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HomeMy WebLinkAbout1980Being a by-law to authorise the entering into of an agreement to provide for the purchase of prior service benefits. WIBAS the Corporation of the Town of Bowmanville is a. participant in the Ontario Municipal JI mployess Retirement Systemi and WHEREAS certain contributions are available for the purchase of prior service benefits for certain employees of the Corporation of the Town Of Bow manville t NOW THRUU RB be it enacted as a by-law of The Corporation of the Town of Bowsianville that s (1 ) Prior Service Agreement Number 18E between the Corporation of the Town of Bowmanville and the Ontario Municipal Employees Retirement Board, as per copy of Agreement attached hereto, be entered into; and (2 ) The Mayor and Clerk of the CWporation of the Tewm of Bowmanvills be hereby authorised to execute the said Agreement on behalf of the Corporation of the Town of Bowmanville. READ a first and second time this t READ a third time and finally passed this a" day of ZZt~f4 19660 Departpient of ftiglciVei Affairs Approved..I 1 ,��.. ,?^.Y lge4e7 - PAGE 1 Agreement Number 188 -M -2 ONTARIO MUNICIPAL EMPLOYEES RETIREMENT SYSTEM PRIOR SERVICE AGREEMENT THIS AGREEMENT made this EIGHTH day of JULY 19 66 pursuant to Section 21 of Regulation 168/62 under The Ontario Municipal Employees Retirement System Act, 1961 -62 as amended, BETWEEN THE ONTARIO MUNICIPAL EMPLOYEES RETIREMENT BOARD herein called the Board and THE CORPORATION OF THE TOWN OF BOWMANVILLE herein called the Employer. WITNESSETH THAT in consideration of the mutual covenants and agreements herein contained and of the payment to the Board of $35,909.18 (THIRTY -FIVE THOUSAND, NINE HUNDRED AND NINE DOLLARS AND EIGHTEEN CENTS) on or before the first day of JULY 1966 (herein called the effective date of this Agreement) or of an equivalent amount in periodical instalments as determined under this Agreement, benefits as prescribed in the terms and conditions hereto annexed shall be payable by the Board in respect of the prior service of employees of the Employer who have become members of the System. The terms and conditions hereto annexed are to be read herewith and form part of this Agreement as fully and completely to all intents and purposes as though embodied herein. IN WITNESS WHEREOF this Agreement is executed by the parties hereto under the hand of their officers lawfully authorized in that behalf and corporate seals respectively. Approved by: Signed by - Employer 1 Signed by - Board Form 287 ONTARIO MUNICIPAL EMPLOYEES RETIREMENT BOARD ' Secretary- Treasurer PAGE 2 ONTARIO MUNICIPAL EMPLOYEES RETIREMENT SYSTEM Terms and Conditions of Prior Service Agreement Number 188 -M -2 1. The words and phrases used herein have the meaning given to them under The Ontario Municipal Employees Retirement System Act, 1961 -62 as amend- ed and the Regulation thereunder and without limiting the generality of the foregoing, (a) "Regulation" means Regulation 168/62 as amended and (b) "Schedule" means a Schedule hereto annexed and made part hereof. 2. This Agreement is applicable to the members of the System whose names are listed in Schedule 1, and verified by the secretary- treasurer of the Board, and for purposes of this agreement a member is a person who is so listed and verified. 3. Every member to whom this Agreement is applicable shall be entitled to a pension hereunder which shall be payable on the same dates and subject to the same terms and conditions, except as to the amount of pension, as are prescribed in sections 12, 13 and 15 of the Regulation for a pension in respect of the contributory earnings of the member. 