Public Sector Pension Plans Act

PUBLIC SECTOR PENSION PLANS ACT Chapter P‑41 Table of Contents 1 Division of Act 2 Interpretation 3 Application to Alberta Crown 4 Income Tax Act registration 5 Plan costs 8 Continuation of Public Service Management Pension Plan 8.1 Survival of unfunded liabilities for pre‑1992 recognized service and additional contributions in respect of UAPP 9.2 Collection and disclosure of information Schedule 5 - Management Employees Pension Plan Provisions 1 Interpretation 2 Continuation of part of PSMPP into this Plan 2.1 Pensionable service 3 Management Employees Pension Board 4 Management Employees Pension Plan rules 5 Actuarial valuation report and current service funding 6 Management Employees Pension Plan Fund 7 Trust relationship to MEPP fund 8 Contributions, accretion, benefits and costs 9 Unfunded liabilities for pre‑1992 recognized service, and additional contributions 10 Review of administrative decisions 12 Regulations establishing provisions of a legislative nature 12.1 Regulations under the Alberta Public Agencies Governance Act prevail Schedule 6 - Public Service Management (Closed Membership) Pension Plan Provisions 1 Definitions 2 Continuation of coverage from PSMPP and membership 2.1 Pensionable service 3 Board members 3.1 Continuation of rights and liabilities 5 Actuarial valuation report 6 Public Service Management (Closed Membership) Pension Plan Fund 7 Trust relationship to PSM(CM)PP Fund 8 Accretion and benefits 9 Crown guarantee 10 Review of administrative decisions 11 COLAs 12 Regulations HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Alberta, enacts as follows: Division of Act 1 Apart from sections 1 to 9.2, this Act is divided into (a) ‑ (d) repealed 2018 cJ‑0.5 Sched. 4 s5, (e) Schedule 5, containing part of the Management Employees Pension Plan and other provisions relating to that pension plan, and (f) Schedule 6, containing all or part of the Public Service Management (Closed Membership) Pension Plan and other provisions relating to that pension plan. RSA 2000 cP‑41 s1;2003 c19 s42;2003 c42 s14;2018 cJ‑0.5 Sched. 4 s5 Interpretation 2 (1) In this Act, “Crown” means the Crown in right of the Province of Alberta, as such. (2) To enhance the readability of the Schedules and the capacity for cross‑referencing, provisions in different Schedules that are identical or similar or that correspond to each other as they relate to different pension plans are given identical or almost identical enactment numberings and letterings, even if this means breaking the normal sequential numbering and lettering system for statutes. (3) References in the Schedules to a specific section “of this Act” are to a section of this Act preceding Schedule 1. 1993 cP‑30.7 s2 Application to Alberta Crown 3 This Act binds the Crown. 1993 cP‑30.7 s3 Income Tax Act registration 4 It is the intent of this Act that the pension plans referred to in section 1 be and remain registered pension plans under the Income Tax Act (Canada). 1993 cP‑30.7 s4 Plan costs 5 (1) The Minister, after consulting with the relevant Board, shall establish the charge for the administration of each Plan with respect to each fiscal year, and the amount so charged is that Plan’s plan costs for that year. (1.1) Despite subsection (1), the Minister may include in plan costs charged to the Local Authorities Pension Plan, the Public Service Pension Plan or the Special Forces Pension Plan, and pay or reimburse from the applicable plan fund, costs and expenses incurred on or after September 1, 2018 and before March 1, 2019 in implementing joint governance for those plans through transitioning those plans under the Joint Governance of Public Sector Pension Plans Act , to the extent that such costs and expenses, in the opinion of the Minister, (a) relate directly to such implementation or transition, (b) were reasonably incurred, (c) were in respect of services provided during that period, (d) are reasonable in amount, and (e) where applicable, have been appropriately allocated among the pension plans. (1.2) The Minister may not include in plan costs charged under subsection (1.1) costs and expenses that, in the opinion of the Minister, are in respect of advocacy or negotiation. (1.3) For greater certainty, costs incurred in furtherance of the following matters relate to implementation or transition and not to advocacy or negotiation: (a) development of a plan text document for the purposes of the Employment Pension Plans Act ; (b) development of one or more service agreements to be entered into by a corporation established by the Joint Governance of Public Sector Pension Plans Act with Alberta Pensions Services Corporation; (c) development of an investment management agreement to be entered into by a corporation established by the Joint Governance of Public Sector Pension Plans Act with Alberta Investment Management Corporation; (d) operationalization of corporations established by the Joint Governance of Public Sector Pension Plans Act . (2) to (9) Repealed 1995 c26 s2. (10) Definitions in the Schedules taken together or in one of the Schedules apply to expressions used in this section. (11) The Management Employees Pension Board established by Schedule 5 shall act as the Board of the Public Service Management (Closed Membership) Pension Plan for the purposes of this section. RSA 2000 cP‑41 s5;2018 cJ‑0.5 Sched. 