R-12.1 - Act respecting the Pension Plan of Management Personnel

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196.28. Despite section 196.27, for the years 2018 to 2022 inclusively, no annual compensatory amount is paid into the employees’ contribution fund referred to in section 176 for the year that follows a year in which that fund reports a surplus equal to or greater than 25% of the actuarial value of the benefits payable out of the fund.
For the purposes of the first paragraph, surplus means any amount by which the actuarial value of the employees’ contribution fund exceeds the actuarial value of the benefits accrued at the date of the valuation and payable out of the fund, as it appears in either of the actuarial valuations mentioned in section 196.32 or in their update, if applicable. 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.
2017, c. 72017, c. 7, s. 20.
In force: 2018-01-01
196.28. Despite section 196.27, for the years 2018 to 2022 inclusively, no annual compensatory amount is paid into the employees’ contribution fund referred to in section 176 for the year that follows a year in which that fund reports a surplus equal to or greater than 25% of the actuarial value of the benefits payable out of the fund.
For the purposes of the first paragraph, surplus means any amount by which the actuarial value of the employees’ contribution fund exceeds the actuarial value of the benefits accrued at the date of the valuation and payable out of the fund, as it appears in either of the actuarial valuations mentioned in section 196.32 or in their update, if applicable. 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.
2017, c. 72017, c. 7, s. 20.