128.0.1. Retraite Québec must, on or before 30 September of each year, establish the amount the Government must pay as compensation to the employees’ contribution fund at the Caisse de dépôt et placement du Québec in respect of the employees whose pensionable salary is lower than the maximum pensionable earnings within the meaning of the Act respecting the Québec Pension Plan (chapter R-9), such maximum being multiplied in accordance with the second paragraph of section 29.
The amount of the compensation is established in the manner prescribed by regulation. Its purpose is to compensate the difference between the amounts withheld as contributions by the employers and insurers, taking into account the application of section 29.3, and the amounts that would have been withheld if the contribution formula described in the first paragraph of section 29, as it read on 31 December 2010, had been maintained.
Retraite Québec must, within three months following the establishment of the amount of compensation, transfer that amount from the employers’ contributory fund at the Caisse de dépôt et placement du Québec to the employees’ contribution fund at the Caisse. If the employers’ contributory fund is exhausted, the sums required for the transfer are taken first out of the funds capitalized in accordance with section 32 and after that, out of the Consolidated Revenue Fund.
2011, c. 24, s. 10; 2015, c. 20, s. 61.