4. The annual amount of pension shown in Schedule 1 opposite the name of a member is the amount of pension which shall be payable under this Agree- ment to the member provided that if (a) the pension commences on a day other than the date of commencement shown in Schedule 1 for the member, or (b) there is an error in the date of birth shown in Schedule 1 for the member, or (c) any part of the contributions required to be paid in respect of the member is not paid, or is paid on a day other than the day specified therefor in Schedule 1, the amount of pension payable to the member shall be recalculated.in accordance with Schedule 2 or 3 hereof whichever Schedule is applicable. Form 287 Terms and Conditions of Prior Service Agreement Number PAGE 3 188 -M -2 5. Where on the death of a member a pension is payable to his widow or child under section 14 of the Regulation, such widow or child is entitled to a pension hereunder, which is payable on the same dates and subject to the same terms and conditions as are prescribed in the aforesaid section 14 for a pension in respect of the contributory earnings of the member, and the annual amount of pension so payable to the widow under this Agreement shall (a) if the deceased member had commenced to receive a pension under this Agreement, be one -half of the annual amount of such pension before taking into account any adjustment made under section 16 or 17 of the Regulation but reduced by 22% for each complete year that the age of the widow is more than 10 years less than the age of her deceased husband, or (b) if the deceased member had not commenced to receive a pension under this Agreement, be determined in accordance with Schedule 4 hereof and the pension payable to a child under this Agreement shall be an amount computed in accordance with Schedule 4 hereof divided by the number of children of the deceased member who are then surviving and are under the age of 18 years. 6. Wherever an amount is determined under section 16 or 17 of the Regulation in respect of a member, such amount shall include the pension payable under this Agreement in respect of the member. 7. Where a refund is payable under section 18 of the Regulation in respect of a member (a) the contributions under this Agreement which have been provided by the member, with interest as prescribed in the aforesaid section 18 less the benefits that have been paid under this Agreement in respect of the member shall be paid to the person who is entitled to the refund under the aforesaid section 18 and (b) the contributions which have been provided by the employer with interest as prescribed in the aforesaid section 18 shall be refunded to the Employer if the refund under section 18 is payable before a pension in respect of the member is payable provided that a contribution and the interest thereon shall not be re- funded if under The Pension Benefits Act 1965 the contribution cannot be withdrawn. Form 287 PAGE 4 Terms and Conditions of Prior Service Agreement Number 188 -M -2 8. Schedule 1 shows opposite the name of each member the lump sum amount of contributions which, subject to clause 9, is payable to the Board in respect of the member on or before the effective date of this Agreement. 9. Schedule 1 may show opposite the name of each member the periodical instalments which in the aggregate are equivalent to the lump sum amount in clause 8 for the member and which, subject to clause 10, may be paid at the times shown in Schedule 1 instead of in a lump sum as provided in clause 8, except that no contributions may be paid by or in respect of the member on or after the day on which he ceases to be an employee of the Employer. 10. Notwithstanding anything in this Agreement, the right is reserved to the Board to change from time to time the factors in Schedule 2, 3 and 4 with respect to any contribution or instalment thereof which at the time has not been paid, and such factors shall be changed to reflect any vari- ation in the rate of interest prescribed in section 7 of the Act for Province of Ontario debentures to be issued to the Board. 