8. Section 32 of the Act respecting the negotiation of agreements concerning the reduction of labour costs in the municipal sector (1998, chapter 2), as amended by section 6 of the Act to amend various legislative provisions concerning municipal affairs (2003, chapter 3), is further amended by inserting the following paragraphs, after the first paragraph:
“As at 1 July 2003, the value of the actuarial gains to be used for the purposes provided for in the first paragraph is, for the following plans referred to in the first paragraph, set at the following corresponding amount:
(1) the pension plan referred to in paragraph 1: $32,719,000;
(2) the pension plan referred to in paragraph 3: $219,669,000;
(3) the pension plan referred to in paragraph 5: $83,951,000;
(4) the pension plan referred to in paragraph 6: $33,793,000.
Upon agreement thereto between the Ville de Montréal and the person, or if such be the case, worker’s association representing the majority of the members of a pension plan referred to in the second paragraph, such gains may likewise be used, in accordance with the terms and conditions set out in a regulation made pursuant to section 2 of the Supplemental Pension Plans Act (chapter R-15.1), to provide for the redemption of a bond referred to in such regulation or to pay the employer portion of the current service contribution. Where such gains are not sufficient to redeem in full such bond, gains determined subsequently may also, insofar as the agreement so provides, be used to provide for the redemption of the bond or to increase the benefits of the plan’s members or beneficiaries, until the balance of the bond is nil.”.