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'~E~CORPORATION OF THE <br /> <br />ESSEX <br /> <br />BY-LAW NO. 1490 <br /> <br />A BY-LAW IN RESPECT TO THE RETIREMENT ANNUITY PLAN FOR THE EMPLOYEES OF <br />THE COUNTY OF ESSEX. <br /> <br />WHEREAS the Corporation of the County of Essex, hereinafter called the <br />"Employer", desires to have the Retirement Annuity Plan for its <br />employees provided by means of a Group Policy issued by The Monarch Life <br />Assurance Company instead of under individual Pension Trust policies <br />which ~ere provided under the terms of the Retirement Annuity Plan <br />established by By-Law No. 1165, and as subsequently amended by <br />By-Law No. 1177. <br /> <br />NOW THEREFORE the Council of the Corporation of the County of Essex <br />enacts as follows: - <br /> <br />(1) <br /> <br />That the Warden and Clerk on behalf of the Employer and under the <br />Corporate Seal of the Employer be and are hereby authorized to <br />apply to The Monarch Life Assurance Company for a Group Policy <br />to be effective as from the 1st day of April, 1963. <br /> <br />That the Employer hereby consents to each employee applying <br />for the benefits for which such employee becomes eligible under <br />the Group Policy including authority by a present employee <br />(with the consent of the beneficiary of such employee where <br />required by law) for the purchase of benefits under and subject <br />to the provisions of the Group Policy by the transfer to the <br />Group Polciy of the value of any individual PenSion Trust policy <br />or policies on such employee and upon completion of such transfer <br />the individual Pension Trust policy or policies on such employee <br />are to be thereupon and thereby cancelled. <br /> <br />(3) <br /> <br />That the Trustees be and are hereby authorized to consent to such <br />transfer and to relinquish and release the assignment held by the <br />Trustees of the individual Pension Trust policy or policies on <br />an employee provided the purchase by such transfer is authorized. <br /> <br />(4) That the Trustees be and are hereby authorized to pay to The <br /> Monarch Life Assurance Company any monies held by or paid to the <br /> Trustees for payment of premiums under the Plan prior to April 1, <br />1963, and any monies which may be paid to the Trustees on account of <br /> the cancellation of the individual Pension Trust policies, such <br /> amount so paid to The Monarch Life Assurance Company to apply to <br /> the apyment of premiums under the Group Policy/ <br /> <br />(s) <br /> <br />Upon cancellation of all individual Pension Trust policies on all <br />employees and upon payment of all monies are referred to as in <br />(4), above, the Staff Pension Plan established by By-Law No. 1165 <br />and amending By-Law No. 1177, shall be thereupon and thereby <br />cancelled and of no further effect and the Trustees shall be <br />thereafter and thereby released from all further responsibility <br />under or in relation to the Trust Agreement. <br /> <br /> ~ (Corporate Seal) ~%'~ ' <br />Z do her~ebF certifjy that the foregoing is a true copy of _$y~L'aw No. <br />passed by the Council of the County of Essex on the /7 ~/~ay-o <br /> <br /> <br />