11. Whenever an amount is paid to the Board under this Agreement, it shall be deemed (a) to have been paid on the first day of the month in which the amount is received by the Board but not before the effective date of this Agreement and (b) unless otherwise directed by the Employer to have been provided by the member and the Employer in the same proportion as the lump sum amounts of contributions shown in Schedule 1 hereof. Form 287 w U) w w H a w 0 ar a N U AiL �z-1 0 H Q H z 0 N 0 r-I U bA cd a N All 00 00 r-i z b� U $4 N U sa W LO O 14 rel Form 287 W b o �, � � W U y O 4 cd GQ U U y y H� M 00 00 Lr ce O O Ln r-I to 0r Nt ON u1 4J %0 q Lr cn O N N -,t CT CT -t Q O M n � M cn N u1 %0 N fr' Qi Qi O u1 v1 O 10 M 0% 00 N %.0 O M a O 4) 0o rn 00 i. 00 1� Il% o, rn O I� U W a r %0 vt N uy r-1 M %0 ON M ul -t O U ra Q) 0 c U cd U .4 b O k rn a� 41 r.cd >s r. & O w 4 O A n � 't Ln '0 00 r� 00 O � O �O O O 't m cn 4-J �' O �t r-1 1.0 00 O N j '-1 4 �t 4 � O n N C1 00 L11 r-I N O M N O %D 0% M r� 00 1� N r-i O r-1 O r-I %.0 N Ln N ch N N � O • • m 00 Ln -1 N O N M 00 N O %D Ln w Ln i �4 O W N M r I e�-1 r1 N cn Cpl O O U Ln 00 O N Lrn 00 N 4 M +, O O O r4 O O O O O O O O cd Q %0 v1 00 N 00 M N r� M A r-I N r1 r-I N N x z z z z z z go .4 4 14 d x H O W 3 W cd Fr •� U C PG P4 N P4 Ili U .4 :e x O H W O U cd z z cn s~ 9P� P°a W O U A W O a �' PCI U3 w H H W H w W a �a U z 0 fYi d H z 0 N 0 m a� ni a N 1 00 00 H U �z � O �U b R U it U .N VI k O III 9 s Form 287 b •d o N W y y ,y0•� U >raLO ro 0 o a o0) U U O o U U �. tdi Q Q cd U .,4 b O a� 41 q)Cd cd(A >0 y � O W O 14 � O U U o C0 L a00 cn rn 1c) fl% LM Qi 0° k Fi M N w N O 41 O% 1 _4 �+ Q � Q Ln W I a �. W H O 0 O U cd z � x a � ONTARIO MUNICIPAL EMPLOYEES RETIREMENT SYSTEM On the death of a member who had commenced to receive a. pension under section 12 or 15 of the Regulation a. pension is payable to the widow or children of the member in accordance with and subject to clause 5 of this Agreement. Form 287 Schedule 2 Factors for Calculating a Normal or Early Retirement Pension or a Deferred Pension The annual amount of pension payable to a member under section 12 or 15 of the Regulation in respect of a, contribution and interest thereon to the is calculated by dividing the contribution up day on which the pension becomes payable by the factor herein for the age of the member on the last day of the month next pre- ceding the month in which the pension becomes payable to the member, provided that where a pension becomes payable during a month which does not immediately follow the month in which a birthday of the member occurs, the appropriate factor shall be determined on a proportionate basis by the actuary._ Interest on a contribution shall accrue and be compounded yearly at the annual rate applicable to Province of Ontario debentures issued under section 7 of the Act for the year in which the contribution is paid into the Fund. Factors for Contributions Factors for Contributions Age of made by the Age of made by the Member Employer Member Member Employer Member 50 15.7479 16.1119 63 12.4222 13.2197 51 15.5297 15.9214 64 12.1127 12.9614 52 15.3057 15.7257 65 11.7974 12.6975 53 15.0758 15.5246 66 11.4772 12.4299 54 14.8403 15.3183 67 11.1547 12.1617 55 14.5989 15.1069 68 10.8295 11.8902 56 14.3520 14.8900 69 10.4982 11.6151 57 14.0987 14.6675 70 10.1616 11.3384 58 13.8389 14.4391 71 9,8204 11.0613 59 13.5722 14.2064 72 9.4777 10.7831 60 13.2976 13.9679 73 9.1357 10.5034 61 13.0146 13.7236 74 8.7931 10.2285 62 12.7232 13.4738 75 8.4513 9.9538 On the death of a member who had commenced to receive a. pension under section 12 or 15 of the Regulation a. pension is payable to the widow or children of the member in accordance with and subject to clause 5 of this Agreement. Form 287 ONTARIO MUNICIPAL EMPLOYEES RETIREMENT SYSTEM Schedule 3 Factors for Calculating a Disability Retirement Pension The annual amount of pension payable to a member under section 13 of the Regulation in respect of a contribution is calculated by dividing the contribution and interest thereon up to the day on which the pension becomes payable by the factor herein for the age of the member on the last day of the month next preceding the month in which the pension becomes payable to the member, provided that where a pension becomes payable during a month which does not immediately follow the month in which a birth- day of the member occurs, the appropriate factor shall be determined on a proportion- ate basis by the actuary. Interest on a contribution shall accrue and be compounded yearly at the annual rate applicable to Province of Ontario debentures issued under section 7 of the Act for the year in which the contribution