R-15.1, r. 4 - Regulation respecting measures to reduce the effects of the financial crisis on pension plans covered by the Supplemental Pension Plans Act

Section 7 Disposition versions

2013-05-09

7. On the date of the actuarial valuation referred to in section 2, the amount referred to in the third paragraph of section 230.0.0.9 of the Act is equal to zero.

On the date of any subsequent actuarial valuation, the amount is equal to “S” in the following formula:

A + B - C = S

“A” represents the amount in question established at the date of the last actuarial valuation;

“B” represents the amortization payment determined, at the date of the last actuarial valuation, for the financial crisis deficiency;

“C” represents the amount by which the greater of the amounts referred to in subparagraphs i and ii exceeds the employer contributions that would have been determined on the date of the last actuarial valuation if the amount referred to in subparagraph b of paragraph 2 of the first paragraph of section 39 of the Act mentioned in paragraph 3 of section 4 had been equal to the amount determined in accordance with paragraph 1 of section 21 increased by the value of the special amortization payments required since the date of the last actuarial valuation:

i.  the total of the employer contributions paid since the date of the last actuarial valuation and the amount of any letter of credit provided since that date in relation with the employer contributions pursuant to section 42.1 of the Act referred to in paragraph 3 of section 4;

ii.  the employer contributions determined on the date of the last actuarial valuation in accordance with section 21 and section 39 of the Act referred to in paragraph 3 of section 4.

Those amounts and contributions bear interest at the rate of return of the pension fund. Should the date of the last actuarial valuation or the date of the actuarial valuation concerned not correspond to the date of the end of a fiscal year of the plan, only the monthly payments related to amortization payments, current service contributions and the special amortization payments that became due during the period starting the day following the last actuarial valuation and ending on the date of the actuarial valuation concerned are taken into account.

O.C. 1153-2009, s. 7; O.C. 1073-2011, s. 2; O.C. 372-2013, s. 1.

2012-09-01

7. On the date of the actuarial valuation referred to in section 2, the amount referred to in the third paragraph of section 230.0.0.9 of the Act is equal to zero.

On the date of any subsequent actuarial valuation, the amount is equal to “S” in the following formula:

A + B - C = S

“A” represents the amount in question established at the date of the last actuarial valuation;

“B” represents the amortization payment determined, at the date of the last actuarial valuation, for the financial crisis deficiency;

“C” represents the amount by which the total of the employer contribution paid since the last actuarial valuation and the amount of any letter of credit provided since that date pursuant to section 42.1 of the Act referred to in paragraph 3 of section 4 exceeds the employer contribution that would have been determined on the date of the last actuarial valuation if the amount referred to in subparagraph b of paragraph 2 of the first paragraph of section 39 of the Act referred to in paragraph 3 of section 4 had been equal to the amount determined in accordance with paragraph 1 of section 21 increased by the value of the special amortization payments required since the date of the last actuarial valuation.

Those amounts and contributions bear interest at the rate of return of the pension fund. Should the date of the last actuarial valuation or the date of the actuarial valuation concerned not correspond to the date of the end of a fiscal year of the plan, only the monthly payments related to amortization payments, current service contributions and the special amortization payments that became due during the period starting the day following the last actuarial valuation and ending on the date of the actuarial valuation concerned are taken into account.

O.C. 1153-2009, s. 7; O.C. 1073-2011, s. 2.