R-9.2, r. 1 - Regulation under the Act respecting the Pension Plan of Peace Officers in Correctional Services

Schedule Disposition versions

2014-01-01

SCHEDULE I

(s. 7.18.1)

RATE OF INTEREST

Under section 7.18.1, the rate of interest applicable to the contributions referred to in subparagraph 1 of the second paragraph of section 72 of the Act corresponds to rate I determined according to the following formula:

I = [(1+i1) nb1/365 × (1+i2) nb2/365] 1/2 -1, where

i1 represents the rate of interest in Schedule II to the Act applicable at the beginning of the employee’s period of membership until the earlier of the following dates: the date of the end of the period of application of the rate of interest, the date of the end of the period of membership or 31 December of the year concerned;

nb1 represents the number of days during which the rate of interest represented by the variable i1 is applicable;

i2 represents, where the employee’s period of membership ends on a date later than the date of the end of the period of application of the rate of interest represented by the variable i1, the rate of interest in Schedule II to the Act applicable on the day following the end of the period of application until the earlier of the following dates: the date of the end of the period of membership or 31 December of the year concerned;

nb2 represents the number of days during which the rate of interest represented by the variable i2 is applicable.

Where the period of membership ends on a date prior to the date of the end of the period of application of the rate of interest represented by the variable i1, the term (1+i2) nb2/365 is equal to 1.

T.B. 213343, s. 8.