(CMR) Late this evening the legislative assembly approved the proposed changes to the Pension Law giving employees access to their pension funds in hope of surviving the financial fallout from the COVID-19 pandemic. Some technical changes were made to the bill but it was adopted unanimously.
The meeting was the first of its kind where some members joined in via Zoom.
After a day-long session, the decision came shortly after 10:30 pm this evening. The amendments were approved on the third reading with 17 members voting in favour of the changes. The governor will still have to officially sign it into law.
Employees will now be able to access up to 100% of any private pension fund not exceeding $10,000, and 25% of funds in excess of $10,000. The amendments also pave the way for a six-month pension holiday for employees and employers.
Public service pension fund is exhibited from these amendments. However, if a civil servant has a private pension fund available to them they can apply to gain access to the funds.
Additionally a person may be able to access more than one pension fund in their name.
The Cold Hard Truth featured a pension Q&A segment this evening with Alice Ramos from Silver Thatch Pensions: