Calculation of interest attributable to Long Term Disability Fund special account

1   For the purposes of section 6.1 (3) (f) of the Public Service Benefit Plan Act,

(a) interest attributable to the special account must be calculated in each fiscal year of the government,

(b) the balance on which the interest is calculated is the spending authority available for the special account at the end of the preceding fiscal year as reported in the public accounts, as defined in the Financial Administration Act, for that fiscal year, and

(c) the interest rate is 6% per year.

Transitional rule – 2017/2018 fiscal year

2   Despite section 1 (b), for the purpose of calculating interest attributable to the special account in the fiscal year beginning on April 1, 2017, the balance on which the interest is calculated is the closing balance referred to in section 6.1 (3) (a) of the Public Service Benefit Plan Act.