46.1. If the employee dies before becoming eligible for a pension and if he has at least two years of service, his spouse or, if he has no spouse, his successors, are entitled to receive the higher of the following two amounts:
(1) the total contributions with interests accumulated up to the date of death;
(2) the actuarial value of the deferred annuity established on the date of death in accordance with the actuarial assumptions and methods determined by regulation.
For the purposes of the first paragraph, contributions include the amounts contemplated in section 50, except those paid by the employee or transferred to this plan and for which he has acquired a pension credit. The total of the contributions is established taking account of the second paragraph of section 55 and section 58.
Where section 99 applies, the contributions and the actuarial value of the deferred annuity in respect of the years and parts of a year of service credited pursuant to sections 85.1, 85.3 and 98 are excluded for the purposes of the first paragraph.
The amount determined pursuant to the first paragraph bears interest, compounded annually, at the rate determined in Schedule VII in force on the date of death of the employee and computed from that date to the date on which the refund is made.
1990, c. 87, s. 39; 1995, c. 46, s. 31; 2004, c. 39, s. 96; 2006, c. 55, s. 21.