Firefighters’ Pension Fund
8(1)In this section, “claimant” means a firefighter or former firefighter or a dependent spouse who is entitled to have an amount set aside in accordance with section 22, 24 or 25 of the Act, as the case may be.
8(2)The Firefighters’ Pension Fund established for the payment of pensions shall form part of the Disability Fund but shall be maintained separately and managed as follows:
(a)
a separate account for each claimant shall be established;
(b)
the amount that is set aside for each claimant shall be calculated monthly and credited to the claimant’s account;
(c)
each claimant’s account of credited amounts shall be balanced monthly with the Firefighters’ Pension Fund account;
(d)
a pension fund investment portfolio shall be maintained in accordance with the provisions of Division C of Part 4 of the
Trustees Act;
(e)
the Firefighters’ Pension Fund and each claimant’s account shall be credited quarterly with the return, whether positive or negative, at the average yield rate of the investment portfolio during that quarter;
(f)
if a claimant who has an account dies before reaching the age of 65 years with no surviving dependants, his or her account shall be closed and the total amount shall be credited to the Disability Fund.
8(3)Upon reaching the age of 65 years, each claimant who has an account shall be given the option of selecting and receiving the benefits under one of the following plans to be funded by the accumulated capital and the return, whether positive or negative, on the accumulated capital in the claimant’s account:
(a)
a 5 year annuity with monthly payments provided that if the claimant dies within the 5 year period, the monthly payments shall
(i)
continue to be paid for the remainder of the period to the claimant’s surviving dependants, or
(ii)
if there are no dependants, be credited to the Disability Fund;
(b)
a 10 year annuity with monthly payments provided that if the claimant dies within the 10 year period, the monthly payments shall
(i)
continue to be paid for the remainder of the period to the claimant’s surviving dependants, or
(ii)
if there are no dependants, be credited to the Disability Fund; or
(c)
a life annuity with monthly payments.
2015, c.22, s.2; 2016, c.48, s.18