4 s5 6 Repealed 2012 cE‑8.1 s160. 7 Repealed 2018 cJ‑0.5 Sched. 4 s5. 7.1 Repealed 2003 c19 s49. Continuation of Public Service Management Pension Plan 8 The Public Service Management Pension Plan is divided into, and continued as, (a) the Management Employees Pension Plan under and subject to sections 1 to 12, Schedule 5 and the regulations and plan rules under Schedule 5, and (b) the Public Service Management (Closed Membership) Pension Plan under and subject to sections 1 to 12, Schedule 6 and any regulations under Schedule 6. 1993 cP‑30.7 s8 Survival of unfunded liabilities for pre‑1992 recognized service and additional contributions in respect of UAPP 8.1 (1) In this section, (a) “former plan” means the Plan previously referred to in Schedule 3; (b) “current plan” means the Universities Academic Pension Plan registered under the Employment Pension Plans Act . (2) Notwithstanding the repeal of Schedule 3, (a) sections 9 and 9.1 of that Schedule continue to apply with respect to the current plan and shall be read with all necessary modifications to give effect to those sections having regard to the continuation of the former plan under the Employment Pension Plans Act , and (b) in respect of the withdrawal of any or all employers under the current plan to another plan or plans established by the withdrawing employers to which the Employment Pension Plans Act applies, the obligation of the Crown under section 14(7)(a) of that Schedule shall continue to apply subject to (i) the conditions set out in that section, and (ii) the plan or plans established by the withdrawing employers containing provisions equivalent to sections 9 and 9.1 of that Schedule as contemplated under sections 14(8)(b) and 15(5)(c) of that Schedule, as applicable, and sections 14(7)(a) and (8)(b) and 15(5)(c) of that Schedule, together with all other references to other sections of that Schedule in those sections, shall be read with all necessary modifications to give effect to the sections having regard to the continuation of the former plan under the Employment Pension Plans Act . (3) For greater certainty, and without limiting the application of subsection (2), the following references in sections 9 and 14(7)(a) and (8)(b) of Schedule 3 shall be interpreted as follows: (a) references to the “Minister” and “Board” shall be read as references to the “Administrator” under the current plan, except in section 9(12), in which the reference to “, when so requested by the Minister,” shall be read as if that reference were struck out; (b) the reference to “Provincial Treasurer” in section 9(13) shall be read as a reference to the “Minister responsible for the Financial Administration Act ”; (c) references to “employer” or “employers” shall be read as references to “participating employer” or “participating employers”, as the case may be, of the current plan; (d) references to “participants” shall be read as references to “members” of the current plan. 2018 cJ‑0.5 Sched. 4 s5 9 Repealed by Revision. 9.1 Repealed 2008 c16 s4. Collection and disclosure of information 9.2 (1) In this section, (a) “employment” includes former employment; (b) “employment information” means, with respect to a particular Plan, personal information as defined in the Protection of Privacy Act of participants and former participants, and their pension partners and beneficiaries, that is required to administer the rights, obligations and entitlements of the participants and former participants under the Plan, but, as regards the collection by or the disclosure to an employer of any such information, is restricted to information about participants and former participants who are or were employed by that particular employer and related benefits; (c) “prescribed” means provided for by regulations made under subsection (7). (2) The Minister is authorized to collect employment information from, and to disclose it to, (a) the specific participant or former participant to whom the information relates, (b) employers, (c) the relevant Board, and (d) any other prescribed body or person. (3) The relevant Board is authorized to collect employment information from, and to disclose it