R-15.1, r. 1.3 - Regulation respecting the funding of defined-benefit pension plans of the municipal and university sectors

Section 20 Disposition versions

2024-02-22

20. The amount of surplus assets that may be appropriated for payment of special improvement payments corresponds, at the date of an actuarial valuation of the plan, to the difference between the plan’s assets determined on a funding basis and the sum of its liabilities determined on a funding basis and the provision for adverse deviation.

In the case of an appropriation of surplus assets referred to in paragraphs 1, 2, and 4 of section 19, the maximum amount of surplus assets that may be used is equal to the lesser of the following amounts, determined at the date of the actuarial valuation:

(1)  the amount determined pursuant to the first paragraph;

(2)  on a solvency basis, the amount by which the plan’s assets exceeds 105% of its liabilities.

In addition, in the case of a pension plan governed by the Act respecting the restructuring of university-sector defined-benefit pension plans (chapter R-26.2.1) or the Act to foster the financial health and sustainability of municipal defined-benefit pension plans (chapter S-2.1.1) that, according to the provisions of the act that are applicable to the plan, may be subject to an appropriation referred to in paragraph 4 of section 19, the amount referred to in subparagraph 1 of the second paragraph is the amount determined in accordance with the provisions of the act applicable to it.

O.C. 46-2024, s. 20.

Not in force

In force: 2024-02-22

20. The amount of surplus assets that may be appropriated for payment of special improvement payments corresponds, at the date of an actuarial valuation of the plan, to the difference between the plan’s assets determined on a funding basis and the sum of its liabilities determined on a funding basis and the provision for adverse deviation.

In the case of an appropriation of surplus assets referred to in paragraphs 1, 2, and 4 of section 19, the maximum amount of surplus assets that may be used is equal to the lesser of the following amounts, determined at the date of the actuarial valuation:

(1)  the amount determined pursuant to the first paragraph;

(2)  on a solvency basis, the amount by which the plan’s assets exceeds 105% of its liabilities.

In addition, in the case of a pension plan governed by the Act respecting the restructuring of university-sector defined-benefit pension plans (chapter R-26.2.1) or the Act to foster the financial health and sustainability of municipal defined-benefit pension plans (chapter S-2.1.1) that, according to the provisions of the act that are applicable to the plan, may be subject to an appropriation referred to in paragraph 4 of section 19, the amount referred to in subparagraph 1 of the second paragraph is the amount determined in accordance with the provisions of the act applicable to it.

O.C. 46-2024, s. 20.