Public Sector Pension Plans Act

Public Sector Pension Plans Act 44 1999 July 15, 1999 1922970521/99044/tlc99044_f E3tlc99044 1 Introductory Provisions Definitions and interpretation 1 1 In this Act: college board means the board of trustees of the college plan appointed under the terms of the college joint management agreement; college joint management agreement means the College Pension Plan Joint Trust Agreement made under this Act on April 4, 2011 between the plan employer partners and the plan member partners, as those terms are defined in section 1 of Schedule A, for the joint management of the college plan, and includes any amendments to the agreement; college plan means the College Pension Plan continued under the college joint management agreement; investment management board means the board of directors of the investment management corporation; investment management corporation means the British Columbia Investment Management Corporation established under section 16; municipal board means the board of trustees of the municipal plan appointed under the terms of the municipal joint management agreement; municipal joint management agreement means the Municipal Pension Plan Joint Trust Agreement made under this Act on April 2, 2001 between the plan employer partner and HEABC, and the plan member partner, as those terms are defined in section 1 of Schedule B, for the joint management of the municipal plan, and includes any amendments to the agreement; municipal plan means the Municipal Pension Plan continued under the municipal joint management agreement; pension board means the college board, municipal board, public service board or teachers' board, or all of them as the context requires; pension corporation means the British Columbia Pension Corporation established under section 5; pension fund means the money and securities of the college plan, municipal plan, public service plan or teachers' plan, or all of them as the context requires; pension management board means the board of directors of the pension corporation; pension plan means the college plan, municipal plan, public service plan or teachers' plan, or all of them as the context requires; plan member means a person who a is making contributions to the pension fund, b has previously made contributions to the pension fund, which contributions were left on deposit, and is not receiving benefits from the pension fund, or c has previously made contributions to the pension fund and is receiving benefits from the pension fund; public service board means the board of trustees of the public service plan appointed under the terms of the public service joint management agreement; public service joint management agreement means the Public Service Pension Plan Joint Trust Agreement made under this Act on December 8, 2000 between the plan employer partner and the plan member partner, as those terms are defined in section 1 of Schedule C, for the joint management of the public service plan, and includes any amendments to the agreement; public service plan means the Public Service Pension Plan continued under the public service joint management agreement; teachers' board means the board of trustees of the teachers' plan appointed under the terms of the teachers' joint management agreement; teachers' joint management agreement means the Teachers' Pension Plan Joint Trust Agreement made under this Act on April 2, 2001 between the plan employer partner and the plan member partner, as those terms are defined in section 1 of Schedule D, for the joint management of the teachers' plan, and includes any amendments to the agreement; teachers' plan means the Teachers' Pension Plan continued under the teachers' joint management agreement. 2 Despite subsection (1), a definition in this section does not apply to a Schedule to this Act unless specifically provided for in the Schedule. Purposes of the Act 2 The purposes of this Act are as follows: a to establish an agency which must provide pension plan administration services to the pension boards; b to establish an agency which may provide investment management services to the pension boards; c to provide pension plan governance and risk and reward sharing alternatives for the management of the pension plans and pension funds; d to provide benefits to eligible plan members under the pension plans. Application of other Acts 3 The pension plans, and any supplemental benefit arrangements under those pension plans, are subject to the applicable requirements of a the Income Tax Act (Canada), b the Pension Benefits Standards Act , c the Family Law Act , and d any other enactment applicable to the pension plans, the pension funds and the benefits payable under the pension plans. 2 British Columbia Pension Corporation Definitions 4 In this Part: chief executive officer means the person appointed under section 9 (1) (a) as chief executive officer of the pension corporation; other clients means British Columbia public sector pension plan clients of the pension corporation other than the pension boards. British Columbia Pension Corporation established 5 1 A corporation to be known as the British Columbia Pension Corporation is established consisting of the pension management board appointed under section 8. 2 The pension corporation has the power and capacity of a natural person of full capacity. 3 The fiscal year end of the pension corporation is March 31. 4 The pension corporation is an agent of the government. 5 The pension corporation, as an agent of the government, is not liable for taxation except as the government is liable for taxation. 6 The pension corporation may, with the approval of the pension management board, borrow or raise money for its purposes in the amounts and for the periods determined by the pension corporation. 7 The Business Corporations Act does not apply to the pension corporation, but the Lieutenant Governor in Council may, on the recommendation of the pension management board, direct that certain provisions of the Business Corporations Act apply to the pension corporation. Capital of the pension corporation 6 1 The capital of the pension corporation is one share with a par value of $10. 2 The share in the pension corporation must be issued to and registered in the name of the Minister of Finance and must be held by that minister on behalf of the government. Powers, functions and duties of the pension corporation 7 1 The purpose of the pension corporation is to provide plan administration services a to the pension boards responsible for the pension plans, and b to any other clients that retain the services of the pension corporation. 2 Plan administration services are those administrative services, excluding funds management services, required to deliver pension benefits to plan members, and includes all of the following: a enrolling employers and plan members; b collecting and recording contributions and other information received from employers and plan members necessary to properly administer the pension plans; c auditing the information collected under paragraph (b); d communicating information about the pension plan provisions to employers and plan members; e establishing and maintaining plan member records and accounts; f calculating and processing pension benefits and other related benefits; g managing, in coordination with the investment management corporation, the cash flow of the pension funds in order to maximize investment returns; h paying, and recording the payment of, pension benefits and other related benefits; i filing documentation with the appropriate authorities and performing other regulatory duties as may be required under other enactments; j providing secretariat and other services required by the pension boards; k providing additional services to a pension plan if the pension management board and the pension board agree on the budget required for the additional services. 3 The pension corporation must discharge the responsibilities of the pension boards under the Income Tax Act (Canada) for administration of the pension plans. 4 The pension corporation may enter into agreements a with a person or body to provide benefits to plan members or to provide other services in respect of the pension plans, or b to administer plans for other clients. Pension management board 8 1 The pension management board must have at least 8 directors as follows: a 2 directors appointed by the college board from among its members, one to be nominated by the plan employer partners and one to be nominated by the plan member partners, as those terms are defined in section 1 of Schedule A; b 2 directors appointed by the municipal board from among its members, one to be nominated by the plan employer partner and one to be nominated by the plan member partner, as those terms are defined in section 1 of Schedule B; c 2 directors appointed by the public service board from among its members, one to be nominated by the plan employer partner and one to be nominated by the plan member partner, as those terms are defined in section 1 of Schedule C; d 2 directors appointed by the teachers' board from among its members, one to be nominated by the plan employer partner and one to be nominated by the plan member partner, as those terms are defined in section 1 of Schedule D. 2 Each director appointed under subsection (1) has one vote. 3 The directors must a designate one of the directors appointed under subsection (1) as chair of the board, or b appoint a person, not referred to in subsection (1), as a director and designate that person as chair of the board. 