to, (a) the specific participant or former participant to whom the information relates, (b) employers, (c) the Minister, and (d) any other prescribed body or person. (4) Employers are authorized to collect employment information from, and to disclose it to, (a) the specific participant or former participant to whom the information relates, (b) the Minister, (c) the relevant Board, and (d) any other prescribed body or person. (5) Where this section gives authority to a body or person to collect employment information from, or to disclose employment information to, a prescribed body or person, that prescribed body or person is authorized to disclose that employment information to, or to collect that employment information from, that first‑mentioned body. (6) Information may be collected under this section from a body or person other than the participant or former participant to whom it relates in any manner that is agreed on between the bodies or persons collecting and providing the information. (7) The Lieutenant Governor in Council may make regulations determining the bodies or persons for the purposes of subsections (2)(d), (3)(d) and (4)(d). RSA 2000 cP‑41 s9.2;2018 cJ‑0.5 Sched. 4 s5;AR 141/2025 10 , 11 Repealed by Revision. Schedules 1 to 4 Repealed 2018 cJ‑0.5 s5. Schedule 5 Management Employees Pension Plan Provisions Interpretation 1 (1) In this Schedule, (a) “Board” means the Management Employees Pension Board established by section 3(1); (a.1) “closed plan” means the Public Service Management (Closed Membership) Pension Plan under Schedule 6; (b) “funding requirements” means the minimum funding requirements determined under the regulations, excluding any solvency funding requirements; (b.1) “inception” means the beginning of August 1, 1992; (c) “Minister” means the member of the Executive Council charged by the Lieutenant Governor in Council with the administration of this Schedule; (c.1) “old plan” means the Public Service Management Pension Plan contained in and under the Public Service Management Pension Plan Act , SA 1984 cP‑34.1; (d) “Plan” means the portion of the old plan continued by section 8 of this Act as the Management Employees Pension Plan and contained partly in the applicable provisions of this Schedule and partly in the plan rules, and includes the plan fund; (e) “plan costs” means the plan costs established for the Plan pursuant to section 5(1) of this Act; (f) “plan fund” means the Management Employees Pension Plan Fund referred to in section 6(1); (g) “plan rules” means the plan provisions made pursuant to sections 4, 5(3) and 9(6), including amendments or repeals and replacements of existing plan rules; (h) “prescribed” means prescribed or otherwise provided for by the regulations under this Schedule; (i) “regulations” does not include the plan rules; (i.1) “solvency deficiencies” means solvency deficiencies determined in accordance with the regulations; (i.2) “solvency funding requirements” means the prescribed requirements, if any, for funding solvency deficiencies. (2) Where the plan rules define generally an expression used in this Schedule and not defined in subsection (1), that definition applies with respect to the interpretation of that expression unless the plan rules otherwise provide. RSA 2000 cP‑41 Sched. 5 s1;2003 c19 s47;2005 c26 s55; 2012 cE‑8.1 s160 Continuation of part of PSMPP into this Plan 2 (1) On January 1, 1994, all persons who had any pensionable service accrued under the old plan immediately before inception and who did not become members of the closed plan by virtue of section 2 of Schedule 6 continue to participate in this Plan. (2) A member of the closed plan also participates in this Plan, in accordance with this Schedule and the plan rules, (a) with respect to any pensionable service after inception, or (b) in the case of a person described in section 2(1)(g) of Schedule 6 who paid contributions following the return to work, with respect to pensionable service performed after that return to work. RSA 2000 cP‑41 Sched. 5 s2;2017 c22 s45 Pensionable service 2.1 (1) In determining the benefits under this Plan of any person who is not also a member of the closed plan, all pensionable service is to be taken into account for all purposes under this Plan. (2) In calculating the amount of any benefit under this Plan of a person who is also a member of the closed plan and subject to section 2(2)(b), only pensionable service after inception may be taken into account, but (a) pensionable service before inception is also to be taken into account for the purpose of any provision under this Plan predicating entitlement to a benefit or whether or not a minimum number of years of pensionable service has been accumulated and whether a person is entitled to an unreduced