29. The amount required of the employee to pay the cost of redemption referred to in section 28 is equal to the contributions that would have been withheld under this plan from the pensionable salary that would have been received if the employee had not been absent during the period covered by the application, based on the number of days and parts of a day to be redeemed out of the number of pensionable days and the applicable annual remuneration. The contribution rate referred to in the first paragraph of section 42, in force on 1 January 1988, is used to compute the contribution that would have been withheld for a period of absence in progress on that date. However, the supplementary contribution rate applicable under the third paragraph of section 42 is the rate in force on the date Retraite Québec receives the application for redemption.
Despite the first paragraph, the contribution withheld for a period of absence before 1 January 2000 from an employee to whom section 5 as it read on 31 December 2004 applied during that period of absence, is the contribution established under the first paragraph of section 42, with the addition to each of the rates provided for under that paragraph of the supplementary contribution rate in force on the date the application is received, applicable under the third paragraph of that section. In the case of a period of absence after 31 December 1999 but before 1 January 2005, the contribution is established under the first and second paragraphs of section 42, with the addition to the contribution rate thus established of the supplementary contribution rate in force on the date the application is received, applicable under the third paragraph of that section.
However, in cases where the application for redemption of a period of absence without pay is received by Retraite Québec more than six months after the end of the period of absence, the amount required under the first or second paragraph bears interest, compounded annually, at the rates determined in Schedule II. The interest runs from the end of the sixth month following the end of the period of absence without pay until the date Retraite Québec receives the application.
1987, c. 107, s. 29; 1988, c. 82, s. 182; 1990, c. 87, s. 21; 1992, c. 67, s. 19; 2004, c. 39, s. 6; 2013, c. 9, s. 3; 2015, c. 20, s. 61.