196.31. For the years 2017 to 2022 inclusively, the Government may transfer sums from the Consolidated Revenue Fund into the employees’ contribution fund referred to in section 176, but only if the latter fund reports a deficiency. The sums transferred following the most recent deficiency may not exceed the amount of that deficiency.
For the purposes of the first paragraph, “deficiency” means the amount by which the actuarial value of the benefits accrued as at the date of the valuation and payable out of the employees’ contribution fund exceeds the actuarial value of the fund, as it appears in the most recent of the following actuarial valuations or updates:
(1) the actuarial valuation prepared under the first paragraph of section 171;
(2) the amended actuarial valuation prepared under the first paragraph of section 35 of the Act to foster the financial health and sustainability of the Pension Plan of Management Personnel and to amend various legislative provisions (2017, chapter 7); and
(3) the update of either of those valuations.
The actuarial value of the employees’ contribution fund includes the present value at the valuation date of the remaining amounts payable in accordance with section 196.30.