Section 5 in RSWC Employees Pension Regulations, 1990
5. Option.
(1)All employees would have option either to continue to be governed by the Contributory Provident Fund Regulations of the Corporation i.e. RSWC (Employees Provident Fund) Regulations, 1962 or by these pension regulations.(2)The option under sub-regulation (1), shall be exercise in writing in Form No. 1(A) or 1(B) so as to reach the Managing Director of the Corporation within three months from the date of publication of these regulations. If an employee is on leave on date of issue of these regulations, he may exercise option within three months from the date of his return from leave.(3)If the option is not received within the time limit mentioned in sub-rule (2), the employee shall be deemed to have opted for the pension regulations. The option once exercised shall be final. It is not sufficient for an employee to exercise option within the specified period but also to ensure that it reaches to the authority mentioned in sub-rule (2) within the stipulated time and that he obtains acknowledgement thereof. The option given by the employee duly countersigned by the Managing Director or by the officer authorised by him shall be pasted in the service book and a true copy of it placed in his personal file.(4)If an employee who has availed of the Contributory Provident Fund benefits under the Rajasthan State Warehousing Corporation (Employee Provident Fund) Regulations, 1962, on his retirement on or after the date of application of these regulations exercises option for the pension regulations, the amount of contribution of the Corporation together with interest thereon till the date of retirement plus, interest on his total amount @18% shall be refunded for being credited to the Pension Fund. Interest @18% shall be charged for the period from the date of receipt of benefit under the Provident Fund Rules to the date of refund.(5)The Provident Fund deductions made from the salary bills of the employees after the effective date of option exercised by him in favour of pension will not be governed by the provisions of RSWC (Employees Provident Fund) Regulations, 1962 and will be refunded to the concerned employees on demand. The refundable portion of deductions will cease to bear interest from the date of option.(6)The amount of subscription together with interest thereon standing to the credit of such employees in their Contributory Provident Fund shall be transferred to his credit in the General Provident Fund on his electing to be governed by the RSWC Employees Pension Regulations, 1990. The amount of contribution of the Corporation together with interest thereon standing to his credit in the fund shall be credited to the pension fund.(7)The past services of such an employee who has elected to opt for pension in lieu of Contributory Provident Fund benefits shall be deemed to have been rendered abinito in a pensionable establishment and shall count as qualifying service for pension in the manner and to the extent provided for in the pension rules of the Corporation from time to time.
