Bill C-78
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Mandate
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(1.1) The mandate of the committee is to
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Membership
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(2) The membership of the Committee shall
consist of
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Term
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(3) A member of the Committee shall be
appointed to hold office for a term not
exceeding three years and is eligible for
reappointment for one or more additional
terms.
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Recommen- dation of candidates
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(3.1) The advisory committee shall
recommend to the Minister candidates for
appointment to the nominating committee
established under section 10 of the Public
Sector Pension Investment Board Act.
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1992, c. 46,
s. 76(2)
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193. (1) Paragraph 26(c) of the Act is
replaced by the following:
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(2) Paragraph 26(r) of the Act is replaced
by the following:
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1992, c. 46,
s. 77
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194. (1) Paragraph 26.1(1)(a) of the Act is
replaced by the following:
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(2) Subsection 26.1(1) of the Act is
amended by adding the following after
paragraph (c):
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(3) Subsection 26.1(1) of the Act is
amended by striking out the word ``and'' at
the end of paragraph (h) and by adding the
following after paragraph (h):
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195. Section 27 of the Act is replaced by
the following:
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Regulations
respecting
leave of
absence
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27. (1) For the purposes of this Part, a person
who has contributed to the Superannuation
Account or the Royal Canadian Mounted
Police Pension Fund in accordance with any
regulation made under paragraph 26(c) in
respect of any period during which he or she
was absent from the Force on leave of absence
without pay shall be deemed to have
contributed to the Superannuation Account or
the Royal Canadian Mounted Police Pension
Fund ,
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and to have received, during that period, pay
and allowances at a rate equal to the rate of pay
and allowances that would have been
authorized to be paid to him or her if he or she
had not been so absent on leave of absence
without pay.
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Members of
Parliament
and Senators
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(2) Notwithstanding anything in this Part,
the Governor in Council may by regulation
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196. Section 28 of the Act is replaced by
the following:
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Payments out
of
Superannua- tion Account
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28. (1) All amounts required for the
payment of benefits for which this Part,
including the benefits referred to in subsection
26(3) of the Royal Canadian Mounted Police
Superannuation Act, chapter 34 of the Statutes
of Canada, 1959, and Part III make provision
shall be paid out of the Superannuation
Account if the benefits are payable in respect
of pensionable service to the credit of a
contributor before April 1, 2000.
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Transfer of
amounts
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(2) The amounts deposited in the Royal
Canadian Mounted Police Superannuation
Investment Fund under subsection 29.1(2)
shall be transferred to the Public Sector
Pension Investment Board within the meaning
of the Public Sector Pension Investment
Board Act to be dealt with in accordance with
that Act.
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Payment of
benefits
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(3) If there are insufficient amounts in the
Superannuation Account to pay all the
benefits referred to in subsection (1), the
amounts required for the payment of those
benefits shall be charged to the Royal
Canadian Mounted Police Superannuation
Investment Fund and paid out of the assets of
the Public Sector Pension Investment Board.
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197. The heading before section 29 of the
Act is replaced by the following:
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Amounts |
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1992, c. 46,
s. 78
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198. (1) Paragraph 29(1)(a) of the Act is
repealed.
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1992, c. 46,
s. 78
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(2) Subsections 29(2) to (6) of the Act are
replaced by the following:
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Amounts to
be credited on
basis of
actuarial
valuation
report
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(6) Following the laying before Parliament
of any actuarial valuation report pursuant to
section 30 that relates to the state of the
Superannuation Account and the Royal
Canadian Mounted Police Superannuation
Investment Fund , there shall be credited to the
Account, at the time and in the manner set out
in subsection (7), the amount that in the
opinion of the President of the Treasury Board
will, at the end of the fifteenth fiscal year
following the tabling of that report or at the
end of the shorter period that the President of
the Treasury Board may determine, together
with the amount that the President of the
Treasury Board estimates will be to the credit
of the Account and the Royal Canadian
Mounted Police Superannuation Investment
Fund at that time, meet the cost of the benefits
payable under this Part and Part III in respect
of pensionable service that is to the credit of
contributors before April 1, 2000 .
