199. Where an application for the redemption of years or parts of a year is filed with the Commission under this pension plan, the Commission shall send to the employee a redemption proposal valid for a period of 60 days from the date it is made.
An application for redemption is deemed never to have been made if the Commission does not receive from the employee before the 60-day period expires a notice to the effect that the employee accepts the proposal.
Moreover, an application is deemed never to have been made if the cash payment of the cost of redemption is not made before the 60-day period expires, where such a payment is required owing to the choice made by the employee or by operation of law. Where the payment is to be made by instalments and the employee fails to make a payment, the application for redemption is deemed never to have been made in respect of service for which the payments have not been made if the employee does not make the payment that has become overdue 30 days after the date of a notice from the Commission to that effect. In that case, the most recent service is credited first. However, in the case of sections 38, 84 to 87, 118, 141 and 148, the application for redemption is deemed never to have been made as regards the entire service, and the sums that have been paid by the employee shall be refunded with interest and computed in accordance with sections 205 and 206.
No interest is computed for the period during which the redemption proposal provided for in the first paragraph is valid. Where the Commission refuses the redemption of years or parts of a year and the decision is reversed following a review or arbitration based on the data contained in the record at the time of the refusal, no interest is computed in respect of such years or parts of a year between the date of the refusal and the date of expiry of the redemption proposal. As well, no interest is computed between the expiry date of the redemption proposal in which the cost is contested and the date of expiry of a new proposal made following a decision by the reexamination committee or arbitrator that modifies the cost.
2001, c. 31, s. 199; 2002, c. 30, s. 151; 2004, c. 39, s. 264.