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BY-Law No. l637.
."T~_A!n.e.D.:cl__~~-:.JA~j~.l:5..'!:L~ð;~v}':.r.y..t}!e~ _t_e_J."..m.~._~f.,_G...r..~~
Annuity Contract No. G 1828 of the County of Elgin.
_.._._..~."...__..____.~_,_.....,___,_--.,_..,,_.__,___,.___.._ _"_'''_ ~L___'_'___'_' .~..". ___.,~".__,__,_._.._..__<..
WHEREAS the Minister of Labour has been authorized to
enter into an agreement to vary the terms of Group Annuity
Contract No. G 1828.
.AND WHERI!:AS the Corporation of' the County of' Elgin is
desirous of' varying the terms of' the contract.
THEREFORE the Council of' the Corporation of the County
of E¡gin enacts:~
THAT the Warden and Clerk are hereby authorized to sign
agreement to vary the terms of' Group Annuity Contract No.
G 1828 to provide that when an employee has oeased to be
employed prior to Retirement Date, ,and there are no
employer oontributions vested in him at the time of' ter-
mination of' employment, and the employer contributions are
not suf'f'icient to purchase an annuity of $50.00 a year
payable at Normal Retirement Date, the employee maY,at
any time bef'ore retirement surrender his rights to receive
an annuity under the said contract in consideration of' a
single payment made to him, without interest of' such em-
ployee contributions.
THA'.!;' this By-l,aw shall come into f'orce upon approval by
the Department of Muni.cipal Affairs.
READ a f'irst time this 22ndday of January 1954.
READ, a second time this 22 ' day of January 1954.
READ a third time and f'inal1y passed this
22nd"de.y of Je.nuary 1954.
-I-:f~ p~
We.rden
G. A.
116
Dear Sir
Heceipt is acknowledged herewith of your letter
of Maroh 18th with which ,re.s enclosed a letter addressed to
you frol11 the Ontario Deparunent of Hunicipal Affairs.
When we offered, you Ð. form of agreement in
connection yd.th the refund arrall[jOmerrc", we VVCI'8 ¡.lOt 8.¡Vß.l'e
that the Doparunent of ¡'¡unicipo,J. Affo,irs would not Ð.pprove
a By-lavr incorpora-ting the proposal inJGo your retirement
plan. Tho l'lunicipal Ac+b, as amended 1953, providos for
-the payment of interest vrhere a refund is rr.ade. The
Reeulation under the Go'verl1Jílont Annuities Act stip'ulates
that no intorest will 1)e allowed. 'There is Ð. conflict
bet1vEwn our respective legislations on this particular
pain'\:; and, until suoh time as Jehe líunicipal Act is ~3.mended",
it would appoar thaJethe terms of Jrour plan cannot be
8x'Gended "\:;o include the refund feature.
Yours truly,
ed.~
C. R. l'.!.cCord",
D:i.rector.
'"
THE DIRECTOR OF ANNUITIES
DEPARTMENT OF LABOUR
OTTAWA, ONTARIO
J...'Jr. 'J. D. Thomson,
Clerl{-Treasurer,
County of Elgin,
S·t; :e-h01Yl8;S, Ontario
QUOTE THIS
REFERENCE
..........
GOVERNMENT ANNUITIES BRANCH
CANADA
OTTAWA }:I~.~T.?h ..~_~.~.. 1954.