HER MAJESTY, by and with
the advice and consent of the Legislative Assembly of Alberta, enacts as
follows:
Pension Fund
1(1) There is hereby established a fund called the
Pension Fund.
(2) The
Minister of Finance shall hold and administer the Pension Fund in accordance
with this Act.
(3) The
Minister of Finance shall maintain a separate accounting record of the Pension
Fund.
(4) The Minister of Finance may, on behalf of the
Pension Fund, be a depositor in the Consolidated Cash Investment Trust Fund.
RSA 2000 cP‑4
s1;2006 c23 s62
Transfer of assets to
Pension Fund
2(1) As soon as practicable after the commencement
of this Act, there shall be transferred from the General Revenue Fund to the
Pension Fund the sum of $1 100 000 000.
(2) The
amount transferred pursuant to subsection (1) may be transferred in the form of
cash or other assets, but if assets other than cash are to be transferred the
Treasury Board shall, before any transfer is made, approve
(a) the
assets to be transferred,
(b) the
manner in which the transfer is to be made, and
(c) the
valuation of the assets or the method by which the assets are to be valued,
and the Treasury Board
may impose any conditions relating to the transfer that it considers necessary.
(3) The income of the Pension Fund accrues to and
forms part of the Pension Fund.
RSA 1980 cP‑3.1 s2
General investment
powers
3(1) The Minister of Finance has the same powers of
investment and making loans with respect to the Pension Fund as the Minister of
Finance has with respect to the General Revenue Fund under Part 5 of the Financial Administration Act.
(2) In
addition to the powers of investment under subsection (1), the Minister of
Finance may make loans from the Pension Fund on the security of the pledge of
investments or securities owned by the borrower
(a) that
are investments or securities of any of the classes enumerated in section 43(1)
of the Financial Administration Act, and
(b) that have a market value at least equal to
the amount loaned.
RSA 2000 cP‑4
s3;2006 c23 s62
Transfer of money
between Funds
4(1) In this section, “pension Act” means Members of the Legislative Assembly Pension
Plan Act.
(2) The
Minister of Finance shall deposit all money received by the Minister of Finance
pursuant to the pension Act in the General Revenue Fund and shall transfer that
money to the Pension Fund in accordance with subsection (4).
(3) The
Minister of Finance shall advance money from the General Revenue Fund to make
all payments required under the pension Act and shall, in accordance with
subsection (4), transfer money from the Pension Fund to the General Revenue
Fund to cover payments under this subsection.
(4) As
soon as practicable after the end of each month, the Minister of Finance shall
(a) determine
the amount received by the Minister of Finance pursuant to the pension Act,
(b) determine
the amount paid out by the Minister of Finance pursuant to the pension Act,
(c) transfer
from the General Revenue Fund to the Pension Fund the sum, if any, by which the
amount referred to in clause (a) exceeds the amount referred to in clause (b),
and
(d) transfer
from the Pension Fund to the General Revenue Fund the sum, if any, by which the
amount referred to in clause (b) exceeds the amount referred to in clause (a).
(5) If,
because of insufficient assets in the Pension Fund, the Minister of Finance is
unable to transfer money from the Pension Fund to the General Revenue Fund
under subsection (4)(d), then the payments required under the pension Act must
be paid from the General Revenue Fund to the extent of the amount of that
insufficiency of assets and shall form a charge on the General Revenue Fund.
(6) No
interest is payable with respect to any money transferred pursuant to
subsection (4).
(7) Except for money paid out pursuant to
subsection (5), the money received by the Minister of Finance and deposited in
the General Revenue Fund for subsequent transfer to the Pension Fund and the
advances made from the General Revenue Fund for subsequent reimbursement from
the Pension Fund are not to be recorded as revenues or expenditures in the
accounts of the General Revenue Fund.
RSA 2000 cP‑4
s4;2006 c23 s62
5 Repealed 2006 c23 s62.
Fiscal
year
6 The fiscal year of the Pension Fund is April 1
to the following March 31.
RSA 1980 cP‑3.1 s6
Annual report
7 The Minister of Finance shall, as soon as
practicable after the end of each fiscal year of the Pension Fund, prepare a
report summarizing the transactions and affairs of the Pension Fund during the
preceding fiscal year and shall lay a copy of it before the Legislative
Assembly if it is then sitting, and if it is not then sitting, within 15 days
after the commencement of the next sitting.
RSA 2000 cP‑4
s7;2006 c23 s62
