SUPERANNUATION:

Dominion, Volume 6, Issue 1604, 22 November 1912, Page 3

SUPERANNUATION:

FOR HARBOUR BOARD EMPLOYEES. At next Wednesday's meeting of. tho Wellington Harbour .Board, tho chairman (Air. li. Fletcher) will move:— That in order to give effect to tho resolution of the boSTd passed on February !>B, 1912, to establish a superannuation fund, tho '-Wellington Harbour Board adopts the following special .resolutions, in accordance with the- : requirements of tho:-Local' Authorities' Superannuation Act, 1808, and its Amendment Aet, 1912:(1) That in accordance with, and subject to, the provisions of tho Local Authorities'- Superannuation Act, 190S, the. Wellington Harbour Board hereby establishes a superannuation fund for the benefit of the permanent employees now and hereafter -in its service, subject ft* follows-.— ' . '■■ All permanent employees in the service of the board at tho date when this speckl resolution takes effect shall bo entitled iritlun.six months of tho establishment «f the fund to become contributors thereto, but not thereafter, and shall bo entitled if they become contributors as aforesaid, and when and if they retire from the service, of tho board under such circumstances that they are entitled to a retiring' allowance' from the fund in accordance with the provisions of tho said Act, to the additional nnriufth allowance mentioned and provided in tho special resolution of the board'passed en even date herewith. All permanent employees who shall come into the ssrviceof tho board subsequent to tho date when 'this special resolution takes effect shall bo bound as a condition of their employment to become contributors to- the fund. The board undertakes to pay into the fund in each year, by way of subsidy, a sum of •'money equivalent to sixty-nvu p«T centum of tho .tofaricotitribJitjonsApatd into tho fund by the contributors during that year. This special .resolution shall not take effect until and unless the Governor, by Ordcr-ih-.Council, confirms, tho same, and then only as from a day to be specified in the Order-in-Council. . (2) That in accordance with, and subject to, the provisions of the Local Authorities' Superannuation Act, 1908, the Wellington Harbour Board hereby agrees ns part of the scheme of. the. superannuation fund established by special resolution of even date herewith, to grant as part of the scheme of such fund to each 'employes of the board who shall be in the service of the board on the day from which the said special resolution is by Order-in-Council declared to take effect and shnll become a contributor to such, fund, within six months from the establishment thereof, and shall retire from the service of the board under such circumstances that'he shall be.entitled tt) a retiring allowance from the said fund, an additional annual allowance for the rest of Iris life amounting to one-sixtieth part of his annual' salary, computed in accordance' with Section 2(1 of the said j\ct for every year of his service whether continuous ir'not in the employment of the board prior to the date of the commencement of tho special resolution establishing the said fund, provided always that such additional annual allowance, together with the retiring allowance payable to such employee out of the said fund, shall not exceed in-all the sum of threo hundred pounds (.£300) per annum. This snecial resolution shall not take 'effect until, and unle?s, the Governor, by Order-in-Conncil, confirms the same, and then only as from a day to be specified in 'tho Order-in-CoivflC.il.