Public Service Superannuation Act — P-36 46.3
Establishment of pension plans 46.3 (1) Subject to subsections (2) and (3), the Corporation shall (a) establish no fewer than one pension plan for the Chairman, President, officers and employees of the Corporation, or classes of those persons, no later than October 1, 2000, and be the administrator of those plans; and (b) establish no fewer than one supplementary pension plan in the nature of a retirement compensation arrangement within the meaning of the Special Retirement Arrangements Act for those persons or classes no later than October 1, 2000, and be the administrator of those plans. Approval of plans (2) A plan that has been established under subsection (1) may only take effect after it has been approved by the Treasury Board. Criteria (3) The Treasury Board shall approve a plan when it is satisfied that (a) each plan referred to in paragraph (1)(a) meets the requirements for registration under the Income Tax Act and the Pension Benefits Standards Act, 1985 ; (b) when the plans referred to in paragraphs (1)(a) and (b) are established (i) each member and survivor will be provided with pension benefits and lump-sum benefits — including supplementary benefits within the meaning of Part III — at least equal to those provided for him or her under this Act and the Retirement Compensation Arrangements Regulations, No. 1 , made under the authority of the Special Retirement Arrangements Act , as those Acts and regulations read on the day before the effective date of the plans, and (ii) each member will be required to contribute, by reservation from salary or otherwise, (A) for the period beginning on the effective date of the plans and ending on December 31, 2003, at a rate equal to the rates specified in this Act on the day before that effective date, and (B) for the period beginning on January 1, 2004, at the rate that the Board of Directors of the Corporation may fix from time to time, that Board being subject to the same restrictions in fixing the rate as is the Treasury Board under subsection 5(1.4), as it read on January 1, 2000; (c) each plan referred to in paragraph (1)(a) provides that (i) members who are employed by the Corporation on the effective date of the plans may elect to count, as pensionable service, service with the Corporation and the Post Office Department before that date that was not to their credit as pensionable service under this Act on the day before that date, and (ii) members who become employed by the Corporation after the effective date of the plans may elect to count, as pensionable service, service with the Corporation or the Post Office Department; (d) each plan referred to in paragraph (1)(a) includes a provision whereby pension transfer agreements within the meaning of this Act could be entered into between the Corporation and the President of the Treasury Board under subsection 40.2(2); (e) when the plans referred to in paragraphs (1)(a) and (b) are established and at any time after that, each member and each survivor shall be placed in a situation at least as favourable as the one in which he or she would have been if the repeal referred to in section 46.2 had not occurred, with respect to the pension benefits and lump-sum benefits (i) to which he or she is or may become entitled under this Act and the regulations referred to in subparagraph (b)(i) as they read on the day before the effective date of the plans, and (ii) in respect of periods of pensionable service within the meaning of this Act that were to the credit of the member before that date; (f) when the plans referred to in paragraphs (1)(a) and (b) are established or at any time after that, the plans provide that the Corporation may decide to use any surplus amounts that are in the plans after a transfer under subsection (6) for benefit improvements or for reductions in the contributions made by the members or the Corporation; and (g) when the plans referred to in paragraphs (1)(a) and (b) are established, the Corporation has info