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OC 809/2008 - SaskTel Early Retirement Program for 2009 (Second Year of Phase III) (Minister of Crown Corporations/Minister of Finance)
Description:

Title: SaskTel Early Retirement Program for 2009 (Second Year of Phase III)

Minister: Minister of Crown Corporations and Minister of Finance

Summary:
(A)Designate all employees of Saskatchewan Telecommunications (other than those employees that declined an option to retire in 2004, 2005, 2006, 2007 and 2008) who are members of the Public Employees Pension Fund whose:

    (i) age is greater than 61 years;
    (ii) years of service is greater than 31 years; or
    (iii) age, together with years of service, is not less than 85 years;
prior to December 31, 2009 as being eligible to exercise the option;

(B) Fixing that an employee designated as being eligible for the option and who meet the criteria on or before June 30, 2009, shall exercise their option to retire on or before December 14, 2008, and that those employees so described that exercise their option to retire shall retire no later than one month after the date on which they meet the criteria, but no earlier than the date on which they become eligible to accept the option to retire provided that, Saskatchewan Telecommunications may at its discretion extend the retirement date for any one of these employees to a date no later than December 31, 2009 to enable the corporation to meet workload demands;

(C) Fixing that an employee designated as being eligible for the option and who meet the criteria between July 1, 2009 and December 31, 2009, inclusive, shall exercise their option to retire on or before April 30, 2009, and that those employees so described that exercise that option shall retire within one month after the date on which they become eligible to retire or by December 31, 2009, whichever date is earlier provided, that, Saskatchewan Telecommunications may at its discretion extend the retirement date for any one of these employees to a date no later than December 31, 2009 to enable the corporation to meet workload demands;

(D) Fixing a one time amount to be paid by SaskTel to each designated employee who exercises the option and is contributing to the Public Employees Pension Plan, such amount calculated as the amount of net equity the employee has in the Public Employees Pension Fund (net equity excludes voluntary contributions plus earnings thereon and contributions made into the Public Employees Pension Plan for service with an employer other than SaskTel plus earnings thereon) multiplied by .000027397 multiplied by the number of days that the employee is under age 65 as at the date of retirement:
    (i) to the Public Employees Pension Fund to the credit of the employee to the extent permitted by The Income Tax Act (Canada); or
    (ii) to the credit of the employee for the purpose of making a contribution to a registered retirement savings plan; and
(E) Fixing an amount to be paid as a lump sum by SaskTel to each designated employee who exercise the option, such amount to be calculated as the present value of the sum of $410 per month from the date of the employee’s retirement to age 65 discounted at a rate consistent with generally accepted actuarial principles.

See: The Superannuation (Supplementary Provisions) Act (Section 47.5)





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