O. Reg. 769/21: PROVINCIAL JUDGES' PENSION PLAN

 

ontario regulation 769/21

made under the

Courts of Justice Act

Made: November 4, 2021
Filed: November 15, 2021
Published on e-Laws: November 15, 2021
Printed in The Ontario Gazette: December 4, 2021

Amending O. Reg. 290/13

(PROVINCIAL JUDGES’ PENSION PLAN)

1. Section 61 of Ontario Regulation 290/13 is amended by adding the following subsection:

(3.1) In the case of the absence or illness of the chair or there being a vacancy in the office of the chair, the member designated by the Provincial Judges Pension Board for the purpose shall act as and have all the powers of the chair.

2. Subsection 61.4 (3) of the Regulation is revoked and the following substituted:

(3) Each of the trust funds’ fiscal years shall be the 12-month period commencing on the first day of January in each year.

3. Subsection 63 (5) of the Regulation is revoked and the following substituted:

(5) The Account’s fiscal year shall be the 12-month period beginning on the first day of January in each year.

4. Section 65 of the Regulation is revoked and the following substituted:

Interest

65. (1) Effective October 1, 2019, interest payable on contributions by judges shall be compounded each year as of December 31 at a rate for the year that is,

(a)  the average monthly yield in the calendar year of five-year personal fixed term chartered bank deposit rates as determined from the Canadian Socio-Economic Information Management (CANSIM) Series V80691336, published weekly by the Bank of Canada; or

(b)  such other rate that the Provincial Judges Pension Board determines is a future equivalent to the rate described in clause (a).

(2) Effective October 1, 2019, if interest is to be paid to a day that is before December 31 in a year, interest shall be computed from January 1 of the year at a rate that is,

(a)  the average monthly yield in the calendar year of five-year personal fixed term chartered bank deposit rates as determined from the Canadian Socio-Economic Information Management (CANSIM) Series V80691336 using the value corresponding to the last Wednesday of each month of the CANSIM Series V80691336, published weekly by the Bank of Canada, to the most recent of December of the previous year or March, June or September of the year; or

(b)  such other rate that the Provincial Judges Pension Board determines is a future equivalent to the rate described in clause (a).

Commencement

5. This Regulation comes into force on the day it is filed.