or a reduced pension and the amount of any such reduction, and (b) salary earned before inception may be taken into account in determining the highest 5‑year average salary for the purpose of the pension calculation. Management Employees Pension Board 3 (1) There is hereby established a board to be known as the “Management Employees Pension Board” consisting of the persons prescribed. (2) The objects of the Board are (a.1) to advise the Minister on any pension matter that is of interest to persons receiving or entitled in the future to receive benefits under the Plan, (b.1) to consult with the Minister where consultations are provided for by this Schedule, (c) to set general policy guidelines on (i) the investment and management of the plan fund’s assets in accordance with section 6(3) and the regulations, and (ii) the administration of the Plan that it considers should be followed, (d) to review administrative decisions pursuant to any delegations under section 10, and (g) to perform the activities in relation to the closed plan that are assigned to it by section 5(11) of this Act and Schedule 6. (3) Members of the Board, while acting as such, shall comply with, and are bound by, any provisions respecting conflicts of interest prescribed with respect to this Plan. (4) The Board and its members have the powers and duties prescribed and those set out in this Schedule. (6) The guidelines referred to in subsection (2)(c) are exempt from the Regulations Act . Management Employees Pension Plan rules 4 (1) The Lieutenant Governor in Council shall by regulation establish those plan provisions that are to be included in the Plan from the time of its continuation by section 8 of this Act and that are not fully provided for in this Schedule, including plan provisions respecting (a) participation, (b) contributions, (c) pensionable service, (d) benefits, including suspensions of pensions and adjustments to pensions relating to the cost of living, (e) the allowing and charging of interest, (f) reciprocal agreements, other than affecting another pension plan established or continued by Alberta legislation, (g) beneficiaries, (h) the bases for actuarial adjustments, and (l) anything that is considered necessary or advisable to provide for resulting from the division of the old plan into the closed plan and this Plan or in order to give effect to the continuation of part of the old plan into this Plan. (2) Notwithstanding any other law, the Lieutenant Governor in Council may amend or repeal and replace existing plan rules only after consulting with the Board and, to the extent that the plan rule changes have a detrimental effect on any benefits under the Plan, those changes may not have any degree of retrospective application or apply to any service before the date when the changes come into force. (3) Any amendments to plan rules made under this section that result in an improvement in benefits must be accompanied, if necessary, with adjustments to contribution rates pursuant to section 5(2) and (3). (6) The plan rules are subject to the regulations as well as to this Schedule. (6.1) To the extent, if any, that is prescribed, a provision of the plan rules may be made to apply with effect from a date that is prior to that on which they are filed under the Regulations Act . (7) To avoid any possible doubt, plan rules are regulations under the Regulatio n s Act . Actuarial valuation report and current service funding 5 (1) The Minister, in consultation with the Board, shall have an actuarial valuation of the Plan performed, and a report on that valuation prepared, by the Plan’s actuary at least once every 3 years. (1.1) The actuarial valuation report must include a calculation of the Plan’s solvency deficiencies, if any. (2) The Minister shall, if necessary, within a reasonable time after receiving the report and after consulting with the Board, make a recommendation to the Lieutenant Governor in Council to make plan rules, following the recommendations of the Plan’s actuary in the report, adjusting either or both the employer and employee contribution rates for current service so that those rates will meet or exceed the funding requirements and, if applicable, the solvency funding requirements. (3) The Lieutenant Governor in Council, on receiving the Minister’s recommendation, shall forthwith by regulation make the plan provisions recommended. RSA 2000 cP‑41 Sched. 