4 The pension management board must determine whether a the chair designated under subsection (3) (a) is entitled to a second or casting vote, or b the chair designated under subsection (3) (b) has a vote and, if so, whether the chair is entitled to a second or casting vote. 5 An appointment to the board under subsection (1) or (3) (b) must be made a for a term not exceeding 3 years, and b so that no more than 4 appointments expire in any calendar year. 6 An appointment under subsection (1) or (3) (b) may be renewed. 7 Despite subsection (1) or (3) (b), an appointment to the board may be rescinded by the party that made the appointment. 8 If a director ceases for any reason to be a director of the pension management board before the end of the term for which the director was appointed, a the board must provide notice of the vacancy to the party that appointed that director, and b that party must promptly appoint, in accordance with subsection (1) or (3) (b), a replacement director for the remainder of the term of that director. 9 Subject to subsection (10), a quorum of the pension management board consists of all of the directors of the board, and all decisions of the board must be unanimous. 10 The pension management board may, by the unanimous agreement of the board, change a requirement of subsection (9). 11 No act or proceeding of the pension management board is invalid merely because there are in office fewer than the number of directors required under this section. 12 The pension management board may pay a to a director or a person appointed to a committee of the board an allowance for reasonable travel and other expenses necessarily incurred in carrying out the business of the board, b to a director or a person appointed to a committee of the board, if the director or person is not receiving remuneration from any other source for acting as a director or on a committee, remuneration that has been set by the board and is consistent with Treasury Board guidelines, and c to an organization, if the organization is the source of remuneration paid to a director or person appointed to a committee of the board, remuneration for the services of the director or person at the rate set by the board under paragraph (b). Powers, functions and duties of the pension management board 9 1 The pension management board must do all of the following: a select and appoint a chief executive officer to hold office during pleasure, and determine the salary to be paid to the chief executive officer; b review and monitor the performance of the chief executive officer; c select and appoint for the pension corporation an auditor who is authorized to be an auditor of a company under sections 205 and 206 of the Business Corporations Act ; d approve, in whole or in part and with or without modifications, i policies respecting the proper discharge of the pension corporation's mandate, ii a business plan for the pension corporation, iii the pension corporation's budget, including the budget for capital expenditures and staffing, and iv conflict of interest guidelines; e oversee the operations of the pension corporation; f act in the best interests of the pension corporation. 2 The pension management board must, through the pension corporation and to the extent possible under the budget approved for the pension corporation, do all of the following: a provide proper reporting and accountability, in a timely manner, to the pension boards and the trustees of the pension funds administered by the pension corporation; b provide administrative services in an efficient, effective and timely manner; c have in place an equitable fee system based on the user pay principle; d provide for its own financial administration by i establishing an accounting system which ensures that there is proper reporting and accountability to the pension boards in a timely manner, ii permitting the Minister of Finance to direct the Comptroller General to examine the financial and accounting operations of the pension corporation and report back to the pension management board, Treasury Board, the pension boards or other clients that retain the services of the pension corporation, iii having annual financial statements of the pension corporation prepared in accordance with generally accepted accounting principles, iv having an audit performed annually on the financial statements referred to in subparagraph (iii), and v providing to the minister an annual business plan and an annual report on the pension corporation, including the audited financial statements. 3 The pension management board may do any of the following: a delegate to the chief executive officer the exercise or performance of any power or duty conferred or imposed on the board under subsection (2); b pass resolutions it considers necessary or advisable to manage and conduct the affairs of the pension corporation and to exercise the board's powers and perform its duties; c establish committees of the board, and may determine the composition, duties, responsibilities, limitations and operating procedures of those committees; d appoint persons other than directors of the board to a committee referred to in paragraph (c), and may set the term of appointment that applies to those committee members. Responsibilities of chief executive officer 10 1 The chief executive officer is responsible for carrying out the day to day duties of the pension corporation respecting the administration of the pension plans. 2 The chief executive officer must report a to the pension management board with respect to the operations of the pension corporation, and b to the pension boards and the trustees of the pension funds with respect to the administration of the pension plans. 3 The chief executive officer must do all of the following: a hire and dismiss the officers and employees necessary to carry on the business and operations of the pension corporation; b supervise the day to day operations of the pension corporation; c prepare a business plan and budget for approval by the pension management board; d attend at meetings of the pension management board and receive a copy of all information provided to the board; e establish policies and procedures to meet the operational objectives of the pension corporation; f develop a business continuation plan; g keep all the records, books and accounts of the pension corporation; h file documentation with the appropriate authorities and perform other regulatory duties as may be required under the Income Tax Act (Canada), the Pension Benefits Standards Act and any other applicable enactments; i address any other matter arising out of the management of the pension corporation that is necessary to properly carry out the provisions of this Part; j exercise or perform any power or duty delegated to the chief executive officer by the pension management board under section 9 (3) (a). 4 Subsection (3) (d) does not apply to the chief executive officer respecting matters referred to in section 9 (1) (a) and (b) or respecting matters in which there would be a conflict of interest. 5 A benefit under a pension plan must not be granted to a person until the chief executive officer, after inquiry, determines all of the following: a that the person is within the scope of the pension plan; b that the person is entitled to receive the benefit and the basis for receiving that benefit; c the amount of the benefit; d if, in the opinion of the chief executive officer, the person is unfit to manage the person's own affairs, the allocation of all or part of the benefit payable to that person; e the contributions made and the maximum benefit paid under the registered pension plan provisions of the Income Tax Act (Canada); f any other matter related to the administration of the pension plan. 6 For the purposes of subsection (5), the chief executive officer must prepare and keep on file, in the office of the pension corporation, a record of the grounds on which the findings in each case are based, and the record must be open to inspection by the person who is affected by those findings. 7 The chief executive officer, in carrying out the chief executive officer's duties under subsection (5), may rely on information or recommendations provided by the officers and employees of the pension corporation. Officers and employees of the pension corporation 11 1 Subject to subsection (2), the Public Service Act and the Public Service Labour Relations Act apply to the pension corporation and to the officers and employees of the pension corporation. 2 The Public Service Labour Relations Act and Parts 3 and 4 of the Public Service Act do not apply to the chief executive officer. 3 The Public Service Pension Plan, continued under this Act, and the Public Service Benefit Plan Act apply to the pension corporation and to the officers and employees of the pension corporation. 