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R-11, r. 1 - Regulation under the Act respecting the Teachers Pension Plan
Section 3.1
Disposition versions
3.1. The pensionable salary, for the purpose of establishing the cost of redeeming a year prior to 1 January 1990 in which the teacher was not a member of a pension plan within the meaning of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)), shall not exceed amount “M” in the following formula:
A + (0.7% x B) = M
———————
2%
“A” represents 2/3 of $1,725 or of the defined benefit limit applicable under the Income Tax Act for the year in which the application for redemption is received at Retraite Québec, whichever amount is higher;
“B” represents the portion of the pensionable salary that does not exceed the maximum pensionable earnings within the meaning of the Act respecting the Québec Pension Plan (chapter R-9) and applicable for the year in which the application for redemption is received at Retraite Québec.
The pensionable salary, for the purpose of establishing the cost of redeeming part of a year prior to 1 January 1990, shall be divided by the service credited being redeemed, and the amount resulting from that division shall not exceed amount “M” in the first paragraph.
3.1. The pensionable salary, for the purpose of establishing the cost of redeeming a year prior to 1 January 1990 in which the teacher was not a member of a pension plan within the meaning of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)), shall not exceed amount “M” in the following formula:
A + (0.7% x B) = M
———————
2%
“A” represents 2/3 of $1,725 or of the defined benefit limit applicable under the Income Tax Act for the year in which the application for redemption is received at the Commission administrative des régimes de retraite et d’assurances, whichever amount is higher;
“B” represents the portion of the pensionable salary that does not exceed the maximum pensionable earnings within the meaning of the Act respecting the Québec Pension Plan (chapter R-9) and applicable for the year in which the application for redemption is received at the Commission.
The pensionable salary, for the purpose of establishing the cost of redeeming part of a year prior to 1 January 1990, shall be divided by the service credited being redeemed, and the amount resulting from that division shall not exceed amount “M” in the first paragraph.
