Victorian Current Acts Victorian Current Acts(1) If a person to whom section 120 applies ceases to be an employee of a local authority so as to become an employee of an Authority (within the meaning of the Local Authorities Superannuation Act 1988 ) subject to section 42 of that Act the person becomes, from the date of commencement of employment with the Authority, a contributor with a resignation benefit and an accrued retirement benefit entitlement calculated in accordance with subsection (2).
(2) The resignation benefit and accrued retirement benefit entitlement to the date of becoming a contributor to the Local Authorities Superannuation Fund under this section are to be calculated in accordance with the provisions of the governing instrument of the current defined benefit scheme and certified by an actuary appointed by the Local Authorities Superannuation Board after having been translated into the corresponding benefit entitlements under Part 7 of the Local Authorities Superannuation Act 1988 .
(3) From the date of becoming a contributor under this section a person is entitled to receive benefits as a contributor to the Local Authorities Superannuation Fund.
(4) The Local Authorities Superannuation Board must from the separate accounting records kept in respect of persons transferred to the Local Authorities Superannuation Fund under section 120 determine—
(a) the liability up to the date of becoming a contributor in respect of a person to whom this section applies; and
(b) the adjustment to be made to the value of assets shown in the accounting records equal to that liability.
(5) For the purposes of subsection (4), the liability in respect of a person to whom this section applies is to be treated as being in the same proportion as the total net assets are to the total liabilities as shown in the accounting records at the date of becoming a contributor.