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

Section 38.15 Disposition versions

2016-06-08

38.15. The balance of the stabilization fund at the end of a fiscal year is determined by applying the following adjustments to the balance of the fund at the end of the preceding fiscal year:

(1)  the stabilization contributions paid during the fiscal year are added;

(2)  (subparagraph revoked);

(3)  the amounts advanced from the fund to the general account of the new component of the pension plan to eliminate a technical actuarial deficiency or to pay the required amortization payments with regard to such a deficiency are subtracted;

(4)  the amounts used to increase the benefits of members, the cost of which is determined on a funding basis, are subtracted;

(5)  the amounts received for the purpose of repaying the amounts referred to in paragraph 3 are added.

The amounts referred to in paragraph 5 of the first paragraph above are determined as at the date of a complete actuarial valuation of the plan and must be transferred from the general account of the new component of the pension plan to the stabilization fund on the date of the first monthly payment due after the valuation report is sent to Retraite Québec. The amounts are equal to the lesser of

(1)  the amount by which the surplus of the general account exceeds the liabilities of the new component, as determined in the actuarial valuation;

(2)  the balance of the amounts advanced by the stabilization fund to the general account, adjusted to the rate of return of the account of the new component of the pension plan.

For the purposes of this section, any return realized in the new component must be taken into account.

O.C. 1203-2013, s. 1; S.Q. 2016, c. 13, s. 75.

2016-01-01

38.15. The balance of the stabilization fund at the end of a fiscal year is determined by applying the following adjustments to the balance of the fund at the end of the preceding fiscal year:

(1)  the stabilization contributions paid during the fiscal year are added;

(2)  the value of the contributions made by a member that are transferred further to his cessation of active membership are subtracted;

(3)  the amounts advanced from the fund to the general account of the new component of the pension plan to eliminate a technical actuarial deficiency or to pay the required amortization payments with regard to such a deficiency are subtracted;

(4)  the amounts used to increase the benefits of members, the cost of which is determined on a funding basis, are subtracted;

(5)  the amounts received for the purpose of repaying the amounts referred to in paragraph 3 are added.

The amounts referred to in paragraph 5 of the first paragraph above are determined as at the date of a complete actuarial valuation of the plan and must be transferred from the general account of the new component of the pension plan to the stabilization fund on the date of the first monthly payment due after the valuation report is sent to Retraite Québec. The amounts are equal to the lesser of

(1)  the amount by which the surplus of the general account exceeds the liabilities of the new component, as determined in the actuarial valuation;

(2)  the balance of the amounts advanced by the stabilization fund to the general account, adjusted to the rate of return of the account of the new component of the pension plan.

For the purposes of this section, any return realized in the new component must be taken into account.

O.C. 1203-2013, s. 1.

2013-12-19

38.15. The balance of the stabilization fund at the end of a fiscal year is determined by applying the following adjustments to the balance of the fund at the end of the preceding fiscal year:

(1)  the stabilization contributions paid during the fiscal year are added;

(2)  the value of the contributions made by a member that are transferred further to his cessation of active membership are subtracted;

(3)  the amounts advanced from the fund to the general account of the new component of the pension plan to eliminate a technical actuarial deficiency or to pay the required amortization payments with regard to such a deficiency are subtracted;

(4)  the amounts used to increase the benefits of members, the cost of which is determined on a funding basis, are subtracted;

(5)  the amounts received for the purpose of repaying the amounts referred to in paragraph 3 are added.

The amounts referred to in paragraph 5 of the first paragraph above are determined as at the date of a complete actuarial valuation of the plan and must be transferred from the general account of the new component of the pension plan to the stabilization fund on the date of the first monthly payment due after the valuation report is sent to the Régie. The amounts are equal to the lesser of

(1)  the amount by which the surplus of the general account exceeds the liabilities of the new component, as determined in the actuarial valuation;

(2)  the balance of the amounts advanced by the stabilization fund to the general account, adjusted to the rate of return of the account of the new component of the pension plan.

For the purposes of this section, any return realized in the new component must be taken into account.

O.C. 1203-2013, s. 1.