POLICY NUMBER: 3. 6. 3

Effective Date: February 1, 1996
Date Issued: December 15, 1995
Date Approved by Board of Directors: March 2, 1995
Topic: Payment at Age 65
Section: Short-Term and Long-Term Benefits
Subsection: Annuities

Policy Statement

1. When a worker reaches 65 years of age, payment of the annuity shall be made by lump sum when the annuity account (principal + interest) is below the level prescribed by regulation pursuant to Section 52(1)(b) ($10,000), unless the worker elects otherwise.

2. When a surviving spouse reaches 65 years of age, or the deceased worker would have reached 65 years of age (whichever is later) payment of annuity shall be made by lump sum when the accumulated value of the annuity account (principal + interest) is below the level prescribed by regulation pursuant to Section 52(1)(b) ($10,000), unless the surviving spouse elects otherwise.

Application

This Policy applies to workers injured on or after March 23, 1990.

References

Workers' Compensation Act (Chapter 10, Acts of 1994 - 95), Section 52(1)(b).