59. Any person who, during the period in respect of which pension credits are granted pursuant to this chapter, participated in a pension plan in which the municipality was participating in respect of the members of its council, may be credited with all or part of his years of service in accordance with the by-law adopted for that purpose by the municipality. Such person must give the notice provided for in section 57.
The amounts accumulated in the plan in respect of the years credited pursuant to this chapter shall be applied to the payment of the cost of such pension credits and the municipality shall pay the difference between such amounts and the total cost of such pension credits.
For the purposes of the second paragraph, amounts accumulated in the general retirement plan referred to in section 4 do not include the additional contributions paid into that plan or the interest accrued thereon. Also for the purposes of the second paragraph, amounts accumulated in a pension plan shall be reduced by the sums paid as a pension under the plan in respect of the years concerned and by the interest which would have accrued thereon if the sums had not been paid, excluding, in the case of the general retirement plan referred to in section 4, that part of those sums which relates to the additional contributions and the interest accrued on the additional contributions.
The additional contributions referred to in the third paragraph and the interest accrued thereon shall be refunded to the person if he is not receiving a pension under the general retirement plan concerned. If the person is receiving such a pension, he shall continue to receive that part of it which relates to such additional contributions and to the interest accrued thereon.
1988, c. 85, s. 59; 1989, c. 75, s. 14.