R-16, r. 3 - Regulation respecting terms and conditions for computing pensions of mayors and councillors

Updated to 1 September 2012

This document has official status.

chapter R-16, r. 3

Regulation respecting terms and conditions for computing pensions of mayors and councillors

Act respecting retirement plans for the mayors and councillors of municipalities

(chapter R-16, s. 42).

1. In this Regulation:

(a)  “date of computing the pension” means the date on which the pension becomes payable;

(b)  “sum accrued on the date of computing the pension” includes:

i.  the regular and additional contributions of the participant;

ii.  the contributory amounts of the municipality;

iii.  the amounts paid by the participant and the municipality for the redemption and transfer of prior years of service; and

iv.  interest, compounded annually, computed at the rate established each year in accordance with section 2 of the Regulation respecting interest applicable under the general retirement plan for the mayors and councillors of municipalities (chapter R-16, r. 1), that applies to the amounts referred to in subparagraphs i, ii and iii as of the midpoint of the year in which the amounts have been paid to the Commission administrative des régimes de retraite et d’assurances until the date of computing the pension.

R.R.Q., 1981, c. R-16, r. 6, s. 1; O.C. 22-2007, s. 1.

2. The pension payable under the general plan is determined by means of the sum accrued on the date of computing the pension by dividing that sum by the value of annuity at the age of the participant in years and months completed on the date of computing the pension according to the following hypotheses:

(a)  effective from the date of computation of the pension, the interest applicable to the accrued sum is credited for a period of 10 years at a rate of 11% per year and at a rate of 6% per year for the following years;

(b)  the death rates are those in Table “GA-51, projected 30 years in accordance with method C”, with a recession of 5 years for women.

R.R.Q., 1981, c. R-16, r. 6, s. 2; O.C. 615-2002, s. 1.

3. An actuarial analysis of the experience shall be made every 3 years, the first of which shall be made on the basis of the data at 31 December 1977.

R.R.Q., 1981, c. R-16, r. 6, s. 3.

REFERENCES

R.R.Q., 1981, c. R-16, r. 6

O.C. 615-2002, 2002 G.O. 2, 2598

O.C. 22-2007, 2007 G.O. 2, 546