29. A pension credit equal to 3.5 % of the pensionable salary paid to a participant is granted to him for each year of credited service.
Such credit shall be granted to the participant on 31 December of each of those years or, where he ceases to participate in the plan, on the date of such cessation.
Every pension credit is reduced, in respect of the year for which it is granted, by 0.7 % of that part of the pensionable salary paid by the municipality up to the Maximum Pensionable Earnings within the meaning of the Act respecting the Québec Pension Plan (chapter R-9) for that year.
1988, c. 85, s. 29; 1989, c. 75, s. 4.