4 For the purpose of the application of the Public Service Act to subsection (1), the chief executive officer is deemed to be a deputy minister. Chief executive officer's power to delegate 12 The chief executive officer may, on terms and conditions the chief executive officer considers advisable, delegate to any person or class of persons any of the chief executive officer's powers, functions or duties. Operating costs and capital expenditures of the pension corporation 13 1 The pension corporation must recover its operating costs and capital expenditures from one or more of the following: a amounts charged to the pension plans for operating costs and capital expenditures necessarily incurred by the pension corporation on behalf of the pension plans it administers; b amounts authorized under other enactments for services provided by the pension corporation; c amounts charged to persons, organizations and other clients for services provided by the pension corporation; d income accruing from investments made by the pension corporation on its own behalf. 2 The pension corporation may, in advance, submit a requisition quarterly to the pension boards respecting the pension plans it administers for the amounts required to cover the anticipated operating costs and capital expenditures necessarily incurred by the pension corporation on behalf of those pension plans. 3 The pension plans must pay to the pension corporation, in quarterly instalments from the pension funds, the amounts requisitioned under subsection (2), subject to the limits within the pension corporation's budget as approved by the respective pension boards. 4 The operating costs and capital expenditures of the pension corporation attributable to the pension plans it administers, as determined and certified by the chief executive officer, must a be paid out of the money requisitioned under subsection (2), and b to the extent to which the operating costs and capital expenditures paid out i are less than the amount requisitioned, be reimbursed to the pension funds, or ii are greater than the amount requisitioned, be paid from the pension funds. 5 Capital expenditures of the pension corporation may be paid from amounts borrowed by the pension corporation. Indemnification 14 1 Despite section 75 of the Financial Administration Act , the pension corporation may indemnify a person who is a director of the pension management board, an officer or employee of the pension corporation or a person appointed to a committee of the board under section 9 (3) (d), or a former director, officer, employee or committee member, against all costs, charges and expenses actually and reasonably incurred by the person, including an amount paid to settle an action or satisfy a judgment in a civil, criminal or administrative action or proceeding to which the person is made a party because of being or having been a director, officer, employee or committee member, and including an action brought by the pension corporation, if a the director, officer, employee or committee member acted in good faith, and b in the case of a criminal action or proceeding, the director, officer, employee or committee member had reasonable grounds for believing that their conduct was lawful. 2 The pension management board may purchase and maintain, for the benefit of the pension corporation or a director, officer, employee or committee member referred to in subsection (1), or any of them, insurance against liability incurred by the pension corporation or by the director, officer, employee or committee member. 3 British Columbia Investment Management Corporation Definitions 15 In this Part: chief investment officer means the person appointed under section 20 (1) (a) as chief investment officer of the investment management corporation; designated institution means an institution designated by regulation of the Lieutenant Governor in Council for the purposes of this Part; funds means money and securities placed with the investment management corporation under the authority of section 18 (3); other clients means persons, other than the pension boards, with authority under section 18 (3) to make investments. British Columbia Investment Management Corporation established 16 1 A corporation, to be known as the British Columbia Investment Management Corporation, is established and incorporated as a trust company authorized to carry on trust business and investment management services as provided in this Part. 2 The corporation referred to in subsection (1) consists of the investment management board appointed under section 19 (1) or (3). 3 The investment management corporation has the power and capacity of a natural person of full capacity. 4 The fiscal year end of the investment management corporation is March 31. 5 The investment management corporation is an agent of the government. 6 The investment management corporation, as an agent of the government, is not liable for taxation except as the government is liable for taxation. 7 The Business Corporations Act and, despite section 11 of the Financial Institutions Act , the Financial Institutions Act do not apply to the investment management corporation, but the Lieutenant Governor in Council may direct that certain provisions of the Business Corporations Act and the Financial Institutions Act apply to the investment management corporation. 8 For the purposes of the Securities Act and its regulations, the investment management corporation must be treated in the same manner as the government is treated under that Act. Capital of the investment management corporation 17 1 The capital of the investment management corporation is one share with a par value of $10. 2 The share in the investment management corporation must be issued to and registered in the name of the Minister of Finance and must be held by that minister on behalf of the government. Powers, functions and duties of the investment management corporation 18 1 In this section, government body , public money , special fund and trust fund have the same meaning as in the Financial Administration Act . 2 The purpose of the investment management corporation is to provide funds management services, including the making of investments and loans, for funds placed with the investment management corporation. 3 Despite any other enactment, including the Financial Administration Act , a person who has the authority to invest a money or securities of a trust fund, special fund or other fund, b money or securities of a government body or designated institution, or c other public money or securities may, with the agreement of the investment management board, place the money or securities with the investment management corporation as agent of the person, for investment. 4 In addition to the powers, functions and duties of the investment management corporation as provided in this Part, the investment management corporation has the same powers, functions and duties in the provision of funds management services for funds placed with it under subsection (3) as the Minister of Finance would have if the funds had been placed with that minister under Part 5 of the Financial Administration Act as it read on April 1, 1999. 5 The investment management corporation may provide additional services to a pension plan if the investment management board and the pension board agree on the budget required for the additional services. Continuation of investment portfolios 18.1 1 Each portfolio established under B.C. Reg. 84/86, the Pooled Investment Portfolios Regulation, is continued under this Act. 2 Each participating fund allocated units of a portfolio immediately before January 1, 2000 must continue to be allocated those units of the portfolio with the investment management corporation holding those units as agent for the participating fund. 3 All assets held under or in a portfolio by the Minister of Finance or the chief investment officer under the Financial Administration Act immediately before January 1, 2000 must continue to be held under or in the portfolio, in trust, by the investment management corporation. Investment management board 19 1)-(2 [Repealed 1999-44-19 (2).] 2.1 In this section, minister means the minister charged with administration of the Financial Administration Act . 3 The investment management board is continued and has 7 directors as follows: a one director appointed by the college board from among its members; b one director appointed by the municipal board from among its members; c one director appointed by the public service board from among its members; d one director appointed by the teachers' board from among its members; e 2 directors, representative of clients of the investment management corporation, other than those referred to in paragraphs (a) to (d), appointed by the minister; f one other director appointed by the minister. 4 The director appointed under subsection (3) (f) is designated as chair of the investment management board. 5 Each director appointed under subsection (3) has one vote on the board. 6 An appointment to the investment management board under subsection (3) (a) to (f) must be made a for a term not exceeding 3 years, and b so that no more than 3 appointments expire in any calendar year. 7 An appointment under subsection (3) (a) to (f) may be renewed. 8 Despite subsection (3) (a) to (f), an appointment to the investment management board may be rescinded by the party that made the appointment. 