5 s5;2003 c19 s47 Management Employees Pension Plan Fund 6 (1) The President of Treasury Board and Minister of Finance shall hold and administer the Management Employees Pension Plan Fund in accordance with this Schedule and the regulations. (2) All the assets of the Plan are to be held in, and all its liabilities are to be assumed by, the plan fund. (3) The President of Treasury Board and Minister of Finance shall, after taking into consideration the general policy guidelines made for the purposes of section 3(2)(c), (a) invest the assets of the plan fund in accordance with the regulations notwithstanding anything to the contrary in the Financial Administration Act , and (b) manage those assets for the sole benefit of the persons entitled to benefits under the Plan. (4) , (5) , (6) Repealed by Revision. RSA 2000 cP‑41 Sched. 5 s6;2005 c26 s55; 2012 cE‑8.1 s160;2013 c10 s32 Trust relationship to MEPP fund 7 (1) The President of Treasury Board and Minister of Finance shall hold all the assets of the plan fund in trust for the sole purposes of providing benefits pursuant to the Plan and meeting plan costs. (2) The assets of the plan fund belong beneficially to the persons entitled to benefits under the Plan. (3) The Crown has no claim to any of the assets of the plan fund and shall not apply or allow the diversion of any of those assets for any purpose not mentioned in subsection (1). RSA 2000 cP‑41 Sched. 5 s7;2005 c26 s55;2013 c10 s32 Contributions, accretion, benefits and costs 8 (1) The President of Treasury Board and Minister of Finance shall deposit all contributions to the Plan, with interest, if any, paid on them, into the plan fund directly on receiving them. (2) All income of and all appreciation and depreciation in the value of the assets of the plan fund accrue to the plan fund. (3) The President of Treasury Board and Minister of Finance shall pay from the plan fund the benefits under the Plan and the plan costs. RSA 2000 cP‑41 Sched. 5 s8;2005 c26 s55;2013 c10 s32 Unfunded liabilities for pre-1992 recognized service, and additional contributions 9 (1) This section applies only with respect to the unfunded liability of the old plan arising from the pensionable service of the persons who, on the continuation of the Plan by section 8 of this Act, become participants of this Plan, in respect of service that was recognized as pensionable service, and the benefits that were in place, as at December 31, 1991. (2) The unfunded liability is to be met by the imposition of additional contributions under this section. (3) The Minister shall ensure that a separate accounting is made and maintained in respect of the unfunded liability, including the application of the additional contributions. (4) Repealed by Revision. (5) The additional contributions to be paid annually are as follows: (b) by the employers, additional contributions, based as between different employers proportionately on the pensionable salaries of all participants who are employees of a particular employer, in the aggregate amount of the total required; (c) by each participant, additional contributions at the rate of 0.75% of pensionable salary. (6) The Minister shall have (a) the unfunded liability, and (b) the aggregate amount of the annual additional contributions required from the employers in the years before the next actuarial valuation in order to ensure the elimination of the Plan’s unfunded liability on or before December 31, 2043 after taking into account the actuarial present value of the participants’ additional contributions at the rate specified in subsection (5)(c) re‑determined by the Plan’s actuary at each actuarial valuation under the Plan, and the Lieutenant Governor in Council shall by regulation make plan provisions establishing the amount referred to in clause (b). (7) In subsection (5), (a) “pensionable salary” and “pensionable salaries” have the meaning given to them by the plan rules; (b) “total required” means the aggregate amount of the annual additional contributions required from employers, as established by plan rules under subsection (6). (9) The plan rules under subsection (6) must ensure that the additional contribution requirements of that subsection meet or exceed the funding and solvency requirements except only for the extended period for the elimination of the unfunded liability. (10) In subsection (1), the references to benefits that were in place as at December 31, 1991 are to be taken as including any cost‑of‑living adjustments initially provided by plan rules made specifically under section 4(1)(d) with regard to those benefits. (11) Subject to this section, the payment of all benefits under the Plan arising from service before 1994 is guaranteed by the Crown. Review of administrative decisions 10 Without limiting the Minister’s prescribed responsibilities for the administration of the Plan, the Minister may in writing delegate to the Board the power to review those administrative decisions of the Minister that are specified in the delegation. 