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

Section 45 Disposition versions

2012-09-01

45. For the purposes of an actuarial valuation undertaken after 30 December 2008 and prior to 31 December 2011, subparagraph 1 of the first paragraph of section 135 of the Act, as replaced by section 20, is replaced by the following:

“(1) the technical actuarial deficiency that, at the date of a complete actuarial valuation of the pension plan, corresponds to the surplus liabilities of the plan, after deducting the value of the additional obligations arising from an amendment to the plan considered for the first time during the valuation, over the sum of the general account, the value of the amortization payments remaining to be paid to amortize an improvement unfunded actuarial deficiency determined during a prior actuarial valuation and the value of the amortization payments remaining to be paid to amortize a technical actuarial deficiency determined during an actuarial valuation undertaken prior to 31 December 2008; the value of the payments is established by using an interest rate identical to the rate used to establish the plan’s liabilities;”.

The foregoing also applies for the purposes of an actuarial valuation dated after 30 December 2011, in the case of a pension plan for which the employer is a municipality, a body referred to in section 18 of the Act respecting the Pension Plan of Elected Municipal Officers (chapter R-9.3), or a municipal housing bureau within the meaning of the Act respecting the Société d’habitation du Québec (chapter R-9.3), and in respect of which monthly payments relating to a technical actuarial deficiency described in subparagraph 1 or 2 of the second paragraph of section 44 remain to be paid.

O.C. 541-2010, s. 45.