R-15.1 - Supplemental Pension Plans Act

Section 129 Disposition versions

2016-01-01

129. The value of the obligations referred to in sections 123, 124 and 128 which, under the plan, are to increase according, in particular, to the progression of the members’ remuneration must include the estimated amount of those obligations when they become payable, assuming that contingencies based on actuarial assumptions as to survival, morbidity, mortality, employee turnover, eligibility for benefits or other factors will occur.

Furthermore, any pension benefit increase provided for by the plan which becomes effective after the benefits begin to be paid must be taken into account in determining that value.

1989, c. 38, s. 129; 2006, c. 42, s. 11; 2015, c. 29, s. 24.

2010-01-01

129. A pension plan is solvent if its assets are equal to or greater than its liabilities.

1989, c. 38, s. 129; 2006, c. 42, s. 11.

1990-01-01

129. Every unfunded actuarial liability shall be amortized by dividing it into as many amounts as there are fiscal years or parts of a fiscal year of the pension plan included in the amortization period.

The amortization amounts shall, for each unfunded actuarial liability to which they apply, be clearly identified in the actuarial valuation.

The amortization period for any unfunded actuarial liability shall not exceed 15 years and shall run from the date of determination of the unfunded liability.

1989, c. 38, s. 129.