R-15.1, r. 6 - Regulation respecting supplemental pension plans

Section 15.0.0.4 Disposition versions

2018-01-04

15.0.0.4. The pension committee must, at the written request of the employer, agree to reduce the amount of the letter of credit in the following cases:

(1)  the employer pays to the pension fund an amount at least equal to the amount of the reduction requested;

(2)  the following conditions are met:

(a)  the report on the last actuarial valuation of the plan shows that, on a funding basis, the assets, alone or increased by the amount by which the letter of credit exceeds the amount taken into account pursuant to section 122.2 of the Act, are greater than the liabilities of the plan increased by the value of the target level of the stabilization provision plus five percentage points;

(b)  the report on the last actuarial valuation of the plan or, if the notice referred to in section 119.1 is more recent and shows a degree of solvency that is less than the one established in the actuarial valuation, the notice showing that, on a solvency basis, the assets of the plan, alone or increased by the amount by which the letter of credit exceeds the amount taken into account pursuant to section 122.2 of the Act, are greater than 105% of the liabilities of the plan.

The assets and liabilities of the plan must be adjusted to take into account the use of any surplus assets since the last actuarial valuation of the plan or any expected use thereof until the next actuarial valuation, as well as any expected payment of benefits during the fiscal year of the plan in accordance with the plan’s annuity purchasing policy.

O.C. 1073-2009, s. 5; O.C. 1183-2017, s. 7.

2012-09-01

15.0.0.4. The pension committee must, at the written request of the employer, agree to reduce the amount of the letter of credit in the following cases:

(1)  the employer pays to the pension fund an amount at least equal to the amount of the reduction requested;

(2)  the report on the last actuarial valuation of the pension plan the date of which is not prior to the date of the end of the last fiscal year of the plan shows that the assets, alone or increased by the amount by which the amount of the letter of credit exceeds the amount taken into account pursuant to the third paragraph of section 123 of the Act, are greater than liabilities increased by the provision for adverse deviation.

O.C. 1073-2009, s. 5.