11 Repealed by Revision. Regulations establishing provisions of a legislative nature 12 (1) The Lieutenant Governor in Council may, after consulting with the Board, make regulations establishing provisions of a legislative nature that do not form part of the Plan (a) respecting remuneration and expenses payable to members of the Board and respecting their selection, (b) respecting the administration of the Plan, including provisions delegating or allowing the delegation of some or all of the Plan’s administration and respecting any contracts with respect to any such delegation, (c) respecting the plan fund, including the management and investment of its assets, (d) respecting the auditing of the Plan and the plan fund, (e) respecting reporting and the disclosure of information about the Plan, (f) imposing obligations on employers to facilitate the administration of the Plan, (g) exempting interests in benefits from garnishee proceedings, attachment, seizure or legal process, (g.1) respecting the transfer of pension entitlements between the Plan and another pension plan established or continued by Alberta legislation, (g.2) respecting minimum funding requirements for the purpose of section 1(1)(b); (g.3) respecting the determination of solvency deficiencies for the purpose of section 1(1)(i.1); (h) establishing such provisions of a legislative nature as are considered to be requisite or advisable so as to give full effect to the Plan or to be sound law in the field of pensions, (i) prescribing any matter or thing that by this Schedule may be or is to be prescribed, (j) respecting the exit of a prescribed employer from the Plan, and particularly establishing terms and conditions for that exit, and (k) respecting the treatment of persons who had ceased to be participants under the old plan before inception and remained, immediately before inception, entitled to the return or transfer of their contributions under the old plan without having become entitled to the future receipt of pensions under that plan, and their contributions. (1.1) Without limiting subsection (1)(j), the regulations under that clause may provide that the amount of assets to be transferred from the Plan in respect of the exit is to be reduced (a) where the exiting employer is not one to which the Public Service Act applies, to take into account any detrimental effect on the funding of the Plan resulting from any pensionable salary of an employee of the exiting employer exceeding that of an employee holding a position in the public service of Alberta that is similar to that employee’s position, and (b) by some or all of the liabilities of the closed plan in respect of members of the closed plan who, at the time of their last termination, were employees of the exiting employer, and, notwithstanding anything in this Schedule, must provide, if applicable, that the amount of the asset reduction under clause (b) will be transferred from the Plan into the closed plan. (1.2) Regulations under subsection (1)(j) may be (a) different for different employers, and (b) made to apply with effect from a date specified in them, being the effective date of the exit, that is prior to July 15, 1999. (1.3) The guarantee contained in section 9(11) is not to continue with respect to benefits transferred from the Plan in connection with an exit referred to in subsection (1)(j). (5) The Lieutenant Governor in Council may, after consulting with the Board, make regulations establishing or continuing one or more supplementary pension plans and funds that provide for additional benefits within the tax rules. RSA 2000 cP‑41 Sched. 5 s12;2012 cE‑8.1 s160;2017 c22 s45 Regulations under the Alberta Public Agencies Governance Act prevail 12.1 If regulations under the Alberta Public Agencies Governance Act apply in respect of remuneration, expenses or the selection of members referred to in section 12(1)(a), those regulations prevail, to the extent of any conflict or inconsistency, over any regulations made under section 12(1)(a). 2009 cA‑31.5 s69 13 Repealed 1999 c13 s6. 17 Repealed by Revision. Schedule 6 Public Service Management (Closed Membership) Pension Plan Provisions Definitions 1 In this Schedule, (a) “Board” means the Management Employees Pension Board; (b.1) “inception” means the beginning of August 1, 1992; (b.3) “members” means persons who became members of the Plan by virtue of section 2 but, if such a person also participates in the permanent plan, relates only to that part of the service that is to be taken into account as pensionable service under this Plan; (c.1) “old plan” means the Public Service Management Pension Plan contained in and under the Public Service Management Pension Plan Act , SA 1984 cP‑34.1; (c.2) “permanent plan” means the Management Employees Pension Plan under Schedule 5; (d) “Plan” means the portion of the old plan continued by section 8 of this