Bill C-78
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RECOMMENDATION |
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His Excellency the Governor General recommends to the House of
Commons the appropriation of public revenue under the circumstances,
in the manner and for the purposes set out in a measure entitled ``An Act
to establish the Public Sector Pension Investment Board, to amend the
Public Service Superannuation Act, the Canadian Forces
Superannuation Act, the Royal Canadian Mounted Police
Superannuation Act, the Defence Services Pension Continuation Act,
the Royal Canadian Mounted Police Pension Continuation Act, the
Members of Parliament Retiring Allowances Act and the Canada Post
Corporation Act and to make a consequential amendment to another
Act''.
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SUMMARY |
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The Bill establishes an independent Public Sector Pension
Investment Board with a mandate to invest employee and employer
pension contributions made under the Public Service, Canadian Forces
and Royal Canadian Mounted Police (RCMP) pension plans. New
pension funds are created under each plan in respect of service after
April 1, 2000.
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The Bill also amends these plans so the employee contribution rate
under each is set independently of those under the Canada Pension
Plan. Employee rates under each plan are frozen until 2003, and set by
Treasury Board subsequently, subject to limits. Existing plan surpluses
are reconciled with current liabilities, and mechanisms for managing
future surpluses are established. The three existing pension advisory
committees are strengthened to ensure employee and pensioner input
to the design, administration and funding of the plans, the term life
insurance component of the Public Service plan is improved and
survivor benefits are extended to an expanded class of beneficiaries.
Several authorities are proposed to provide increased flexibility under
the Canadian Forces and RCMP plans. Canada Post Corporation is
directed to establish its own pension plan as of October 1, 2000, and
transitional arrangements are provided in connection with this.
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