R-15.1, r. 6.2 - General Regulation respecting supplemental pension plans

Section 1 Disposition versions

2012-09-01

1. In this Regulation,

(a)  “accountant” means a person authorized by the Chartered Accountants Act (chapter C-48) to practise the profession of Public Accountant or, outside Québec, any person the Régie des rentes du Québec (Board) considers as duly qualified;

(b)  “actuary” means a Fellow of the Canadian Institute of Actuaries;

(c)  “initial unfunded liability” means an amount to be funded:

i.  to ensure that the plan is fully funded when submitted for registration;

ii.  resulting from an amendment made after the registration of the plan to ensure that the plan, taking into account all other initial unfunded liabilities or experience deficiencies, is fully funded when so amended;

iii.  resulting from a change made, on the occasion of an actuarial valuation, in the valuation method or in the assumptions on which the valuation of the plan is based to ensure that the plan, taking into account all other initial unfunded liabilities or experience deficiencies, is fully funded at the time of such change;

(d)  “experience deficiency” means an amount to be funded other than an initial unfunded liability or an unpaid contribution to ensure that the plan is fully funded;

(e)  “special contribution” means an annual contribution required to liquidate an initial unfunded liability or an experience deficiency;

(f)  “special supplementary contribution” means a voluntary payment, in addition to a special contribution, intended to liquidate an initial unfunded liability or experience deficiency;

(g)  “current service” means service during the current fiscal year of the plan;

(h)  “money purchase plan” means a plan under which each member’s retirement pension is determined according to the amount of contributions to his credit;

(i)  “unit benefit plan” means a plan under which each member’s retirement pension is determined according to a percentage of his remuneration;

(j)  “flat benefit plan” means a plan under which each member’s retirement pension is a fixed amount determined without reference to his remuneration;

(k)  “deferred profit sharing pension plan” means a plan under which the employer’s contributions depend on the yearly profits of the business, except any employees profit sharing plan and any deferred profit sharing plan contemplated in Titles I and II of Book VII of Part I of the Taxation Act (chapter I-3);

(l)  “fully funded plan” means a plan whose assets, at any particular time, are at least equal to the commuted value of the pension benefits, other benefits and rights of refund with respect to the members’ service prior to that time;

(m)  “provisionally funded plan” means a plan that has not assets sufficient to make it fully funded but has made provision to liquidate the initial unfunded liability or experience deficiency, in accordance with this Regulation;

(n)  “amortization period” means a period described in section 45;

(o)  “investment fund” means a fund:

i.  in which the assets of an uninsured plan are deposited;

ii.  that is managed by a company authorized for that purpose by its deed of incorporation and qualified to carry on business in Québec and issue securities therein; and

iii.  in which the assets of a plan may in no case be incorporated into or combined with other assets of the company or corporation;

(p)  “pooled fund” means an investment fund in which the deposited assets of a plan lose their specific identity;

(q)  “segregated fund” means an investment fund in which the deposited assets of a plan retain their specific identity.

R.R.Q., 1981, c. R-17, r. 1, s. 1; O.C. 377-84, s. 1.