mcrnber will. automa.tical.ly become anon-active member on his ceasing to
be an employee (otherwise than by death) before the earlier of his normal retirernent
date and the due-date of his first pension payment and while this policy is 3n force
and not g3 id-up. '.'!hen an active member becomes a non-active members the Employer shall
i~nediately furnish written notice thereof to the Insurance Company at its Head Office.
pia 4~ at saati~ 3Sb of ~4raiaipad. ~ of tintnris, yr
fa t~ staff o! ~ board, o~m'~ss3,wa or iast#t
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