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

Full text
196.30. The Government shall pay into the employees’ contribution fund referred to in section 176 an annual contributory amount corresponding to the product obtained by multiplying a percentage and the sum of the salaries of the employees who are members of the plan for a given year. This percentage, the reference year for the sum of the salaries used for the purposes of the multiplication, and any condition applicable to the payment of the annual contributory amount are determined by regulation.
The annual contributory amount is based on the amount corresponding to the reduction of the amortization expense for unamortized actuarial losses, reported in the Government’s income statement for the year concerned, due to the decrease in the actuarial value of the Government’s obligations with regard to the plan. That decrease is determined by Retraite Québec and is related to the amendments made by 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). However, the annual contributory amount may not exceed that amount.
Despite the preceding paragraphs, the Government may pay an additional contributory amount into the employees’ contribution fund, according to the terms and conditions it determines. If applicable, the annual contributory amount for subsequent years is reduced as a result of the additional contributory amount paid.
The sums required for the purposes of this section must be taken out of the Consolidated Revenue Fund.
For the purposes of the first paragraph, “salary” means the pensionable salary on which contributions are based, without taking into account the exemption of 35% of the Maximum Pensionable Earnings within the meaning of the Act respecting the Québec Pension Plan (chapter R-9).
2017, c. 72017, c. 7, s. 20.