53. The pension benefits become payable to the employee who is entitled thereto from the day the employee retires.
An employee is presumed to retire on the day after the day on which the employee ceases to participate in the plan. However, if the employee continues to hold pensionable employment under the plan after 30 December of the year in which the employee attains 69 years of age, the day after the day on which the employee ceases to hold such employment is the day on which the employee retires.
1987, c. 107, s. 53; 1991, c. 77, s. 22; 1997, c. 71, s. 13.