Thank you, Mr. Speaker. I move, seconded by the honourable Member for Baffin South, that Bill 16, An Act to Amend the Supplementary Retiring Allowances Act, be read for the second time.

Mr. Speaker, this bill amends the Supplementary Retiring Allowances Act to terminate the payments of the payment of retiring allowances and benefits on December 1, 1999. Recipients are entitled to be paid the actuarial equivalent of the allowances and benefits as of November 30, 1999. This actuarial equivalent may be paid, at the option of the recipient, either as a lump sum at any time before April 1, 2005, or as 64 equal monthly payments. A recipient can designate a beneficiary who will be paid his or her lump sum payment or unpaid monthly payments in the event of the recipient's death. The bill also makes related adjustments to the regulation-making powers and provides that the Supplementary Retiring Allowances Act is repealed on December 30, 2005. Thank you, Mr. Speaker.