9 If a director ceases for any reason to be a director of the investment management board before the end of the term for which the director was appointed, a the board must provide notice of the vacancy to the party that appointed that director, and b that party must promptly appoint, in accordance with subsection (3), a replacement director for the remainder of the term of that director. 10 Subject to subsection (11), a quorum of the investment management board consists of all of the directors of the board, and all decisions of the board must be unanimous. 11 The investment management board may, by the unanimous agreement of the board, change a requirement of subsection (10). 11.1 The chair may appoint one of the other directors to act, in the chair's absence, as chair of the investment management board, but the appointment may be made only if a a quorum has been established under subsection (11) consisting of fewer than the number of directors required under subsection (10), and b the chair's presence is not necessary for constituting the quorum. 11.2 A director appointed under subsection (11.1) to act as chair is not entitled to vote on behalf of the director appointed under subsection (3) (f) on any matter before the investment management board. 12 No act or proceeding of the investment management board is invalid merely because there are in office fewer than the number of directors required under this section. 13 The investment management board may pay a to a director or a person appointed to a committee of the board an allowance for reasonable travel and other expenses necessarily incurred in carrying out the business of the board, b to a director or a person appointed to a committee of the board, if the director or person is not receiving remuneration from any other source for acting as a director or on a committee, remuneration that has been set by the board and is consistent with Treasury Board guidelines, and c to an organization, if the organization is the source of remuneration paid to a director or person appointed to a committee of the board, remuneration for the services of the director or person at the rate set by the board under paragraph (b). Powers, functions and duties of the investment management board 20 1 The investment management board must do all of the following: a select and appoint a chief investment officer to hold office during pleasure, and determine the salary to be paid to the chief investment officer; b review and monitor the performance of the chief investment officer; c select and appoint for the investment management corporation an auditor who is authorized to be an auditor of a company under sections 205 and 206 of the Business Corporations Act ; d approve, in whole or in part and with or without modifications, i policies respecting the proper discharge of the investment management corporation's mandate, ii a business plan for the investment management corporation, iii the investment management corporation's budget, including the budget for capital expenditures and staffing, iv policies respecting pooled funds, and v conflict of interest guidelines; e establish an employee classification system and compensation scale, including performance bonuses; f oversee the operations of the investment management corporation; g act in the best interests of the investment management corporation. 2 The investment management board must, through the investment management corporation and to the extent possible under the budget approved for the investment management corporation, do all of the following: a provide proper reporting and accountability, in a timely manner, to the pension boards and the trustees and other persons responsible for the funds managed by the investment management corporation; b comply with recognized industry standards; c provide investment management services in an efficient, effective and timely manner; d have in place an equitable fee system based on the user pay principle; e provide for its own financial administration by i establishing an accounting system which ensures that there is proper reporting and accountability, in a timely manner, to the clients of the investment management corporation, ii permitting the Minister of Finance to direct the Comptroller General to examine the financial and accounting operations of the investment management corporation and report back to the investment management board, Treasury Board, the pension boards and other persons responsible for the funds managed by the investment management corporation, iii having annual financial statements of the investment management corporation prepared in accordance with generally accepted accounting principles, iv having an audit performed annually on the financial statements referred to in subparagraph (iii), and v providing to the Minister of Finance an annual business plan and an annual report on the investment management corporation, including the audited financial statements. 3 The investment management board may do any of the following: a delegate to the chief investment officer the exercise or performance of any power or duty conferred or imposed on the board under subsection (2); b pass resolutions it considers necessary or advisable to manage and conduct the affairs of the investment management corporation and to exercise the board's powers and perform its duties; c establish committees of the board, and may determine the composition, duties, responsibilities, limitations and operating procedures of those committees; d appoint persons other than directors of the board to a committee referred to in paragraph (c), and may set the term of appointment that applies to those committee members. 4 The chief investment officer appointed under the authority of subsection (1) (a) is the chief executive officer of the investment management corporation. 5 The investment management board must not be involved in the investment decisions of the investment management corporation. Responsibilities of the chief investment officer 21 1 The chief investment officer is responsible for carrying out the day to day duties related to the management of the funds. 2 The chief investment officer must report a to the investment management board with respect to the operations of the investment management corporation, and b to the trustees or other persons responsible for the funds, and to the other clients of the investment management corporation, with respect to the management and investment performance of the funds that they have placed with the investment management corporation. 3 The chief investment officer must do all of the following: a hire and dismiss the officers and employees necessary to carry on the business and operations of the investment management corporation; b supervise the day to day operations of the investment management corporation, including a determination of which assets to buy and sell; c prepare a business plan and budget for approval by the investment management board; d attend at meetings of the investment management board and receive a copy of all information provided to the board; e establish policies and procedures to meet the operational objectives of the investment management corporation and the funds; f develop a business continuation plan; g keep all the records, books and accounts of the investment management corporation, and provide other accounting services as required by the trustees or other persons responsible for the funds and by the other clients of the investment management corporation; h ensure that risk and returns are managed in a prudent and appropriate fashion, given the nature of the funds, and in accordance with any instructions provided by the trustees or other persons responsible for the funds; i hire and dismiss the investment management corporation's external suppliers, including custodians and external fund managers; j recommend changes in investment strategies and policies to clients of the investment management corporation; k file documentation with the appropriate authorities and perform other regulatory duties as may be required under the Securities Act and other enactments; l address any other matter arising out of the management of the investment management corporation that is necessary to properly carry out the provisions of this Part; m exercise or perform any power or duty delegated to the chief investment officer by the investment management board under section 20 (3) (a). 4 Subsection (3) (d) does not apply to the chief investment officer respecting matters referred to in section 20 (1) (a) and (b) or respecting matters in which there would be a conflict of interest. 5 In exercising the powers or performing the chief investment officer's duties, the chief investment officer may enter into agreements in the name of the investment management corporation. 6 Agreements entered into by the chief investment officer are binding on the investment management corporation and those funds on behalf of which the chief investment officer is acting. Officers and employees of the investment management corporation 22 1 The Public Service Act and the Public Service Labour Relations Act do not apply to the investment management corporation or the officers and employees of the investment management corporation. 