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R-9.3, r. 2 - Regulation respecting the partition and assignment of benefits accrued under the Pension Plan of Elected Municipal Officers
Section 7
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7. In this section, “CIA Standards” refer to the standards of practice entitled “Practice-Specific Standards for Pension Plans -3800 Pension Commuted Values” of the Canadian Institute of Actuaries, in force since 1 February 2005 and periodically revised.
The actuarial value of the benefits is determined by using the “distribution of benefits” method and corresponds to the sum of 80% of the actuarial value determined for a male and of 20% of the actuarial value determined for a female.
The actuarial value is also determined by using the following actuarial assumptions:
(1) mortality rates:
The mortality rates are those determined in accordance with the CIA Standards.
(2) interest rates:
(a) the interest rates for fully-indexed benefits or non-indexed benefits are those determined in accordance with the CIA Standards;
(b) the interest rates for partially-indexed benefits are determined according to the following formula:
((1 + interest rate for a non-indexed benefit)/(1 + indexing rate for a partially-indexed benefit)) - 1
The result must be adjusted in accordance with the CIA Standards.
(3) indexing rate:
(a) for a fully-indexed benefit according to the rate of increase in the Pension Index, the indexing rate is computed in the manner described in the CIA standards;
(b) for a benefit indexed according to the excess of the rate of increase in the Pension Index “PI” over 3%, the indexing rate corresponds to the excess of the indexing rate computed in the manner provided for in subparagraph a over 3%.
In order to take into account the inflation rate variations, the following additions are made to the results of effective indexing formulas for actuarial value computation purposes:
___________________________________________________________________________________
Inflation Addition to Adjusted
level the result of indexing rate
the PI-3%
formula
___________________________________________________________________________________
0.5 0.1 0.1
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1.0 0.1 0.1
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1.5 0.3 0.3
___________________________________________________________________________________
2.0 0.5 0.5
___________________________________________________________________________________
2.5 0.7 0.7
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3.0 1.0 1.0
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3.5 0.8 1.3
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4.0 0.6 1.6
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4.5 0.5 2.0
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5.0 0.4 2.4
___________________________________________________________________________________
Inflation Addition to Adjusted
level the result of indexing rate
the PI-3%
formula
___________________________________________________________________________________
0.5 0.1 0.1
___________________________________________________________________________________
1.0 0.1 0.1
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1.5 0.3 0.3
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2.0 0.5 0.5
___________________________________________________________________________________
2.5 0.7 0.7
___________________________________________________________________________________
3.0 1.0 1.0
___________________________________________________________________________________
3.5 0.8 1.3
___________________________________________________________________________________
4.0 0.6 1.6
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4.5 0.5 2.0
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5.0 0.4 2.4
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(4) turnover rate: Nil
(5) disability rate: Nil
(6) proportion of married persons at death:
___________________________________________________________________________________
Age Male Female
___________________________________________________________________________________
18-64 years 85% 65%
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65-79 years 80% 30%
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80-109 years 60% 10%
___________________________________________________________________________________
110 years 0% 0%
___________________________________________________________________________________
Age Male Female
___________________________________________________________________________________
18-64 years 85% 65%
___________________________________________________________________________________
65-79 years 80% 30%
___________________________________________________________________________________
80-109 years 60% 10%
___________________________________________________________________________________
110 years 0% 0%
___________________________________________________________________________________
(7) age difference between spouses at death:
(a) the male spouse of the member is assumed to be 1 year older;
(b) the female spouse of the member is assumed to be 4 years younger.
