R-9 - Act respecting the Québec Pension Plan

Full text
216. At least once every three years, Retraite Québec shall cause to be prepared an actuarial valuation, for a minimum projection period of at least 50 years, on the operation of this Act and on the state of the base plan’s and the additional plan’s account. The report made after the valuation shall include, in particular,
(a)  for each of the 10 subsequent years and for every fifth year within a total period of not less than 40 years thereafter, an estimate of the base plan’s and the additional plan’s revenues and expenditures;
(b)  a study of the long-term effects of the base plan’s and the additional plan’s revenues and expenditures on the accumulation of their respective reserves;
(c)  for the base plan, the steady-state contribution rate; and
(d)  for the additional plan, the reference contribution rate.
The steady-state contribution rate referred to in subparagraph c of the first paragraph is equal to the contribution rate that meets the following conditions:
(a)  from the third year of the minimum projection period, it is the lowest constant rate possible during that period;
(b)  it makes the ratio between the reserve at the end of one year and the expenditures of the following year, calculated for the last year of the minimum projection period, at least equal to the ratio calculated for the 20th year preceding the end of the minimum projection period; and
(c)  it is established without taking account of the cost of a change in the benefit portions related to the base plan, where that cost is covered by a temporary increase in the base contribution rate.
If the result of the calculation of the steady-state contribution rate has more than two decimals, it is rounded off to the second, which is rounded up if the third decimal is greater than 4.
The reference contribution rate referred to in subparagraph d of the first paragraph is equal to the contribution rate that meets the following conditions:
(a)  from the third year of the minimum projection period, it is the lowest constant rate applicable to the income that is less than or equal to the Maximum Pensionable Earnings during that period, considering that the contribution rate applicable to the income that is greater than the Maximum Pensionable Earnings is four times greater;
(b)  it makes the reserve at the end of the 20th year of the minimum projection period at least equal to the value of the expenditures subsequent to that year in respect of contributions for the years prior to the 21st year of the minimum projection period; and
(c)  it is established without taking account of the cost of a change in the benefit portions related to the additional plan, where that cost is covered by a temporary increase in an additional contribution rate.
Where the third year of the minimum projection period referred to in subparagraph a of the fourth paragraph is before the year 2023, the first year to be considered for the purposes of that subparagraph is the year 2023 instead of the third year.
If the result of the calculation of the reference contribution rate has more than two decimals, it is rounded off according to the rules provided in the third paragraph.
An actuarial valuation prepared under the first paragraph shall describe the situation of the plan as at 31 December of a year; the valuation report must be available before the end of the following year.
The valuation shall be prepared by using the contribution rates set under sections 44.1 to 44.3.
1965 (1st sess.), c. 24, s. 223; 1986, c. 59, s. 8; 1997, c. 73, s. 82; 2011, c. 18, s. 4; 2011, c. 34, s. 138; 2015, c. 20, s. 43; 2018, c. 22018, c. 2, s. 88.
216. At least once in every three years, Retraite Québec shall cause to be prepared an actuarial valuation, for a minimum projection period of at least 50 years, on the operation of this Act and on the state of the Québec Pension Plan’s account. The report made after the valuation shall include, in particular, for each of the 10 subsequent years and for every fifth year within a total period of not less than 40 years thereafter, an estimate of the Québec Pension Plan’s revenue and expenditures and a study of the long-term effects thereof on the accumulation of the reserve.
The report must also state the steady-state contribution rate. This rate is equal to the rate of contribution that satisfies the following conditions:
(a)  from the third year of the minimum projection period, it is the lowest constant rate possible during that period; and
(b)  it makes the ratio between the reserve at the end of one year and the expenses of the following year, calculated for the last year of the minimum projection period, at least equal to the ratio calculated for the 20th year preceding the end of the minimum projection period.
However, for the purposes of subparagraph a of the second paragraph, when the third year of the minimum projection period is before the year 2018, it is presumed to be the year 2018.
