Campbell River District Teachers' Association

School District 72

BETWEEN:

 

BRITISH COLUMBIA PUBLIC SCHOOL EMPLOYERS’ ASSOCIATION

 

AND

 

BRITISH COLUMBIA TEACHERS’ FEDERATION

 

Re: One Time Payment to Teacher Inflation Adjustment Account

 

 

    1. 1. The parties to this LOU have agreed that Government will make a one-time payment to the Inflation Adjustment Account of the Teacher Pension Plan in the following amount:

 

July 15, 2006    $20,000,000

 

    1. 2. The contribution represents an extraordinary (non-recourse) payment, in addition to those which would normally be made to the Teacher Pension Plan/Inflation Adjustment Account, and in no way replaces or amends the obligations of any person to make contributions to the Teacher Pension Plan/Inflation Adjustment Account.

 

    1. 3. The parties will work together with the Teachers’ Pension Plan Board of Trustees to facilitate the payment provided for under this LOU.

 

    1. 4. The parties agree that this extraordinary payment has no recourse or connection, nor does it amend the joint trustee relationship, as the payment is a non-recourse payment to the Inflation Adjustment Account only.  

 

 

Original signed by:

 

 

 

 

Jinny Sims

 

Jacquie Griffiths

BCTF President

 

BCPSEA Chief Negotiator

CRDTA

Phone: 250-286-1663

Fax: 250-286-1679