2 The Public Service Pension Plan, continued under this Act, and the Public Service Benefit Plan Act apply to the investment management corporation and to the officers and employees of the investment management corporation. 3 If, immediately before appointment to or employment with the investment management corporation, an officer or employee has been confirmed in the officer's or employee's employment under the Public Service Act , the officer or employee must not suffer a reduction in salary by reason only of the officer's or employee's appointment or employment, and any monetary benefits that the officer or employee would have enjoyed as a public service officer or employee continue to apply to the officer or employee, subject to the terms of employment determined by the investment management corporation. 4 An officer or employee referred to in subsection (3) who is appointed to or employed by the investment management corporation retains the officer's or employee's length of service seniority acquired in the public service for determining the officer's or employee's length of service seniority in the investment management corporation. Chief investment officer's power to delegate 23 The chief investment officer may, on terms and conditions the chief investment officer considers advisable, delegate to any person or class of persons any of the chief investment officer's powers, functions or duties. Operating costs and capital expenditures of the investment management corporation 24 1 The investment management corporation must recover its operating costs and capital expenditures from one or more of the following: a amounts charged to the funds for operating costs and capital expenditures necessarily incurred by the investment management corporation on behalf of the funds it manages; b amounts charged to persons, organizations and other clients for services provided by the investment management corporation; c income accruing from investments made by the investment management corporation on its own behalf. 2) to (4 [Not in force.] 5 Capital expenditures of the investment management corporation may be paid from amounts borrowed by the investment management corporation. Indemnification 25 1 Despite section 75 of the Financial Administration Act , the investment management corporation may indemnify a person who is a director of the investment management board, an officer or employee of the investment management corporation or a person appointed to a committee of the board under section 20 (3) (d), or a former director, officer, employee or committee member, against all costs, charges and expenses actually and reasonably incurred by the person, including an amount paid to settle an action or satisfy a judgment in a civil, criminal or administrative action or proceeding to which the person is made a party because of being or having been a director, officer, employee or committee member, and including an action brought by the investment management corporation, if a the director, officer, employee or committee member acted in good faith, and b in the case of a criminal action or proceeding, the director, officer, employee or committee member had reasonable grounds for believing that their conduct was lawful. 2 The investment management board may purchase and maintain, for the benefit of the investment management corporation or a director, officer, employee or committee member referred to in subsection (1), or any of them, insurance against liability incurred by the investment management corporation or by the director, officer, employee or committee member. 4 General Provisions Appropriation for unfunded pension plan liability 25.1 1 If an actuarial valuation discloses that a pension plan has an unfunded liability, the Minister of Finance may, in accordance with generally accepted accounting principles, allocate an expense to the consolidated revenue fund to amortize the portion of the unfunded liability that is attributable to the government. 2 Subsection (1) applies despite section 21 (3) of the Financial Administration Act . 3 Expenses may be allocated under subsection (1) without an appropriation other than that subsection. Regulations 26 1 The Lieutenant Governor in Council may make regulations referred to in section 41 of the Interpretation Act . 2 Without limiting subsection (1), the Lieutenant Governor in Council may make the following regulations: a regulations designating institutions as designated institutions for the purposes of Part 3; b regulations referred to in Part 5 of the Financial Administration Act with the necessary changes so that they apply to the investment management corporation under this Act. 3 A regulation made under Part 5 of the Financial Administration Act applies, with the necessary changes and so far as it is applicable, to the investment management corporation as if made under this Act. Repealed 27-29 [Repealed 2012-18-49.] Schedule A College Pension Plan Definitions 1 In this Schedule: college board has the same meaning as in section 1 (1) of the Act; partners means the plan employer partners and the plan member partners; pension corporation has the same meaning as in section 1 (1) of the Act; pension fund means the cash, investments and other assets of the pension plan held by the college board; pension plan has the same meaning as "college plan" in section 1 (1) of the Act; plan administrative agent means the pension corporation; plan employer partners means the government and The Post-Secondary Employers' Association; plan member has the same meaning as in section 1 (1) of the Act; plan member partners means the Federation of Post-Secondary Educators of BC and the B.C. Government and Service Employees' Union. Part 1 Repealed 2-16 [Repealed 2012-18-52.] Part 1.1 — Joint Trusteeship Joint management agreement 16.1 1 In this section, agreement means the joint management agreement referred to in subsection (2). 2 The partners may enter into a unanimous joint management agreement that provides for, but is not limited to, all of the following: a the continuation of the pension plan and pension fund, that were continued under this Schedule, for the benefit of plan members; b the joint management of the pension plan and the pension fund; c the establishment of who will manage the agreement; d the establishment of an arrangement to hold and invest the pension fund; e the composition of the board of trustees of the pension plan, including the appointment of trustees and the delineation of their powers, functions and duties; f the sharing by employers and plan members of gains or surplus and of liability for deficiencies in the pension fund; g the method for amending the pension plan by the agreement of the partners; h the resolution of disputes; i any other matter on which agreement is reached. 3 The partners must establish appropriate mechanisms whereby the views and interests of the plan members who are a non-unionized employees, b unionized employees not represented by a plan member partner, and c retirees are fairly represented in the negotiation of the agreement. 4 The pension plan continued under the agreement must provide for all of the following: a employer and employee eligibility to participate in the pension plan; b employer and plan member contributions to the pension fund; c pensionable service, including the calculation of pensions, purchase of service, reinstatement and portability; d eligibility to receive a benefit and the determination of the amount of that benefit; e benefits on termination, early retirement, normal retirement, late retirement, disability retirement and pre-retirement death; f pension indexing; g general administrative requirements; h supplemental benefits; i continued recognition of any rights vested in a plan member or beneficiary, in the same manner and to the same extent as provided under the pension plan; j any matter necessary or advisable to establish the pension plan rules. 5 The partners must ensure that a the money of the pension fund is invested or loaned in the best financial interests of the plan members and, in doing that, must i exercise the care, diligence and skill that a person of ordinary prudence would exercise when dealing with the property of another person, and ii ensure that the investments and loans are made in accordance with the provisions of the Pension Benefits Standards Act and other regulatory requirements, b the plan administrative agent keeps an account of all money received and paid out of the pension fund and keeps an accounting of the assets and liabilities of the pension fund, and c the plan administrative agent keeps an individual record of contributions made by each plan member. 6 Any of the partners may initiate discussions respecting the agreement. 7 Despite subsection (2), the non-unionized employees, unionized employees not represented by a plan member partner and retirees not represented by the partners may benefit from and be subject to the agreement and the partners have the power to enter into the agreement on behalf of those persons and, if entered into, the agreement is binding on those persons. Part 1.2 — Post Retirement Group Benefits Definitions 16.2 In this Part, retired plan member means a person who is receiving a monthly pension benefit from the pension plan, including a person who receives a pension following the death of a plan member, but does not include a limited member as defined in Part 6 of the Family Law Act . Continuation of existing post retirement group benefit contracts 16.3 Any portions of an insurance contract made under the Public Service Benefit Plan Act that relate to retired plan members are continued under this Part for the benefit of retired plan members, as if made by the college board under the authority of this Part. Post retirement group benefits 16.4 1 Subject to any limits set by the partners in or pursuant to the joint management agreement referred to in section 16.1 (2), the college board may sponsor a program of post retirement group benefits for retired plan members and their dependents. 2 Insurance under this section may be provided directly or by entering into contracts of insurance. 3 A contract under this section may be a contract under which the insurer assumes the risk or under which the college board assumes the risk and under which the insurer disburses benefits and generally manages a scheme of insurance on the college board's behalf. 4 The college board may determine the following: a the type and level of post retirement group benefits;

