R-15.1, r. 2 - Regulation respecting the funding of pension plans of the municipal and university sectors

Section 24 Disposition versions

2012-09-01

24. Section 146.3.4 of the Act mentioned in paragraph 3 of section 2 is replaced by the following:

“146.3.4. The surplus assets of a pension plan to which Chapter X applies may only be appropriated to the payment of employer contributions if the actuarial valuation of the plan shows that,

(1)  on a solvency basis, assets exceed liabilities; or

(2)  on a funding basis, the general account exceeds liabilities.

The maximum amount of surplus assets that may be appropriated to the payment of employer contributions is determined in the valuation referred to in the first paragraph.

In the case of a complete actuarial valuation, that amount is equal to the lesser of the following amounts:

(1)  the surplus assets of the plan determined on a solvency basis; or

(2)  the surplus of the general account of the plan, on a founding basis, over liabilities.

In the case of a partial actuarial valuation, that amount corresponds to the amount given by the actuary who certifies that, if a complete actuarial valuation taking into account the transfer provided for in the first paragraph of section 13 or the first paragraph of section 15 of the Regulation respecting the funding of pension plans of the municipal and university sectors (chapter R-15.1, r. 2) was carried out at the valuation date, it would allow the establishment, in accordance with the third paragraph, of a maximum amount at least equal to the amount given.”.

O.C. 541-2010, s. 24.