R-15.1, r. 2 - Regulation respecting the funding of pension plans of the municipal and university sectors

Section 7 Disposition versions

2012-09-01

7. The following section replaces section 118 of the Act mentioned in paragraph 3 of section 2:

“118. Every pension plan is the subject of an actuarial valuation

(1)   at the date on which it becomes effective;

(2)  not later than the date of the end of the last fiscal year of the plan occurring within 3 years after the date of the last complete actuarial valuation of the plan;

(3)  in case of an amendment having an impact on the funding of the plan, at the date determined in accordance with section 121;

(4)  at the date of the end of the fiscal year of the plan that immediately precedes the fiscal year during which the surplus assets is appropriated to the payment of employer contributions in accordance with section 146.3.4; and

(5)  whenever so required by the Régie, at the date fixed by the Régie.

The actuarial valuation carried out under the first paragraph must be a complete actuarial valuation, although the valuation provided for in subparagraph 3 or 4 may be a partial actuarial valuation if the date of the valuation corresponds to the date of the end of a fiscal year of the plan and no complete actuarial valuation is required by this Act or the Régie at that date.”.

O.C. 541-2010, s. 7.