Public Service Pensions (Contribution Rates) Regulations, 2019

PUBLIC SERVICE PENSIONS (CONTRIBUTION RATES) REGULATIONS,

PUBLISHING DETAILS

Arrangement of Regulations

PUBLIC SERVICE PENSIONS (CONTRIBUTION Arrangement of Regulations Regulation

Regulation 1

PUBLIC SERVICE PENSIONS (CONTRIBUTION In exercise of the powers conferred by sections 4 and 12(3A)(a) of the Public Service Pensions Law (2017 Revision), the Cabinet makes the following Regulations — Citation and commencement (1) These Regulations may be cited as the Public Service Pensions (Contribution (2) These Regulations shall be deemed to have come into force on the 1st day of January, 2017. Changes to contribution rates under the defined benefits part of the Plan (1) Approval is given for changes recommended by the Board in respect of the rate of contribution payable to the Fund by an employer, under the defined benefits part of the Plan; and, accordingly, the rate of contribution, by an employer, under the defined benefits part of the Plan, is established as specified in paragraphs (2) and (3) and will remain in force until superseded by the next funding actuarial valuation. (2) The rate of contribution by the Government, under the defined benefits part of the Plan, is as follows — (a) an employer contribution rate of 6% of the pensionable earnings of the relevant participant;

Regulation 2

(b) an additional normal cost contribution rate of 5.5% of the pensionable earnings of the relevant participant; and a $17.59 million annual contribution paid in twelve equal monthly instalments to amortize the defined benefit funding deficiency (past service liability). (3) The rates of contribution by the following employers, under the defined benefits part of the Plan, are the following respective rates of the pensionable earnings of the relevant participant — Employer Contribution Rate Additional Normal Cost Contribution Rate Amortization Cost as a Fixed Annual Amount (Past Service Liability) Airports Authority 2.3% $256,000 Monetary 2.6% nil National Insurance Company (CINICO) 0.7% nil Turtle Conservation and Education Centre Ltd.

4.8%

nil Civil Aviation

nil Health Services 2.5% $36,000 Maritime Authority of the Cayman 2.9% nil National Roads 1.5% nil Public Service Pensions Board 3.1% nil University College of the Cayman n/a $96,000 Utility Regulation and Competition Office nil

Regulation 3

Water Authority 5.1% $69,000 Changes to contribution rates under the defined contributions part of the Plan Approval is given for changes recommended by the Board in respect of the rate of contribution payable to the Fund by an employer, under the defined contributions part of the Plan; and, accordingly, the rate of contribution by an employer, under the defined contributions part of the Plan, is established as follows — (a) an employer contribution rate of 6%; and (b) an additional normal cost contribution rate of 0.4%, of the pensionable earnings of the relevant participant; and the rate of contribution will remain in force until superseded by the next funding actuarial valuation. Contribution to Fund Contributions set out in regulations 2 and 3 shall be paid to the Administrator on a monthly basis for payment into the Fund and shall be sent to the Administrator no later than the 15th day of the month immediately following the date when contributions are due.

Made in Cabinet the 25th day of October, 2019.

Davina Wilson Acting Clerk of the Cabinet