194. In the year following each three-year period, there shall be transferred from the special-purpose fund to the employees’ contribution fund and the employers’ contributory fund, in equal shares, an amount corresponding to the actuarial value of the difference between the benefits that result from the application of the measures referred to in section 190 and the benefits that would result from the application of sections 33 and 77 of the Act respecting the Government and Public Employees Retirement Plan (chapter R-10) as they read on 31 December 1999, with respect to each of the employees who are members of this plan who have retired during the period from 1 January of the first year of the three-year period to 31 December of the last year of that period. Shall be excluded from that difference, where applicable,
(1) any part of the difference that pertains to the years and parts of a year of service relating to the Teachers Pension Plan or the Civil Service Superannuation Plan which have been transferred to the Government and Public Employees Retirement Plan ; and
(2) 2/12 of any part of the difference that pertains to the years and parts of a year of service credited prior to 1 July 1982.
For the purposes of the first paragraph, the employees who would not have been eligible for an immediate pension under section 33 of the Act respecting the Government and Public Employees Retirement Plan as it read on 31 December 1999 shall be considered as having been eligible for an immediate pension to which is applied the actuarial reduction provided for in section 38 of that Act as it read on that date, until the time when they would have been eligible for a pension without actuarial reduction.
The actuarial value of the benefits provided for in the first paragraph shall be established on the basis of the assumptions used in the most recent actuarial valuation of the plan that is available at the time of the transfer and prepared under section 171 of this Act. The actuarial value shall bear interest, from the date of retirement of each of the employees referred to in the first paragraph until the date of the transfer, at the rate determined under section 189.