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C-27.1 - Municipal Code of Québec
Section 704
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704. A local or county corporation may, by by-law, establish and maintain, on the conditions prescribed by the by-law, a retirement pension fund for the benefit of the permanent officers and employees of the corporation or participate in such a retirement fund; make, for that purpose, if need be, any agreement with a life insurance company or a trust company or with a corporation or government issuing life annuities; grant subsidies for the establishment and maintenance of such fund; fix the maximum age of the officers and employees and their contributive shares to the pension fund; constitute a commission whose members are chosen among the members of the council and the officers or employees who benefit from the by-law, to administer the pension fund and determine the by-laws for the internal management of such commission; cause to be assumed by the corporation the contributions required to enable the officers and employees to be credited, for pension purposes, with their previous years of service, and borrow the sums required for that purpose by the by-law creating the pension fund.
