Document ID: chunk:federal_register_of_legislation:C2024C00825:section:107m:p1
Version: federal_register_of_legislation:C2024C00825
Segment Type: section
Provision Reference: s 107M (pt 1/4)
Character Range: 288349–290917

107M  Provident Account contributions by State employees
 (1) This section applies to a State employee whose contributions to the State Fund were of a similar nature to contributions under this Act to the Provident Account.
 (2) A State employee to whom this section applies may elect, within 3 months after the relevant date or within such further period as the Board allows, to contribute to the Provident Account in accordance with this section and may pay to the Board an amount equal to the prescribed amount within that period or within such further period as the Board allows, but any election made after the pay‑day last preceding 1 July 1976 shall be deemed to have been made on that pay‑day.
 (3) Notwithstanding section 5, a prescribed employee shall be liable to make, and, from and including the relevant date, shall be deemed to have been liable to make, contributions to the Provident Account in accordance with Part V.
 (4) Upon the payment by a prescribed employee to the Board under subsection (2) of an amount equal to the prescribed amount:
 (a) an amount equal to so much of the prescribed amount as was based upon the contributions made by him to the State Fund or on interest payable in respect of those contributions shall be paid by the Board to the Provident Account, or, on or after 1 July 1976, to the new Superannuation Fund, and, when so paid, shall be deemed, for the purposes of this Act, to be contributions paid to the Provident Account by the employee; and
 (b) an amount equal to so much of the prescribed amount as was not so based shall be paid by the Board to the Commonwealth.
 (5) Where a sum is payable under section 82 or 83 to or in relation to a prescribed employee, that section shall be read as if the sum referred to in subsection (1) of that section were the sum calculated by adding an amount equal to 3 times the aggregate of:
 (a) the contributions paid by him to the Provident Account under section 80; and
 (b) compound interest on those contributions at the rate or rates applicable for the purposes of Part V;
to an amount ascertained in accordance with paragraph (c), (d) or (e), whichever is applicable, that is to say:
 (c) if subsection (6) applies in relation to the employee—an amount ascertained by multiplying by the factor applicable in accordance with subsection (6) in relation to the employee the aggregate of the amount paid to the Provident Account, or to the new Superannuation Fund, in respect of the employee under paragraph (a) of subsection (4) and compound interest on that amount as provided