BYLAW - Pension OMERS - 19670605 - 173867BY-LAW NUMBER 1738-61f,
OF THE MUNICIPAL CORPORATibN'OF THE TOWN OF AURORA
ONTARIO MUNICIPAl EMPLOYEES RETIREMENT SYSTEM
Amendment to Prior Service Agreement Number --~1~3~9-~M~-~1 __ __
WHEREAS the Ontario Municipal Employees Retirement Board herein called
"the Board"
and CORPORATION OF THE TOWN OFJAURORA
herein called "the Employer"
have entered into an agreement dated 15th JUNE 19~
herein called "the Agreement" pursuant to Regulation 168/62 made under
the Ontario Municipal Employees Retirement System Act 1961~62, and
WHEREAS the Agreement with the Employer does not provide for the payment
of benefits on the same terms and conditions as are prescribed for
benefits in respect of contributory earnings in Section 13 of the
Regulation, and
WHEREAS under Regulation 168/62 as amended on January 6, 1966 the Board
is authorized to enter into a prior service agreement under which the
benefits in respect of prior service are payable on the same terms and
conditions as are prescribed for benefits in respect of contributory
earnings in Section 13 of the Regulation,
NOW THEREFORE in consideration of the premises and of the mutual
covenants herein contained the Board and the Employer do hereby
covenant and agree that
1. The Agreement is amended by substituting page 2 hereto
attached for page 2 of the Agreement, and schedule 3
hereto attached shall form part of the Agreement as
schedule 3.
IN WITNESS WHEREOF this agreement is executed by the parties hereto under
the hand of their officers lawfully authorized in that behalf and corporate
seals respectively and the amendment authorized by this agreement shall
be applicable only to each member who commences to receive a pension
under the Agreement on or after the day on which this agreement to amend
is executed
~N~D AND~S~ THIS 5 DAY OF
' ~/j~ t ------------------------------
JUNE, 1967
_67&0~-------
MAYOR
Dated this ______ ..<5.:.T:;H_____ day
of __ · •_.J_UN_E_· _____ .19 67
~
Dated this ·~ J..6t:/ day
of JUNE 19 67
DEPUTY CLERK
Employer
· Ontario Municipal Employees Retirement Board
,..·~asurer
I·
I
-~·
#
ONTARIO MUNICIPAL EMPLOYEES RETIREMENT SYSTEM
· Schedule 3
Factors for Calculating a Disability Retirement Pension
The annual amount of pension payable to a member under section 13 of the Regulation
in respect of a contribution is calculated by dividing the contribution and
interest thereon up to the day on ·which the pension becomes payable by the factor
herein for the age of the member on the last day of the month next preceding
the month in which the pension becomes payable to the member, provided that where
a pension becomes payable during a month which does not immediately follow the
month in which a birthday of the member occurs, the appropriate factor shall be
determined on a proportionate basis by the actuary,
Interest on a contribution shall accrue and be compounded yearly at the annual
rate applicable to Province of Ontario debentures issued under section 7 of
the Act for the year in which the contribution is paid into the Fund.
AGE OF MEMBER FACTOR AGE OF MEMBER FACTOR
40 11.1014 53 1L9314
41 11.1653 54 1L9952
42 11.2291 55 12.0591
43 11.2930 56 12.1229
44 11.3568 57 12.1868
45 11.4206 58 12.2506
46 11.4845 59 12.3144
47 11.5483 60 12.3783
48 11.6122 61 12.4421
49 1L6760 62 12.5060
50 11.7399 63 12.5698
51 1L8037 64 12,6337
52 11.8675 65 12.6975
On the death of a member who had commenced to receive a pension under section 13
of the Regulation a pension is payable to the widow or children of the member in
accordance with and subject to clause 5 of this Agreement,
''.;' • ' •
"
PAGE 2 ...
ONTARIO'MUNICIPAL EMPLOYEES RETIREMENT SYSTEM
Terms and Conditions of Prior Service Agreement Number· 139~M-l,
1. The words and phrases used herein have the meaning given to them
under The Ontario Municipal Employees Retirement System Act, 1961-62
as amended and the Regulation thereunder and without limiting the
generality of the foregoing,
(a) "Regulation" means Regulation 168/62 as amended and
(b) "Schedule" means a Schedule hereto annexed and made part hereof.
2. 'Ihis Agreement is applicable to the members of the System whose
names are listed in Schedule 1, and verified by the secretary-
treasurer of the Board, and for purposes of this agreement a member
is a person who is so listed and verified.
3. Every member to whom this Agreement is applicable shall be entitled.
to a pension hereunder which shall be payable on the same dates and
subject to the same terms and conditions, except as to the amount·
of pension, as are prescribed in sections 12, 13 and 15 of the
Regulation for a pension in respect of the contributory earnings
of the member.
4. The annual amount of pension shown in Schedule 1 opposite the name
of a member is the amount of pension which shall be payable under
this Agreement to the member provided that if
(a) the pension commences on a day other than the date of
commencement shown in Schedule 1 for the member, or
(b) there is an error in the date of birth shown in Schedule 1
for the member, or
(c) any part of the contributions required to be paid in
respect of the member is not paid, or is paid on a day
other than the day specified therefor in Schedule 1,
the amount of pension payable to the member shall be recalculated
in accordance with Schedule 2 or 3 hereof whichever Schedule is
applicable.