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
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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