R-15.1, r. 6.1.01 - Regulation respecting target-benefit pension plans in certain pulp and paper sector enterprises

Section 22 Disposition versions

2013-11-21

22. The degree of solvency of the target-benefit pension plan taken into account for the payment of benefits is the one determined during the last actuarial valuation of the plan or the one determined under the plan for a period less than a fiscal year, whichever is most recent.

The pension committee must determine or have determined the degree of solvency of the plan as at the end date of each period so prescribed. For that purpose, the actuary in charge of preparing the actuarial valuation report required at the end date of a fiscal year of the plan must define in the report a method that, taking into account the return on the investment of the plan assets and the change in the valuation rate, will allow the degree of solvency to be determined summarily before the date of the next required actuarial valuation.

The most recent degree of solvency is assessed on the date on which is received by the pension committee the application for a refund or transfer of benefits filed by a member who has ceased to be active, or the application for the benefit provided for in the first paragraph of section 86 of the Act, filed by the spouse or successor of the member. Where the benefits are paid other than on demand, the degree of solvency is assessed as at the date on which the application for the purchase of an annuity is submitted to the insurer or, where the payment is made by other means than the purchase of an annuity, as at the date the payment is made.

O.C. 1052-2013, s. 22.