b the eligibility to receive post retirement group benefits; c the terms and conditions of how post retirement group benefits are provided; d the rate of contribution toward payment of any premium required to be made by retired plan members and the methods by which those contributions can be made; e the rate of contribution toward payment of the cost of post retirement group benefits required to be deducted from employer contributions to the pension plan and the methods by which those contributions can be made; f any other matter necessary or advisable to provide post retirement group benefits. 5 For the purpose of subsection (4) (d), the college board may determine different rates of contribution for different groups of persons. 6 Despite the Pension Benefits Standards Act , with the retired plan member's consent, the college board may deduct the required premiums for any post retirement group benefits provided under this section from the person's monthly pension benefit. Application of Pension Benefits Standards Act 16.5 Despite section 3 (b) of this Act, the Pension Benefits Standards Act does not apply to post retirement group benefits provided pursuant to this Schedule. Part 2 — Plan Continuation Plan continuation — validation of existing calculations 17 All benefit calculations based on the rules that were in effect at the time of the calculation under the Pension (College) Act and the regulations to that Act are deemed to have been validly made for the purposes of this Schedule. Plan continuation — agreements 18 This Schedule continues to apply to all agreements made under the Pension (College) Act that were in effect on the date of the repeal of that Act, as if those agreements had been made by the college board under the authority of this Schedule. Repealed 19 [Repealed 2003-62-11.] Plan continuation — regulations 20 The Lieutenant Governor in Council may, on the recommendation of the college board, make regulations that are necessary or advisable to aid the effective governance and administration of the pension plan and pension fund by the college board, and the regulations may be made to apply generally or to a particular case. Schedule B Municipal Pension Plan Definitions 1 In this Schedule: HEABC means the health sector employers as represented by the Health Employers Association of British Columbia; municipal board has the same meaning as in section 1 (1) of the Act; partners means the plan employer partner and the plan member partner; pension corporation has the same meaning as in section 1 (1) of the Act; pension fund means the cash, investments and other assets of the pension plan held by the municipal board; pension plan has the same meaning as "municipal plan" in section 1 (1) of the Act; plan administrative agent means the pension corporation; plan employer partner means the government of British Columbia and the municipal governments, including regional districts, as represented by the Union of British Columbia Municipalities; plan member has the same meaning as in section 1 (1) of the Act; plan member partner means the Municipal Employees' Pension Committee which represents a the British Columbia Nurses' Union, b the Canadian Union of Public Employees, c the Health Sciences Association of British Columbia, d the Hospital Employees' Union, e the British Columbia Police Association, f the British Columbia Professional Fire Fighters' Association, and g the other unionized plan members. Part 1 Repealed 2-17 [Repealed 1999-44-120.] Part 2 — Joint Trusteeship Joint management agreement 18 1 In this section agreement means the joint management agreement referred to in subsection (2). 2 The partners may enter into a unanimous joint management agreement that provides for, but is not limited to, all of the following: a the continuation of the pension plan and pension fund, that were continued under this Schedule, for the benefit of plan members; b the joint management of the pension plan and the pension fund; c establishing who will manage the agreement; d the establishment of an arrangement to hold and invest the pension fund; e the composition of the board of trustees of the pension plan, including the appointment of trustees and the delineation of their powers, functions and duties; f the sharing by employers and plan members of gains or surplus and of liability for deficiencies in the pension fund; g the method for amending the pension plan by the agreement of the partners; h the resolution of disputes; i any other matter on which agreement is reached. 3 The partners must establish appropriate mechanisms whereby the views and interests of the plan members who are a non-unionized employees, and b retirees, are fairly represented in the negotiation of the agreement. 4 The pension plan continued under the agreement must provide for all of the following: a employer and employee eligibility to participate in the pension plan; b employer and plan member contributions to the pension fund; c pensionable service, including the calculation of pensions, purchase of service, reinstatement and portability; d eligibility to receive a benefit and the determination of the amount of that benefit; e benefits on termination, early retirement, normal retirement, late retirement, disability retirement and pre-retirement death; f [Repealed 2003-62-15.] g pension indexing; h general administrative requirements; i supplemental benefits; j continued recognition of any rights vested in a plan member or beneficiary, in the same manner and to the same extent as provided under the pension plan; k any matter necessary or advisable to establish the pension plan rules. 5 The partners must ensure that a the money of the pension fund is invested or loaned in the best financial interests of the plan members and, in doing that, must i exercise the care, diligence and skill that a person of ordinary prudence would exercise when dealing with the property of another person, and ii ensure that the investments and loans are made in accordance with the provisions of the Pension Benefits Standards Act and other regulatory requirements, b the plan administrative agent keeps an account of all money received and paid out of the pension fund and keeps an accounting of the assets and liabilities of the pension fund, and c the plan administrative agent keeps an individual record of contributions made by each plan member. 6 Either of the partners may initiate discussions respecting the agreement. 7 Despite subsection (2), the non-unionized employees and the retirees not represented by the partners may benefit from and be subject to the agreement and the partners have the power to enter into the agreement on behalf of those persons and, if entered into, the agreement is binding on those persons. Part 2.1 — Post Retirement Group Benefits Definitions 18.1 In this Part, retired plan member means a person who is receiving a monthly pension benefit from the pension plan, including a person who receives a pension following the death of a plan member, but does not include a limited member as defined in Part 6 of the Family Law Act . Continuation of existing post retirement group benefit contracts 18.2 Any portions of an insurance contract made under the Public Service Benefit Plan Act that relate to retired plan members are continued under this Part for the benefit of retired plan members, as if made by the municipal board under the authority of this Part. Post retirement group benefits 18.3 1 Subject to any limits set by the partners in or pursuant to the joint management agreement referred to in section 18 (2), the municipal board may sponsor a program of post retirement group benefits for retired plan members and their dependents. 2 Insurance under this section may be provided directly or by entering into contracts of insurance. 3 A contract under this section may be a contract under which the insurer assumes the risk or under which the municipal board assumes the risk and under which the insurer disburses benefits and generally manages a scheme of insurance on the municipal board's behalf. 