BILL 27 - An Act to Amend the City of Saint John Pension Act

BILL 27

An Act to Amend the City of Saint John Pension Act

WHEREAS The City of Saint John prays that it be enacted as hereinafter set forth;

THEREFORE, Her Majesty, by and with the advice and consent of the Legislative Assembly of New Brunswick, enacts as follows:

1 Section 27 of the City of Saint John Pension Act, chapter 112 of the Acts of New Brunswick, 1994, is amended by adding after subsection 7 the following:

27(8) On January 1, 1999 and on the first day of January in each year thereafter the portion of every pension being paid which is in respect of pensionable service between January 1, 1975 and December 31, 1992, including any adjustments made to such portion of the pension, shall be increased by multiplying it by 1.01; the increase at January 1, 1999 under this subsection shall be calculated based on the pension in effect after applying the increases described in section 36.1.

2 The Act is amended by adding after section 36 the following:

36.1 On January 1, 1999 pensions, disability allowances and retiring allowances shall be increased as follows:

(a) where payment of a pension, disability allowance or retiring allowance commenced prior to January 1, 1992 and the total percentage increase applied to the pension, disability allowance or retiring allowance from the date of commencement to January 1, 1999 is less than 20% of the total percentage increase in the all-items Consumer Price Index for Canada during the same period, the pension, disability allowance or retiring allowance shall be increased by an amount which will bring the total percentage increase from the date that payment of the pension, disability allowance or retiring allowance first commenced to 20% of the total percentage increase in the all-items Consumer Price Index for Canada for that period, and

(b) where payment of a pension, disability allowance or retiring allowance commenced prior to January 1, 1977, the pension, disability allowance or retiring allowance shall be increased by the lesser of

(i) 20% of the pension, disability allowance or retiring allowance or retiring allowance being paid in December of 1998, and

(ii) the amount which will bring the total percentage increase in the pension, disability allowance or retiring allowance from the date that payment of the pension, disability allowance or retiring allowance first commenced up to 100% of the total percentage increase in the all-items Consumer Price Index for Canada between the date that payment of the pension, disability allowance or retiring allowance first commenced and January 1, 1999.