Mr. Chairman,
I MOVE that clause 5 of Bill 7 be amended by deleting subsections 6(5) and (6) and by substituting the following:
(5) A Member who files an election under paragraph 5.2(2)(a) of the Supplementary Retiring Allowances Act shall contribute to the fund, for each month or portion of a month during the period of service commencing December 7, 1999 and ending immediately before the day on which a Member files the election, 2.5 percent of 1/12 of the lesser of:
- (a) the pensionable remuneration and earnings paid to the Member in the year in which the month occurs; and
- (b) the defined benefit limit divided by two percent.
(6) A Member who files elections under both paragraph 5.2(2)(a) and subsection 5.3(2) of the Supplementary Retiring Allowances Act shall contribute to the fund for each month or portion of a month during the period of credited service described in subsection 5.3(1) of the Supplementary Retiring Allowances Act, 2.5 percent of 1/12 of the lesser of:
- (a) the pensionable remuneration and earnings paid to the Member in the year in which the month occurs; and
- (b) the defined benefit limit divided by two percent.
(7) A contribution by a Member under subsection (5) or (6) must be made by way of deduction in accordance with subsection 6.1 during the 14th Legislative Assembly.