ONTARIO REGULATION 430/00

made under the

Ontario Municipal Employees retirement system act

Made: June 21, 2000
Filed: July 10, 2000

Amending Reg. 890 of R.R.O. 1990

(General)

Note: Since the end of 1998, Regulation 890 has been amended by Ontario Regulations 317/99, 633/99 and 75/00.  Previous amendments are listed in the Table of Regulations in the Statutes of Ontario, 1998.

1. Subsection 1 (1) of Regulation 890 of the Revised Regulations of Ontario, 1990 is amended by adding the following definition:

“Year’s Maximum Pensionable Earnings” has the same meaning as in the Canada Pension Plan.

2. (1) Section 13 of the Regulation is amended by adding the following subsections:

(4.1) Before January 1, 1998, the lifetime normal retirement pension payable to a member for life is calculated using the formula,

 A + B + C

in which,

  “A” is 2 per cent of the member’s pensionable earnings multiplied by the member’s credited service before 1966;

  “B” is the amount calculated by multiplying the member’s credited service after 1965 by 1.3 per cent of the lesser of,

(a) the member’s pensionable earnings, or

(b) the average of the Year’s Maximum Pensionable Earnings for the year in which the member ceased to be employed by the employer and for each of the two preceding years; and

  “C” is the amount, if any, calculated by multiplying the member’s credited service after 1965 by 2 per cent of the greater of,

(a) the member’s pensionable earnings less the amount that is the average of the Year’s Maximum Pensionable Earnings for the year in which the member ceased to be employed by the employer and for each of the two preceding years, or

(b) zero.

(4.2) From January 1, 1998 until December 31, 1998, the lifetime normal retirement pension payable to a member for life is calculated using the formula,

 A + D + E

in which,

  “A” is 2 per cent of the member’s pensionable earnings multiplied by the member’s credited service before 1966;

  “D” is the amount calculated by multiplying the member’s credited service after 1965 by 1.3 per cent of the lesser of,

(a) the member’s pensionable earnings, or

(b) the average of the Year’s Maximum Pensionable Earnings for the year in which the member ceased to be employed by the employer and for each of the three preceding years; and

“E” is the amount, if any, calculated by multiplying the member’s credited service after 1965 by 2 per cent of the greater of,

(a) the member’s pensionable earnings less the amount that is the average of the Year’s Maximum Pensionable Earnings for the year in which the member ceased to be employed by the employer and for each of the three preceding years, or

(b) zero.

(2) Subsection 13 (5) of the Regulation is revoked and the following substituted:

(5) On and after January 1, 1999, the lifetime normal retirement pension payable to a member for life is calculated using the formula,

A + F + G

in which,

  “A” is 2 per cent of the member’s pensionable earnings multiplied by the member’s credited service before 1966;

“F” is the amount calculated by multiplying the member’s credited service after 1965 by 1.325 per cent of the lesser of,

(a) the member’s pensionable earnings, or

(b) the average of the Year’s Maximum Pensionable Earnings for the year in which the member ceased to be employed by the employer and for each of the four preceding years; and

  “G” is the amount, if any, calculated by multiplying the member’s credited service after 1965 by 2 per cent of the greater of,

(a) the member’s pensionable earnings less the amount that is the average of the Year’s Maximum Pensionable Earnings for the year in which the member ceased to be employed by the employer and for each of the four preceding years, or

(b) zero.

(3) Subsection 13 (5.1) of the Regulation is amended by striking out “subsection (5)” in the portion before paragraph 1 and substituting “subsections (4.1), (4.2) and (5)”.

(4) Paragraph 4 of subsection 13 (5.1) of the Regulation is amended by striking out “subsection (5)” and substituting “subsections (4.1), (4.2) and (5)”.

(5) Section 13 of the Regulation is amended by adding the following subsections:

(6.1) Before January 1, 1998, the bridge pension payable to a member until he or she becomes or would have become entitled to a pension under the Canada Pension Plan that is unreduced for early retirement is calculated using the formula,

 H   J

in which,

  “H” is the member’s credited service in respect of the years after 1965;

“J” is the amount that is 0.7 per cent of the lesser of,

(a) the member’s pensionable earnings, or

(b) the average of the Year’s Maximum Pensionable Earnings for the year in which the member ceased to be employed by the employer and for each of the two preceding years.

(6.2) From January 1, 1998 until December 31, 1998, the bridge pension payable to a member until he or she becomes or would have become entitled to a pension under the Canada Pension Plan that is unreduced for early retirement is calculated using the formula,

 H   K

in which,

  “H” is the member’s credited service in respect of the years after 1965; and

  “K” is the amount that is 0.7 per cent of the lesser of,

(a) the member’s pensionable earnings, or

(b) the average of the Year’s Maximum Pensionable Earnings for the year in which the member ceased to be employed by the employer and for each of the three preceding years.

(6) Subsection 13 (7) of the Regulation is revoked and the following substituted:

(7) On and after January 1, 1999, the bridge pension payable to a member until he or she becomes or would have become entitled to a pension under the Canada Pension Plan that is unreduced for early retirement is calculated using the formula,

 H   L

in which,

  “H” is the member’s credited service in respect of the years after 1965; and

“L”   is the amount that is 0.675 per cent of the lesser of,

(a) the member’s pensionable earnings, or

(b) the average of the Year’s Maximum Pensionable Earnings for the year in which the member ceased to be employed by the employer and for each of the four preceding years.

(7) Subsection 13 (7.0.1) of the Regulation is amended by striking out “subsection (7)” in the second line and substituting “subsection (6.1), (6.2) or (7)”.

(8) Paragraph 2 of subsection 13 (7.0.1) of the Regulation is amended by striking out “subsection (7)” and substituting “subsection (6.1), (6.2) or (7)”.

(9) Subsection 13 (8) of the Regulation is amended by striking out “subsection (5) or (5.1)” and substituting “subsection (4.1), (4.2), (5) or (5.1)”.

(10) Subsection 13 (9) of the Regulation is amended by striking out “subsection (5) or (5.1)” and substituting “subsection (4.1), (4.2), (5) or (5.1)”.

3. Paragraph 2 of subsection 17 (7.2) of the Regulation is amended by striking out “subsection (7)” and substituting “subsection 13 (6.1), (6.2) or (7)”.

4. Subsection 19.0.1 (3) of the Regulation is amended by striking out “instead of subsections 13 (5) and (7)” and substituting “instead of subsections 13 (4.1), (4.2), (5), (6.1), (6.2) and (7)”.