Act as the Public Service Management (Closed Membership) Pension Plan and contained in this Schedule and any regulations under section 12, and includes the plan fund; (e) “plan costs” means the plan costs established for the Plan pursuant to section 5(1) of this Act; (f) “plan fund” means the Public Service Management (Closed Membership) Pension Plan Fund established under section 6(1); (h) “prescribed” means prescribed or otherwise provided for by regulations under this Schedule. Continuation of coverage from PSMPP and membership 2 (1) On January 1, 1994, persons covered by the old plan continued to be covered as members of this Plan if they (a) were receiving or were entitled to receive a pension under the old plan immediately before inception, (b) were entitled to receive a pension under the old plan immediately before inception but only for the fact that they had not applied for it and, between inception and January 1, 1994, attained pension commencement under the old plan, (c) would have been entitled to receive a pension under the old plan immediately before inception but only for having postponed commencement of that pension, (d) had ceased to be participants under the old plan before inception and remained, immediately before inception, entitled to deferred pensions under the old plan, (e) had ceased to be participants under the old plan before inception without recommencing participation or being eligible for pensions by then and did not, immediately before inception, have sufficient pensionable service accrued under the old plan to be entitled to deferred pensions under the old plan, (f) had attained 35 years’ pensionable service under the old plan before inception, (g) prior to inception, (i) had been in receipt of pensions under the old plan, (ii) had returned to work under circumstances where their pensions were suspended pursuant to section 22 or 23 of the Public Service Management Pension Plan Regulation (AR 311/85), and (iii) in the case of a pension suspension under section 22 of that Regulation, had not repaid the pension under subsection (2) of that section, and were still subject to that pension suspension immediately before inception, or (h) were persons to whom section 44 of the Members of the Legislative Assembly Pension Plan Amendment Act, 1993 , SA 1993 c5, applies. (2) A person described in subsection (1)(g) is a member only with respect to pensionable service prior to the return to work. (3) Apart from persons who are members of the Plan by virtue of subsection (1) and, regarding those persons, with the service limitations referred to in this section, the Plan is closed to any further or other membership. Pensionable service 2.1 In calculating the amount of any benefit under this Plan, only pensionable service before inception may be taken into account, but (a) pensionable service after inception is also to be taken into account for the purpose of any provision under the Plan predicating entitlement to a benefit or whether or not a minimum number of years of pensionable service has been accumulated and whether a person is entitled to an unreduced or a reduced pension and the amount of any such reduction, and (b) except as prescribed with respect to any category of persons referred to in section 2(1)(g), salary earned after inception may be taken into account in determining the 5 best years’ salary for the purpose of the pension calculation. Board members 3 Members of the Board, while acting as such, shall comply with, and are bound by, any provisions respecting conflicts of interest prescribed with respect to this Plan. Continuation of rights and liabilities 3.1 (1) This section is subject to any specific provisions of any other section of this Schedule or of the regulations made under section 12. (2) All benefits and other rights and all liabilities that had accrued under the old plan immediately before inception continue to be accrued benefits, rights and liabilities under the Plan as if the old plan, as it then was, were still in force. (3) All rights and liabilities that, immediately before inception, were only inchoate or potential continue to be inchoate or potential on the same basis as if the old plan, as it then was, were still in force. (4) If any question arises as to any rights or liabilities (including those of the Government) under the Plan, they are to be determined by reference to the old plan as it was immediately before inception. Actuarial valuation report 5 The Minister, in consultation with the Board, shall have an actuarial valuation of the Plan performed, and a report on that valuation prepared, by the Plan’s actuary at least once every 3 years. Public Service Management (Closed Membership) Pension Plan Fund 6 (1) The President of Treasury Board and Minister of Finance shall hold and administer the Public Service Management (Closed Membership) Pension Plan Fund in accordance with this Schedule and the regulations. (2) All the assets of the Plan are to be held in, and all its liabilities are to be assumed by, the plan fund until its assets are exhausted. (3) The President of Treasury Board and Minister of Finance shall (a) invest the assets of the plan fund in accordance with the regulations, notwithstanding anything to the contrary in the Financial Administration Act , and (b) manage those assets for the sole benefit of the persons entitled to benefits under the Plan. (4) , (5) Repealed by Revision. RSA 2000 cP‑41 Sched. 