69.1. Any active member whose working time is reduced pursuant to an agreement with his employer and who is 10 years or less under normal retirement age or who has attained or exceeded that age is entitled, on request, for each year covered by the agreement, to the payment, in a lump sum, of a benefit equal to the lowest of the following amounts:
(1) 70 % of the reduction in his remuneration resulting from the reduction in his working time during the year;
(2) 40 % of the Maximum Pensionable Earnings for the year concerned established pursuant to the Act respecting the Québec Pension Plan (chapter R-9) or, where applicable, a part of that amount proportional to the number of months in the year covered by the agreement;
(3) the value of his benefits under the plan, established on the assumption that he ceases to be an active member on the date on which he applies for the payment of the benefit.
Notwithstanding the second paragraph of section 5, the plan may not contain provisions that are more advantageous than those contained in the first paragraph. Moreover, an active member may not receive, in the same year, the benefit provided for in this section and a pension payable under section 77 or a pension replacing that pension.
The reduction in the member’s pension resulting from the payment of the benefit provided for in this section may not exceed the amount of the benefit. Moreover, the remuneration paid during the period in which the member is entitled to the benefit shall not be taken into consideration for the computation of the benefits relating to credited service that does not relate to that period, unless it is to the advantage of the member.
The employer shall, within 60 days of the date on which he becomes party to an agreement referred to in the first paragraph, transmit to the pension committee the name of every member to whom that paragraph applies.