4 The municipal board may determine the following: a the type and level of post retirement group benefits; b the eligibility to receive post retirement group benefits; c the terms and conditions of how post retirement group benefits are provided; d the rate of contribution toward payment of any premium required to be made by retired plan members and the methods by which those contributions can be made; e the rate of contribution toward payment of the cost of post retirement group benefits required to be deducted from employer contributions to the pension plan and the methods by which those contributions can be made; f any other matter necessary or advisable to provide post retirement group benefits. 5 For the purpose of subsection (4) (d), the municipal board may determine different rates of contribution for different groups of persons. 6 Despite the Pension Benefits Standards Act , with the retired plan member's consent, the municipal board may deduct the required premiums for any post retirement group benefits provided under this section from the person's monthly pension benefit. Application of Pension Benefits Standards Act 18.4 Despite section 3 (b) of this Act, the Pension Benefits Standards Act does not apply to post retirement group benefits provided pursuant to this Schedule. Part 3 — Plan Continuation Plan continuation — validation of existing calculations 19 All benefit calculations based on the rules that were in effect at the time of the calculation under the Pension (Municipal) Act and the regulations to that Act are deemed to have been validly made for the purposes of this Schedule. Plan continuation — agreements 20 This Schedule continues to apply to all agreements made under the Pension (Municipal) Act that were in effect on the date of the repeal of that Act, as if those agreements had been made by the municipal board under the authority of this Schedule. Plan continuation — regulations 21 The Lieutenant Governor in Council may, on the recommendation of the municipal board, make regulations that are necessary or advisable to aid the effective governance and administration of the pension plan and pension fund by the municipal board, and the regulations may be made to apply generally or to a particular case. Schedule C Public Service Pension Plan Definitions 1 In this Schedule: partners means the plan employer partner and the plan member partner; pension corporation has the same meaning as in section 1 (1) of the Act; pension fund means the cash, investments and other assets of the pension plan held by the public service board; pension plan has the same meaning as "public service plan" in section 1 (1) of the Act; plan administrative agent means the pension corporation; plan employer partner means the government; plan member has the same meaning as in section 1 (1) of the Act; plan member partner means a the B.C. Government and Service Employees' Union, b the Professional Employees Association, and c the Union of Psychiatric Nurses; public service board has the same meaning as in section 1 (1) of the Act. Part 1 Repealed 2-17 [Repealed 1999-44-121.] Part 2 — Joint Trusteeship Joint management agreement 18 1 In this section agreement means the joint management agreement referred to in subsection (2). 2 The partners may enter into a unanimous joint management agreement that provides for, but is not limited to, all of the following: a the continuation of the pension plan and the pension fund, that were continued under this Schedule, for the benefit of plan members; b the joint management of the pension plan and the pension fund; c establishing who will manage the agreement; d the establishment of an arrangement to hold and invest the pension fund; e the composition of the board of trustees of the pension plan, including the appointment of trustees and the delineation of their powers, functions and duties; f the sharing by the employers and plan members of gains or surplus and of liability for deficiencies in the pension fund; g the method for amending the pension plan by the agreement of the partners; h the resolution of disputes; i any other matter on which agreement is reached. 3 The partners must establish appropriate mechanisms whereby the views and interests of the plan members who are a unionized employees not represented by the plan member partner, b non-unionized employees, and c retirees, are fairly represented in the negotiation of the agreement. 4 The pension plan continued under the agreement must provide for all of the following: a employer and employee eligibility to participate in the pension plan; b employer and plan member contributions to the pension fund; c pensionable service, including the calculation of pensions, purchase of service, reinstatement and portability; d eligibility to receive a benefit and the determination of the amount of that benefit; e benefits on termination, early retirement, normal retirement, late retirement, disability retirement and pre-retirement death; f [Repealed 2003-62-20.] g pension indexing; h general administrative requirements; i supplemental benefits; j continued recognition of any rights vested in a plan member or beneficiary, in the same manner and to the same extent as provided under the pension plan; k any matter necessary or advisable to establish the pension plan rules. 5 The partners must ensure that a the money of the pension fund is invested or loaned in the best financial interests of the plan members and, in doing that, must i exercise the care, diligence and skill that a person of ordinary prudence would exercise when dealing with the property of another person, and ii ensure that the investments and loans are made in accordance with the requirements of the provisions of the Pension Benefits Standards Act and other regulatory requirements, b the plan administrative agent keeps an account of all money received and paid out of the pension fund and keeps an accounting of the assets and liabilities of the pension fund, and c the plan administrative agent keeps an individual record of contributions made by each plan member. 6 Either of the partners may initiate discussions respecting the agreement. 7 Despite subsection (2), the unionized employees, the non-unionized employees and the retirees not represented by the partners may benefit from and be made subject to the agreement and the partners have the power to enter into the agreement on behalf of those persons and, if entered into, the agreement is binding on those persons. Part 2.1 — Post Retirement Group Benefits Definitions 18.1 In this Part, retired plan member means a person who is receiving a monthly pension benefit from the pension plan, including a person who receives a pension following the death of a plan member, but does not include a limited member as defined in Part 6 of the Family Law Act . Continuation of existing post retirement group benefit contracts 18.2 Any portions of an insurance contract made under the Public Service Benefit Plan Act that relate to retired plan members are continued under this Part for the benefit of retired plan members, as if made by the public service board under the authority of this Part. Post retirement group benefits 18.3 1 Subject to any limits set by the partners in or pursuant to the joint management agreement referred to in section 18 (2), the public service board may sponsor a program of post retirement group benefits for retired plan members and their dependents. 2 Insurance under this section may be provided directly or by entering into contracts of insurance. 3 A contract under this section may be a contract under which the insurer assumes the risk or under which the public service board assumes the risk and under which the insurer disburses benefits and generally manages a scheme of insurance on the public service board's behalf. 4 The public service board may determine the following: a the type and level of post retirement group benefits; b the eligibility to receive post retirement group benefits; c the terms and conditions of how post retirement group benefits are provided; d the rate of contribution toward payment of any premium required to be made by retired plan members and the methods by which those contributions can be made; e the rate of contribution toward payment of the cost of post retirement group benefits required to be deducted from employer contributions to the pension plan and the methods by which those contributions can be made; f any other matter necessary or advisable to provide post retirement group benefits. 5 For the purpose of subsection (4) (d), the public service board may determine different rates of contribution for different groups of persons. 