Section 66Part 4 — PART IV - Transitional Provisions
Payment of ex gratia allowances under prior law
←→ Navigate · Click subsection badges to collapse · Press ? for help
Where a plan member had applied for an ex gratia allowance under the prior law but had not attained the age of sixty prior to the 14th April, 1999, in the year in which the plan member attains the age of sixty the Government shall either make a pre-payment to the Fund of an amount equal to the actuarial present value of such ex gratia allowance commitments as agreed between the Board and the Government based on the recommendation of the actuary or shall prepay by the 30th January of such year, and for each year thereafter, an amount equal to the full year's payments to such plan member.
Defined Terms
plan memberex gratia allowanceactuarial present valueFundBoardGovernmentactuary
Cross References
- Section of Prior Law
ex gratia allowance under the prior law