R-15.1, r. 3.1 - Regulation providing temporary relief measures for the funding of solvency deficiencies

Section 10 Disposition versions

2012-09-01

10. On the date of the actuarial valuation referred to in section 2, the amount referred to in the third paragraph of section 230.0.0.9 of the Act is equal to zero. However, where instructions were also given in accordance with section 2 of the Regulation respecting measures to reduce the effects of the financial crisis on pension plans covered by the Supplemental Pension Plans Act (chapter R-15.1, r. 4), the amount corresponds at that date to the amount determined for that purpose in accordance with the provisions of this Regulation.

On the date of any subsequent actuarial valuation, the amount is equal to element “S” in the following formula:

A + B - C = S

“A” represents the amount in question established at the date of the last actuarial valuation;

“B” represents the employer contributions which, without reference to this Regulation, with the exception of section 11, would have been established at the date of the last actuarial valuation for the fiscal year ending at the date of the valuation concerned;

“C” represents the greater of the following amounts:

i.  the employer contributions established at the date of the last actuarial valuation for the fiscal year ending at the date of the valuation concerned;

ii.  the total of the employer contributions paid since the last actuarial valuation for the fiscal year ending as at the date of the valuation concerned and the amount of any letter of credit provided since the date of the previous valuation pursuant to section 42.1 of the Act that relates to those employer contributions.

Those amounts and contributions bear interest at the rate of return of the pension fund. Should the date of the last actuarial valuation or the date of the actuarial valuation concerned not correspond to the date of the end of a fiscal year of the plan, the only payments taken into account are those related to the amortization payments, current service contributions and special amortization payments that became due during the period starting the day following the last actuarial valuation and ending on the date of the actuarial valuation concerned.

O.C. 503-2012, s. 10.