6 Despite the Pension Benefits Standards Act , with the retired plan member's consent, the public service board may deduct the required premiums for any post retirement group benefits provided under this section from the person's monthly pension benefit. Application of Pension Benefits Standards Act 18.4 Despite section 3 (b) of this Act, the Pension Benefits Standards Act does not apply to post retirement group benefits provided pursuant to this Schedule. Part 3 — Plan Continuation Plan continuation — validation of existing calculations 19 All benefit calculations based on the rules that were in effect at the time of the calculation under the Pension (Public Service) Act and the regulations to that Act are deemed to have been validly made for the purposes of this Schedule. Plan continuation — agreements 20 This Schedule continues to apply to all agreements made under the Pension (Public Service) Act that were in effect on the date of the repeal of that Act, as if those agreements had been made by the public service board under the authority of this Schedule. Plan continuation — supplementary allowance 21 A supplementary allowance that was, under section 35 of the Pension (Public Service) Act as it read on the date of its repeal by this Act, payable to a retired member, or to the spouse of a retired member who dies after retirement, must continue to be paid in the manner and for the period as provided for by the Pension (Public Service) Act , and the present value of those supplementary allowances, as determined by the plan administrative agent, must be paid by the government to the pension fund. Plan continuation — regulations 22 The Lieutenant Governor in Council may, on the recommendation of the public service board, make regulations that are necessary or advisable to aid the effective governance and administration of the pension plan and pension fund by the public service board, and the regulations may be made to apply generally or to a particular case. Schedule D Teachers' Pension Plan Definitions 1 In this Schedule: partners means the plan employer partner and the plan member partner; pension corporation has the same meaning as in section 1 (1) of the Act; pension fund means the cash, investments and other assets of the pension plan held by the teachers' board; pension plan has the same meaning as "teachers' plan" in section 1 (1) of the Act; plan administrative agent means the pension corporation; plan employer partner means the government; plan member has the same meaning as in section 1 (1) of the Act; plan member partner means the British Columbia Teachers' Federation; teachers' board has the same meaning as in section 1 (1) of the Act. Part 1 Repealed 2-17 [Repealed 1999-44-122.] Part 2 — Joint Trusteeship Joint management agreement 18 1 In this section agreement means the joint management agreement referred to in subsection (2). 2 The partners may enter into a unanimous joint management agreement that provides for, but is not limited to, all of the following: a the continuation of the pension plan and the pension fund, that were continued under this Schedule, for the benefit of the plan members; b the joint management of the pension plan and the pension fund; c establishing who will manage the agreement; d the establishment of an arrangement to hold and invest the pension fund; e the composition of the board of trustees of the pension plan, including the appointment of trustees and the delineation of their powers, functions and duties; f the sharing by employers and plan members of gains or surplus and of liability for deficiencies in the pension fund; g the method for amending the pension plan by the agreement of the partners; h the resolution of disputes; i any other matter on which agreement is reached. 3 The partners must establish appropriate mechanisms whereby the views and interests of the plan members who are a non-unionized employees, and b retirees, are fairly represented in the negotiation of the agreement. 4 The pension plan continued under the agreement must provide for all of the following: a employer and employee eligibility to participate in the pension plan; b employer and plan member contributions to the pension fund; c pensionable service, including the calculation of pensions, purchase of service, reinstatement and portability; d eligibility to receive a benefit and the determination of the amount of that benefit; e benefits on termination, early retirement, normal retirement, late retirement, disability retirement and pre-retirement death; f [Repealed 2003-62-24.] g pension indexing; h general administrative requirements; i supplemental benefits; j continued recognition of any rights vested in a plan member or beneficiary, in the same manner and to the same extent as provided under the pension plan; k any matter necessary or advisable to establish the pension plan rules. 5 The partners must ensure that a the money of the pension fund is invested or loaned in the best financial interests of the plan members and, in doing that, must i exercise the care, diligence and skill that a person of ordinary prudence would exercise when dealing with the property of another person, and ii ensure that the investments and loans are made in accordance with the requirements of the provisions of the Pension Benefits Standards Act and other regulatory requirements, b the plan administrative agent keeps an account of all money received and paid out of the pension fund and keeps an accounting of the assets and liabilities of the pension fund, and c the plan administrative agent keeps an individual record of contributions made by each plan member. 6 Either of the partners may initiate discussions respecting the agreement. 7 Despite subsection (2), the non-unionized employees and the retirees not represented by the partners may benefit from and be subject to the agreement and the partners have the power to enter into the agreement on behalf of those persons and, if entered into, the agreement is binding on those persons. Part 2.1 — Post Retirement Group Benefits Definitions 18.1 In this Part, retired plan member means a person who is receiving a monthly pension benefit from the pension plan, including a person who receives a pension following the death of a plan member, but does not include a limited member as defined in Part 6 of the Family Law Act . Continuation of existing post retirement group benefit contracts 18.2 Any portions of an insurance contract made under the Public Service Benefit Plan Act that relate to retired plan members are continued under this Part for the benefit of retired plan members, as if made by the teachers' board under the authority of this Part. Post retirement group benefits 18.3 1 Subject to any limits set by the partners in or pursuant to the joint management agreement referred to in section 18 (2), the teachers' board may sponsor a program of post retirement group benefits for retired plan members and their dependents. 2 Insurance under this section may be provided directly or by entering into contracts of insurance. 3 A contract under this section may be a contract under which the insurer assumes the risk or under which the teachers' board assumes the risk and under which the insurer disburses benefits and generally manages a scheme of insurance on the teachers' board's behalf. 4 The teachers' board may determine the following: a the type and level of post retirement group benefits; b the eligibility to receive post retirement group benefits; c the terms and conditions of how post retirement group benefits are provided; d the rate of contribution toward payment of any premium required to be made by retired plan members and the methods by which those contributions can be made; e the rate of contribution toward payment of the cost of post retirement group benefits required to be deducted from employer contributions to the pension plan and the methods by which those contributions can be made; f any other matter necessary or advisable to provide post retirement group benefits. 5 For the purpose of subsection (4) (d), the teachers' board may determine different rates of contribution for different groups of persons. 6 Despite the Pension Benefits Standards Act , with the retired plan member's consent, the teachers' board may deduct the required premiums for any post retirement group benefits provided under this section from the person's monthly pension benefit. Application of Pension Benefits Standards Act 18.4 Despite section 3 (b) of this Act, the Pension Benefits Standards Act does not apply to post retirement group benefits provided pursuant to this Schedule. Part 3 — Plan Continuation Plan continuation — validation of existing calculations 19 All benefit calculations based on the rules that were in effect at the time of the calculation under the Pension (Teachers) Act and the regulations to that Act are deemed to have been validly made for the purposes of this Schedule. Plan continuation — agreements 20 This Schedule continues to apply to all agreements made under the Pension (Teachers) Act that were in effect on the date of the repeal of that Act, as if those agreements had been made by the teachers' board under the authority of this Schedule. Plan continuation — regulations 21 The Lieutenant Governor in Council may, on the recommendation of the teachers' board, make regulations that are necessary or advisable to aid the effective governance and administration of the pension plan and pension fund by the teachers' board, and the regulations may be made to apply generally or to a particular case. Spent 30-90 [Consequential amendments. Spent. 1999-44-30 to 90.] Not in force. Repealed 91 [Consequential amendment. Not in force. Repealed 2000-9-52.] Spent 92-124 [Consequential amendments, amendments to this Act, validation and repeals. Spent. 1999-44-92 to 124.] Commencement 125 This Act comes into force by regulation of the Lieutenant Governor in Council.