3. The benefits accrued under the plan shall be established in accordance with the Act, taking into account the following provisions:
(1) where the Act prescribes that the former council member has the option between a refund of contributions and a deferred pension and where that option has not been exercised at the date of assessment, the accrued benefits shall be those having the highest value;
(2) where the Act prescribes that the council member would have the option between a refund of contributions and a deferred pension if he ceased to be covered by the plan and where that option has not been exercised at the date of assessment, the benefits shall be a refund of contributions or a deferred pension at the later of the following dates, whichever has the higher value:
(a) the first day of the month following the date of the municipal election held following the date of assessment for that municipality, in accordance with sections 2 and 3 of the Act respecting elections and referendums in municipalities (chapter E-2.2);
(b) the date of his 60th birthday;
(3) where the Act prescribes that the council member would be entitled only to a deferred pension if he ceased to be covered by the plan, that pension is deemed to be payable on the later of the dates specified in subparagraph 2;
(4) where a council member who is at least 60 years of age has accumulated at least 2 years of service, his benefits shall correspond to a deferred-payment pension at the date provided for in clause a of subparagraph 2.
The accrued benefits for the period of the marriage or civil union shall be established in accordance with the first paragraph on the basis of the years or parts of a year of service credited during that period, on the assumption that the council member or former council member acquired for that period benefits of the same type as those accrued to him between the time when he became a member of the plan and the date of assessment.
For the purpose of establishing and assessing them, the accrued benefits correspond to the benefits acquired under the plan at the date of assessment on the basis of the years or parts of a year of service credited at that date. For those purposes, the council member is deemed to have ceased to be a member of the plan at the date of assessment.
O.C. 1753-91, s. 3; O.C. 1420-2018, s. 41.