R-12.1, r. 2 - Special provisions in respect of classes of employees designated under section 23 of the Act respecting the Pension Plan of Management Personnel

Section 35.1 Disposition versions

2015-11-20

35.1. The sums representing the actuarial value of the additional benefits pertaining to the benefits referred to in section 184 or 185 of the Act, in respect of an employee referred to in section 35, are also transferred from the employees’ contribution fund under the plan to the Consolidated Revenue Fund. The actuarial value of the additional benefits is established on 1 January of the year in which the employee became covered by this Order in Council and on the basis of the assumptions used in the actuarial valuation referred to in section 171 of the Act and available before the end of the year following the year in which the employee became covered.

The sums representing the actuarial value of the additional benefits bear interest, compounded annually, at the rates in Schedule VII to the Act, and computed from 1 January of the year in which the employee became covered by this Order in Council to the date of transfer of the sums to the Consolidated Revenue Fund.

The sums representing the actuarial value of the additional benefits, including the interest thereon, are transferred not later than 31 December of the year occurring 3 years after the year in which the actuarial valuation whose assumptions served as the basis for establishing the value of the benefits is filed.

Despite the third paragraph, the sums representing the actuarial value of the additional benefits pertaining to the benefits referred to in section 184 or 185 of the Act that were acquired by an employee while the employee was not covered by this Order in Council and who, before 1 January 2015, became covered, including the interest thereon, are transferred not later than 31 December 2016.

O.C. 124-2016, s. 2.