R-15.1, r. 8 - Regulation respecting the exemption of certain pension plans from the application of provisions of the Supplemental Pension Plans Act

Section 14.7 Disposition versions

2012-12-13

14.7. (Revoked).

O.C. 987-2005, s. 1; O.C. 1097-2006, s. 1; O.C. 1053-2012, s. 1.

2012-09-01

14.7. Unless made compulsory by law, no amendment having the effect of increasing the benefits of members or beneficiaries may be made to a pension plan so long as any amount determined in accordance with paragraph 1 of the first paragraph of section 14.6 with respect to such plan has not been fully amortized, unless a sum equal to the greater of the following values is paid into the pension fund:

(1)  the value of the additional commitments resulting from the amendment, determined on the basis of funding;

(2)  the value of such commitments, determined on the basis of solvency.

The sum shall be paid immediately upon transmission of the report on the actuarial valuation required under paragraph 2 of section 118 of the Supplemental Pension Plans Act (chapter R-15.1) to the Régie. To such sum shall be added accrued interest, if any, from the date of the valuation, calculated at the rate referred to in section 48 of the Act.

Under these conditions, no unfunded actuarial liability and no sum determined in application of paragraph 4 of the second paragraph of section 137 of the Supplemental Pension Plans Act have to be established as a result of the amendment.

O.C. 987-2005, s. 1; O.C. 1097-2006, s. 1.