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1992, c. 46,
s. 78
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(3) Subsection 29(8) of the Act is replaced
by the following:
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Adjustments
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(8) When a subsequent actuarial valuation
report is laid before Parliament before the end
of the period applicable under subsection (7),
the instalments remaining to be credited in
that period may be adjusted to reflect the
amount that is estimated by the President of
the Treasury Board, at the time that
subsequent report is laid before Parliament, to
be the amount that will, together with the
amount that the President of the Treasury
Board estimates will be to the credit of the
Superannuation Account and the Royal
Canadian Mounted Police Superannuation
Investment Fund at the end of that period,
meet the cost of the benefits payable under this
Part and Part III in respect of pensionable
service that is to the credit of contributors
before April 1, 2000 .
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Amounts to
be debited on
basis of
actuarial
valuation
report
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(9) Following the laying before Parliament
of any actuarial valuation report pursuant to
section 30 that relates to the state of the
Superannuation Account and the Royal
Canadian Mounted Police Superannuation
Investment Fund, there may be debited from
the Account, at the time and in the manner set
out in subsection (11), an amount that in the
opinion of the President of the Treasury Board
exceeds the amount that the President of the
Treasury Board estimates, based on the report,
will be required to be to the credit of the
Account and the Royal Canadian Mounted
Police Superannuation Investment Fund at the
end of the fifteenth fiscal year following the
tabling of that report or at the end of the shorter
period that the President of the Treasury Board
may determine in order to meet the cost of the
benefits payable under this Part and Part III in
respect of pensionable service that is to the
credit of contributors before April 1, 2000.
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If total
exceeds
maximum
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(10) If the total of the amounts in the
Account and in the Fund referred to in
subsection (9) exceeds, following the laying
of the report referred to in that subsection, the
maximum amount referred to in subsection
(13), there shall be debited from the Account,
at the time and in the manner set out in
subsection (11), the amount of the excess.
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Annual
instalments
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(11) Subject to subsection (12), the amount
that may be debited under subsection (9) and
the amount that must be debited under
subsection (10) shall be debited in annual
instalments over a period of fifteen years, or a
shorter period that the President of the
Treasury Board may determine, with the first
such instalment to be debited in the fiscal year
in which the actuarial valuation report is laid
before Parliament.
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Adjustments
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(12) When a subsequent actuarial valuation
report is laid before Parliament before the end
of the period applicable under subsection (11),
the instalments remaining to be debited in that
period may be adjusted to reflect the amount
that is estimated by the President of the
Treasury Board, at the time that subsequent
report is laid before Parliament, to be the
amount that will, together with the amount
that the President of the Treasury Board
estimates will be to the credit of the
Superannuation Account and the Royal
Canadian Mounted Police Superannuation
Investment Fund at the end of that period,
meet the cost of the benefits payable under this
Part and Part III in respect of pensionable
service that is to the credit of contributors
before April 1, 2000.
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Maximum
amount to
credit of
Account and
Fund
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(13) At the end of the period, the total of the
amounts that are to the credit of the
Superannuation Account and the Royal
Canadian Mounted Police Superannuation
Investment Fund must not exceed one
hundred and ten per cent of the amount that the
President of the Treasury Board estimates is
required to meet the cost of the benefits
payable under this Part and Part III in respect
of pensionable service that is to the credit of
contributors before April 1, 2000.
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Costs
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(14) The costs of the administration of this
Act, as determined by the Treasury Board on
the recommendation of the Minister, with
respect to benefits payable under this Act in
respect of pensionable service that is to the
credit of contributors before April 1, 2000
shall be paid out of the Superannuation
Account.
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199. The Act is amended by adding the
following after section 29:
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Royal Canadian Mounted Police Superannuation Investment Fund |
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Establish- ment of Royal Canadian Mounted Police Superannua- tion Investment Fund
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29.1 (1) The Royal Canadian Mounted
Police Superannuation Investment Fund is
established.
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Amounts to
be deposited
into Royal
Canadian
Mounted
Police
Superannua- tion Investment Fund
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(2) The following amounts shall be
deposited into the Royal Canadian Mounted
Police Superannuation Investment Fund:
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Costs
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(3) If there are insufficient amounts in the
Superannuation Account to pay the costs of
the administration of this Act with respect to
benefits payable under this Act in respect of
pensionable service that is to the credit of
contributors before April 1, 2000, those costs
shall be paid out of the Royal Canadian
Mounted Police Superannuation Investment
Fund.
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Transfer of
amounts
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(4) The Minister of Finance may, after
consultation with the Public Sector Pension
Investment Board within the meaning of the
Public Sector Pension Investment Board Act,
transfer to the Superannuation Account
amounts in the Royal Canadian Mounted
Police Superannuation Investment Fund that
he or she determines, in the manner and at the
times that that minister determines.
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