POLICY NUMBER: 3. 6. 8

Effective Date: February 1, 1996
Date Issued: July 19, 1996
Date Approved by Board of Directors: April 12, 1996
Topic: Interest to be Applied to an Annuity Account
Section: Short-Term and Long-Term Benefits
Subsection: Annuities

Policy Statement

1. At the end of each month, an amount of interest, based on the Annual Five-Year Guaranteed Investment Certificate Rate of Return as reported by the Bank of Canada as of December 31 of the preceding year, shall be applied to the accumulated value of the annuity account (including interest applied to date).

Guidelines

1. The interest applied monthly will be the annual rate (as stated above) prorated. For example, if the annual rate for 1995 was 8%, the rate applied to the balanace of the annuity account in 1996 would be 0.67% per month (8% / 12 months).

Application

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

References

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