Mr. Speaker, I move, seconded by the honourable Member for Aivilik that Bill 14, An Act to Amend the Legislative Assembly Retiring Allowances Act and the Supplementary Retiring Allowances Act, be read for the second time. Mr. Speaker;
This bill amends the Legislative Assembly Retiring Allowances Act, to change the calculation for the amount of contribution to be made by a Member as of October 16, 1995, and to limit the effect of the actuarial increase to an allowance paid in respect of service before 1992, for a Member who elects to commence receiving the allowance after obtaining the age of 55 years.
This bill also amends the Legislative Assembly Retiring Allowances Act, so that it complies with the Income Tax Act (Canada) by making changes to the following in respect of service after 1991:
- the way in which maximum benefits are calculated;
- the time at which a Member may take a full pension;
- the pension to which a spouse is entitled upon the death of a Member or former Member;
- the way the amount of a pension is calculated, when a Member of former Member wishes to commence receiving it before or after a certain time;
- the form that a pension may take.
This bill also amendments a Supplementary Retiring Allowances Act, to limit the effect of the actuarial increase to an allowance paid for a Member who elects to commence receiving the allowance after attaining the age of 55 years.
Thank you, Mr. Speaker.