Introducing an amendment to have the language include everyone. NB folks make up a sizable part of our population so restricting language to male/female could have unintended effects for them.
Compensation for Retired Educators Act of 2021
A bill to support our retired educators in the Republic.
Section 1. Establishment
a) An annuity shall be the equivalent of
his or her their accumulated contributions at the time of
his or her their retirement
b) Upon retirement from service, a retirement allowance shall consist of a pension which shall be equal to the annuity allowable at the age of retirement, but not to exceed an annuity allowable at age 65 computed on the basis of contributions made prior to the attainment.
Section 2.
With the provision the election of an option shall be effective on the effective date of retirement, any member may elect prior to retirement to receive, in lieu of
his or her their retirement allowance payable throughout life. The actuarial equivalent at that time of
his or her their retirement allowance also provides a provision to grant, in a reduced retirement, allowance payable to a beneficiary in the event of
his or her their death:
a) If the pensioner dies before
he or she they has have received in annuity payments the present value of
his or her their annuity as it was at the time of
his or her their retirement, the balance shall be paid to
his or her their legal representatives or to the person as
he or she they shall nominate by written designation.
b) Upon retirement from service, a retirement allowance shall consist of
his or her their reduced retirement allowance shall be continued throughout the life of and paid to the person as
he or she they shall nominate by written designation.
