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 5 Disposition versions

2012-09-01

5. Sections 133 and 134 of the Supplemental Pension Plans Act (chapter R-15.1) notwithstanding, where the value as at 1 July 2003 of the excess amounts determined by applying the first paragraph of section 134 of the Act to a pension plan reaches the amount indicated in section 4 with respect to the said plan, a portion equal to 40% of any excess amount thus determined shall be allocated to increasing the benefits of the plan’s members and beneficiaries, the balance of such excess being allocated, if need be, to the redemption of the bond referred to in section 4.

The first paragraph applies with respect to a pension plan until the later of the following events: the value referred to therein reaches the amount set for that plan by the second paragraph of section 32 of the Act respecting the negotiation of agreements concerning the reduction of labour costs in the municipal sector (1998, chapter 2) or the bond credited to the pension fund of the plan concerned as a result of the execution of the agreement referred to in section 3 has been redeemed in full.

O.C. 415-2004, s. 5.