R-15.1 - Supplemental Pension Plans Act

Section 318.12 Disposition versions

2020-12-11

318.12. If, on 31 December 2023, the pension plan has not been brought into compliance with this Act, an actuarial valuation of the plan at that date must be carried out according to the rules set out in Chapter X.3.

An insufficiency in contributions shown in that actuarial valuation must be offset as follows:

(1)  if the insufficiency relates to service subsequent to the date of the actuarial valuation, by a reduction in the benefit target relating to that service; or

(2)  if the insufficiency relates to service credited at the date of the actuarial valuation, by a reduction in the benefits related to that service.

A measure provided for in the second paragraph becomes effective one year after the day following the date of the actuarial valuation.

In addition, no restoration of benefits or appropriation of surplus assets may be carried out following that actuarial valuation.

This section applies to any subsequent actuarial valuation of the plan until the text of the plan is brought into compliance with this Act.

2020, c. 30, s. 86.