R-15.1 - Supplemental Pension Plans Act

Full text
124. For the sole purpose of establishing the funding level of a pension plan at the date of an actuarial valuation,
(1)  the plan’s assets must be increased by the special improvement payment prescribed in section 139; and
(2)  the plan’s liabilities must be increased by the value of the additional obligations arising from any amendment to the plan considered for the first time at the date of the valuation.
The funding level of a pension plan at the date of the actuarial valuation is the percentage that the plan’s assets are of its liabilities.
1989, c. 38, s. 124; 2006, c. 42, s. 11; 2015, c. 29, s. 24; I.N. 2016-04-01; 2018, c. 22018, c. 2, s. 105.
124. For the sole purpose of establishing the funding level of a pension plan at the date of an actuarial valuation,
(1)  the plan’s assets must be increased by the special improvement payment prescribed in section 139; and
(2)  the plan’s liabilities must be increased by the value of the additional obligations arising from any amendment to the plan considered for the first time at the date of the valuation, calculated on the assumption that the effective date of the amendment is the valuation date.
The funding level of a pension plan at the date of the actuarial valuation is the percentage that the plan’s assets are of its liabilities.
1989, c. 38, s. 124; 2006, c. 42, s. 11; 2015, c. 29, s. 24; I.N. 2016-04-01.
124. If the plan provides expressly that the amount of a member’s pension must be established with reference to the progression of the member’s remuneration after termination, the value of the pension must be established assuming that the plan is terminated in such circumstances that the benefits accrued to the member in respect of the pension must be estimated at their maximum value. If the plan provides for other obligations the value of which depends on the circumstances in which the plan is terminated, they must be included in the liabilities to the extent provided in the scenario used for that purpose by the actuary in charge of the valuation.
If the liabilities established in accordance with section 123 and with the first paragraph are less than the value of the obligations arising from the pension plan, assuming that the plan is terminated on the valuation date in such circumstances that the benefits accrued to the members must be estimated at their maximum value, the valuation report must also indicate the latter value.
1989, c. 38, s. 124; 2006, c. 42, s. 11.
124. The current service contribution must be equal to or greater than the value of the obligations arising from the pension plan in respect of credited service completed during each of the years referred to in paragraph 1 of section 123. Such contribution may, however, be less if it is determined on the basis of a funding method which maintains the plan fully or partially funded at all times.
1989, c. 38, s. 124.