If the result of the calculation of the steady-state contribution rate has more than two decimals, it is rounded off to the second, which is rounded up if the third decimal is greater than 4.
An actuarial valuation prepared under the first paragraph shall describe the situation of the plan as of 31 December of a year; the valuation report must be available before the end of the following year.
The valuation is done by using the rates of contribution fixed in section 44.1.
1965 (1st sess.), c. 24, s. 223; 1986, c. 59, s. 8; 1997, c. 73, s. 82; 2011, c. 18, s. 4; 2011, c. 34, s. 138; 2015, c. 20, s. 43.
216. At least once in every three years, the Board shall cause to be prepared an actuarial valuation, for a minimum projection period of at least 50 years, on the operation of this Act and on the state of the Board’s account. The report made after the valuation shall include, in particular, for each of the 10 subsequent years and for every fifth year within a total period of not less than 40 years thereafter, an estimate of the Board’s revenue and expenditures and a study of the long-term effects thereof on the accumulation of the reserve.
The report must also state the steady-state contribution rate. This rate is equal to the rate of contribution that satisfies the following conditions:
(a)  from the third year of the minimum projection period, it is the lowest constant rate possible during that period; and
(b)  it makes the ratio between the reserve at the end of one year and the expenses of the following year, calculated for the last year of the minimum projection period, at least equal to the ratio calculated for the 20th year preceding the end of the minimum projection period.
However, for the purposes of subparagraph a of the second paragraph, when the third year of the minimum projection period is before the year 2018, it is presumed to be the year 2018.
If the result of the calculation of the steady-state contribution rate has more than two decimals, it is rounded off to the second, which is rounded up if the third decimal is greater than 4.
An actuarial valuation prepared under the first paragraph shall describe the situation of the plan as of 31 December of a year; the valuation report must be available before the end of the following year.
The valuation is done by using the rates of contribution fixed in section 44.1.
1965 (1st sess.), c. 24, s. 223; 1986, c. 59, s. 8; 1997, c. 73, s. 82; 2011, c. 18, s. 4; 2011, c. 34, s. 138.
216. At least once in every three years, the Board shall cause to be prepared an actuarial valuation on the operation of this Act and on the state of the Board’s account. The report made after the valuation shall include, in particular, for each of the 10 subsequent years and for every fifth year within a total period of not less than 20 years thereafter, an estimate of the Board’s revenue and expenditures and a study of the long-term effects thereof on the accumulation of the reserve.
An actuarial valuation prepared under the first paragraph shall describe the situation of the plan as of 31 December of a year; the valuation report must be available before the end of the following year.
The valuation is done by using the rates of contribution fixed in section 44.1.
1965 (1st sess.), c. 24, s. 223; 1986, c. 59, s. 8; 1997, c. 73, s. 82.
216. At least once in every five years, the Board shall cause to be prepared an actuarial valuation on the operation of this Act and on the state of the Board’s account. The report made after the valuation shall include, in particular, for each of the 10 subsequent years and for every fifth year within a total period of not less than 20 years thereafter, an estimate of the Board’s revenue and expenditures and a study of the long-term effects thereof on the accumulation of the reserve.
Notwithstanding the first paragraph, an actuarial valuation shall be available on 31 December 1989.
The valuation is done by using the rates of contribution fixed in section 44.1. If, for a particular year, no rate is fixed, the rate used is the last rate fixed.
1965 (1st sess.), c. 24, s. 223; 1986, c. 59, s. 8.
216. At least once in every five years, the Board shall cause to be prepared an actuarial report on the operation of this act and on the state of the Board’s account. Such report shall include, for each of the 10 subsequent years and for every 5th year within a total period of not less than 20 years thereafter, an estimate of the Board’s revenue and expenditures and a study of the long-term effects thereof on the accumulation of the reserve.
1965 (1st sess.), c. 24, s. 223.