74.7. An employee who has availed himself or herself of the second paragraph of section 74.1 may be credited with the years and parts of a year of service pertaining to the period during which the employee would have participated in the plan, had it not been for the application of that paragraph, if the employee applies therefor and pays an amount equal to the contribution the employee would have paid if he or she had participated in this plan, with interest, compounded annually, at the rates determined in Schedule II, for each year, from the midpoint of the period during which the employee would have paid contributions if the employee had been a member of this plan during that year to the date the application is received at Retraite Québec and at the rate determined in Schedule III from the day following that date to the date of the redemption proposal made by Retraite Québec. However, where the years and parts of a year of service are credited to the employee, section 18 applies as though the employee had been a member of this plan during that period.
The amount established under the first paragraph is payable either in cash or by instalments spread over the period and at the intervals determined by Retraite Québec or, if provided for in the employee’s conditions of employment, by using all or part of his accumulated sick leave. In the latter case, his employer shall pay all or part of the amount according to the terms determined by Retraite Québec. If paid by instalments, the amount bears interest, compounded annually, at the rate in force on the date of receipt of the application, computed from the date on which the redemption proposal made by Retraite Québec expires.
2002, c. 30, s. 18; 2004, c. 39, s. 31; 2007, c. 43, s. 37; 2013, c. 9, s. 24; 2015, c. 20, s. 61; 2018, c. 4, s. 101.