is paid into the Fund. On the death of a member who had commenced to receive a pension under section 13 of the Regulation a pension is payable to the widow or children of the member in accordance with and subject to clause 5 of this Agreement. Form 287 Factors for Contributions Factors for Contributions Age of made by the Age of made by the Member Employer Member Member Employer Member 4o 10.3701 ll.lol4 53 10.9931 11.9314 41 10.4268 11.1653 54 ll.o6ol 11.9952 42 10.4738 11.2291 55 11.1271 12.0591 43 10.5105 11.2930 56 11.1942 12.1229 44 10.5434 11.3568 57 11.2612 12.1868 45 10.5652 11.4206 58 11.3282 12.2506 46 10.58o8 11.4845 59 11.3952 12.3144 47 10.5909 11.5483 6o 11.4623 12.3783 48 10.6579 11.6122 61 11.5293 12.4421 49 10.7250 11.6760 62 11.5963 12.5060 50 10.7920 11.7399 63 11.6633 12.5698 51 lo.8590 11.8037 64 11.73o4 12.6337 52 10.926o 11.8675 65 11.7974 12.6975 On the death of a member who had commenced to receive a pension under section 13 of the Regulation a pension is payable to the widow or children of the member in accordance with and subject to clause 5 of this Agreement. Form 287 ONTARIO MUNICIPAL EMPLOYEES RETIREMENT SYSTEM Factors for Calculating a Pension Payable to a. Widow or child on Death of the Member before his Pension Commences On the death of a widow who had commenced to receive a, pension under section 14 of the Regulation, such pension shall continue to be payable to the children of the member under the age of 18 years. The amount of pension payable to the children under the age of 18 years of a, member who dies before his pension commences and does not leave a. widow who receives a pension under section 14 shall be the amount which the contributions at the credit of the member and the interest thereon will provide during; the life of the children while under the age of 18 years, as determined by the Board on the advice of its actuary. Form 287 Where the death of a. member occurs before commencement of his pension the annual amount of pension payable to his widow under section 14 of the Regulation in respect of a contribution is calculated by dividing the contribution and interest thereon up to the day on which the pension to the widow becomes payable by the factor herein for the age of the widow on the last day of the month next preceding the month in which the pension becomes payable to the widow, provided that where a pension becomes payable during a. month which does not immediately follow the month in which a birthday of the widow occurs, the appropriate factor shall be determined on a proportionate basis by the actuary. Interest on a contribution shall accrue and be compounded yearly at the annual rate applicable to Province of Ontario debentures issued under section 7 of the Act for the year in which the contribution is paid into the Fund. Factors for Contributions Factors for Contributions Age of _ made by the Age of _ _ made by the %OWidow Employer Member Widow Employer Member 4o 15.2242 16.5470 55 14.4221 14.9828 41 15.3493 16.56ol 56 14.1972 14.7798 42 15.4366 16.5494 57 13.9723 14,5768 43 15.4991 16.5202 58 13.7474 14.3739 44 15.5346 16.4724 59 13.5225 14.1709 115 15.5418 16.4o65 6o 13.2976 13.9679 46 15.5195 16.3222 61 13.o146 13.7236 47 15.4652 16.2202 62 12.7232 13.4738 48 15.3946 16.1061 63 12.4222 13.2197 49 15.3071 15.9800 64 12.1127 12.9614 50 15.2028 15.8420 65 11.7974 12.6975 51 15.0821 15.6927 66 11.4772 12.4299 52 14.9442 15.5318 67 11.1547 12.1617 53 14.7879 15.3595 68 10.8295 11.8902 54 14.6138 15.1764 69 1o.4982 11.6151 On the death of a widow who had commenced to receive a, pension under section 14 of the Regulation, such pension shall continue to be payable to the children of the member under the age of 18 years. The amount of pension payable to the children under the age of 18 years of a, member who dies before his pension commences and does not leave a. widow who receives a pension under section 14 shall be the amount which the contributions at the credit of the member and the interest thereon will provide during; the life of the children while under the age of 18 years, as determined by the Board on the advice of its actuary. Form 287