S-4.2, r. 5.2 - Regulation respecting certain terms of employment applicable to senior administrators of agencies and of public health and social services institutions

Section 122 Disposition versions

2012-09-01

122. The end-of-engagement indemnity shall be paid in the following ways and in the following order:

(1)  a retirement allowance corresponding to the maximum amount that may be transferred into a pension retirement instrument under the applicable tax legislation, and taking into account any sick days that qualify under this heading. The allowance is payable no later than 30 days after the senior administrator’s departure;

(2)  a mandatory contribution by the employer to the senior administrator’s pension plan to compensate for the actuarial reduction applicable to him when he becomes eligible for his retirement pension with such a reduction. If the employer’s contribution does not compensate fully for the actuarial reduction, the senior administrator may use the amount of the retirement allowance described in paragraph 1 as full or partial compensation. Such compensation is valid for as long as the pension plan provides therefor;

(3)  an additional retirement allowance, for the amount by which the end-of-engagement indemnity exceeds both the transferable retirement allowance and the employer’s contribution, payable to the senior administrator in 2 equal payments: the first in the 30 days following the senior administrator’s departure and the second on 15 January of the following year. However, the employer may agree with the senior administrator to pay the whole of the additional pension allowance no later than 30 days following his departure.

O.C. 1217-96, s. 122; O.C. 925-97, s. 9; T.B. 196313, s. 69.