Regulatory Initiative: Regulations amending the Public Service Superannuation Regulations (PSSR) (Interest on refunded amounts) - Forward Regulatory Plan 2016-2018
Title or working title of the regulatory initiative
Regulations Amending the Public Service Superannuation Regulations (PSSR) (Interest on refunded amounts)
Description of the objective
Issue
Budget Implementation Act 2008 amended the Public Service Superannuation Act (PSSA), Canadian Forces Superannuation Act (CFSA), and Royal Canadian Mounted Police Superannuation Act (RCMPSA) to provide regulation-making authority for the payment of interest on refunds of amounts paid by a contributor in excess of amounts required.
Description of the regulation
The regulations would seek to set the interest rate to be used when refunding amounts paid by a contributor in excess of amounts required.
Enabling Act
Budget Implementation Act, 2008; Public Service Superannuation Act (PSSA); Canadian Forces Superannuation Act (CFSA); and Royal Canadian Mounted Police Superannuation Act (RCMPSA)
Flag for business impacts
There are no expected business impacts.
Public consultation opportunities
Public consultations are not appropriate as this issue is internal to the administration of the specified pension plans (PSSA, CFSA, and RCMPSA), which are internal to government.
An interdepartmental working group comprised of working level representatives for the PSSA, CFSA, RCMPSA and PWGSC have the current objective of establishing a common interest rate for this purpose.
Departmental contact
Deborah Elder, Director,
Pensions and Benefits Sector,
613-948-5089,
Deborah.Elder@tbs-sct.gc.ca
For more information
- Government-Wide Forward Regulatory Plans
- Government-Wide Administrative Burden Baseline Counts
- The Cabinet Directive on Regulatory Management
- The Red Tape Reduction Action Plan
- The Canada–United States Regulatory Cooperation Council
To learn about upcoming or ongoing consultations on proposed federal regulations, visit the Canada Gazette and Consulting with Canadians websites.