R-15.1, r. 1.01 - Regulation respecting the funding of certain Gesca Ltée and La Presse, ltée pension plans

Section 26 Disposition versions

2014-02-27

26. Notwithstanding section 42.1 of the Act, the employer is relieved of paying, in whole or in part, the employer contribution payable to the current component of a pension plan for the fiscal years ending 31 December 2013, 31 December 2014 and 31 December 2015 by allocating for that purpose the surplus amount of the letters of credit, up to the portion of the employer contribution required after the effective date of this Regulation (27 February 2014).

The surplus amount of the letters of credit corresponds to the amount by which the total of any letters of credit provided by the employer in accordance with section 42.1 of the Act prior to the effective date of this Regulation (27 February 2014) for the purpose of being relieved of paying the portion of the employer contributions required for the fiscal years of the pension plan ending 31 December 2012 and 31 December 2013 exceeds the employer contribution to the past component, determined in accordance with Division II and payable with respect to those fiscal years of the pension plan.

Notwithstanding the third paragraph of section 123 of the Act, the surplus amount of the letters of credit allocated, for the purposes of the first paragraph, to the payment of the employer contribution is considered in its entirety for the purpose of determining the solvency of the current component of the pension plan or, after the date determined in accordance with section 33, the solvency of the pension plan.

O.C. 42-2014, s. 26.