6 s6;2005 c26 s55; 2012 cE‑8.1 s160;2013 c10 s32 Trust relationship to PSM(CM)PP Fund 7 (1) The President of Treasury Board and Minister of Finance shall hold all the assets of the plan fund in trust for the sole purposes of providing benefits pursuant to the Plan and meeting plan costs. (2) The assets of the plan fund belong beneficially to the persons entitled to benefits under the Plan. (3) The Crown has no claim to any of the assets of the plan fund and shall not apply or allow the diversion of any of those assets for any purpose not mentioned in subsection (1). RSA 2000 cP‑41 Sched. 6 s7;2005 c26 s55;2013 c10 s32 Accretion and benefits 8 (1) The President of Treasury Board and Minister of Finance shall deposit money appropriated to the plan fund by the Legislature, if any, into the plan fund. (2) All income of and all appreciation and depreciation in the value of the assets of the plan fund accrue to the plan fund. (3) Subject to subsection (4), the President of Treasury Board and Minister of Finance shall pay from the plan fund the benefits under the Plan and the plan costs. (4) After all the assets in the plan fund have been exhausted, the President of Treasury Board and Minister of Finance shall close the plan fund and afterwards pay all benefits under the Plan and the plan costs from the General Revenue Fund. RSA 2000 cP‑41 Sched. 6 s8;2005 c26 s55;2013 c10 s32 Crown guarantee 9 All benefits under the Plan are guaranteed by the Crown. Review of administrative decisions 10 Without limiting the Minister’s prescribed responsibilities for the administration of the Plan, the Minister may in writing delegate to the Board the power to review any decisions made by the Minister that are specified in the delegation for the purposes of the Plan. COLAs 11 (1) Repealed by Revision. (2) Notwithstanding anything in this Schedule, if the cost of living has increased, all amounts payable as pensions shall be increased by a cost‑of‑living increase calculated at the same rate and on the same basis that applies with respect to pensions based on pre‑1992 pensionable service under the permanent plan. (3) Increases under subsection (2) shall also be applied to the periods (a) of continued postponement of pensions, and (b) until the commencement of deferred pensions under the Plan. Regulations 12 (1) The Lieutenant Governor in Council may make any regulations (a.1) that are considered necessary to give full effect to the intent of this Schedule, (b) respecting the administration of the Plan, including provisions delegating or allowing the delegation of some or all of the Plan’s administration and respecting any contracts with respect to any such delegation, (c) respecting the plan fund, including the management and investment of its assets, (i) prescribing any matter or thing that by this Schedule may be or is to be prescribed, (j) that are considered necessary or advisable, from the perspective of the Plan, to give full effect to the regulations made under section 12(1)(j) of Schedule 5, and (k) amending the rules of the Plan in such a manner as to reflect any amendments made to the permanent plan that have the potential for relevance to the Plan. (1.1) Regulations under subsection (1)(j) or (k) operate notwithstanding anything to the contrary in this Schedule. (1.2) Regulations under subsection (1) may be made to apply with effect from a date specified in them, being (a) in the case of regulations under subsection (1)(j), the effective date of the exit referred to in section 12(1)(j) of Schedule 5, that is prior to July 15, 1999, (b) in the case of regulations under subsection (1)(k), the effective date of the corresponding amendments to the permanent plan, and (c) in the case of regulations under any other clause of subsection (1), the date considered appropriate. (3) If the Lieutenant Governor in Council considers that any provision of this Schedule is inconsistent with the overall intent expressed in section 2, the regulations under subsection (1) may amend that provision to make it so consistent. RSA 2000 cP‑41 Sched. 6 s12;2003 c19 s48;2012 cE‑8.1 s160