R-15.1, r. 6.1 - Regulation respecting supplemental pension plans affected by the arrangement regarding AbitibiBowater Inc. under the Companies’ Creditors Arrangement Act

Section 12 Disposition versions

2016-01-01

12. In cases where, for any month of a fiscal year of a pension plan, the total of the monthly payments payable under this Regulation or the applicable Ontario legislation to the affected component of the pension plans for the basic amortization payment is less than $4,166,667, a supplement to the basic amortization payment shall be determined.

The supplement corresponds to a proportion of the amount by which $4,166,667 exceeds the total of the monthly payments for that month. That proportion corresponds to the technical actuarial deficiency of the affected component of the pension plan divided by the total of the technical actuarial deficiencies of the affected components of the pension plans, as established on the following date:

(1)  for each of the first 6 monthly payments of the fiscal year, the date of the end of the previous fiscal year;

(2)  for each of the other 6 monthly payments of the fiscal year, the date of the end of the fiscal year.

For the purposes of the second paragraph, a pension plan to which the supplement cannot be paid due to the termination of the plan is not taken into account.

The supplement to the basic amortization payment is payable in full the last day of the month following the one in which the actuarial valuation report at the date of the end of the fiscal year referred to in subparagraph 1 or subparagraph 2 of the second paragraph, as the case may be, must be sent to Retraite Québec.

However, for each fiscal year of a pension plan ending between 30 December 2013 and 1 January 2021, the amount “$4,166,667” shall be replaced by “$6,666,667” wherever it appears.

O.C. 856-2011, s. 12; O.C. 299-2014, s. 3.

2014-04-09

12. In cases where, for any month of a fiscal year of a pension plan, the total of the monthly payments payable under this Regulation or the applicable Ontario legislation to the affected component of the pension plans for the basic amortization payment is less than $4,166,667, a supplement to the basic amortization payment shall be determined.

The supplement corresponds to a proportion of the amount by which $4,166,667 exceeds the total of the monthly payments for that month. That proportion corresponds to the technical actuarial deficiency of the affected component of the pension plan divided by the total of the technical actuarial deficiencies of the affected components of the pension plans, as established on the following date:

(1)  for each of the first 6 monthly payments of the fiscal year, the date of the end of the previous fiscal year;

(2)  for each of the other 6 monthly payments of the fiscal year, the date of the end of the fiscal year.

For the purposes of the second paragraph, a pension plan to which the supplement cannot be paid due to the termination of the plan is not taken into account.

The supplement to the basic amortization payment is payable in full the last day of the month following the one in which the actuarial valuation report at the date of the end of the fiscal year referred to in subparagraph 1 or subparagraph 2 of the second paragraph, as the case may be, must be sent to the Régie des rentes du Québec.

However, for each fiscal year of a pension plan ending between 30 December 2013 and 1 January 2021, the amount “$4,166,667” shall be replaced by “$6,666,667” wherever it appears.

O.C. 856-2011, s. 12; O.C. 299-2014, s. 3.

2012-09-01

12. In cases where, for any month of a fiscal year of a pension plan, the total of the monthly payments payable under this Regulation or the applicable Ontario legislation to the affected component of the pension plans for the basic amortization payment is less than $4,166,667, a supplement to the basic amortization payment shall be determined.

The supplement corresponds to a proportion of the amount by which $4,166,667 exceeds the total of the monthly payments for that month. That proportion corresponds to the technical actuarial deficiency of the affected component of the pension plan divided by the total of the technical actuarial deficiencies of the affected components of the pension plans, as established on the following date:

(1)  for each of the first 6 monthly payments of the fiscal year, the date of the end of the previous fiscal year;

(2)  for each of the other 6 monthly payments of the fiscal year, the date of the end of the fiscal year.

For the purposes of the second paragraph, a pension plan to which the supplement cannot be paid due to the termination of the plan is not taken into account.

The supplement to the basic amortization payment is payable in full the last day of the month following the one in which the actuarial valuation report at the date of the end of the fiscal year referred to in subparagraph 1 or subparagraph 2 of the second paragraph, as the case may be, must be sent to the Régie des rentes du Québec.

O.C. 856-2011, s. 12.