R-15.1 - Supplemental Pension Plans Act

Section 306.1.1 Disposition versions

2010-01-01

306.1.1. (Repealed).

2004, c. 20, s. 197; 2006, c. 42, s. 46.

2004-11-01

306.1.1. In the case of a division or merger concerning all or part of the assets and liabilities of the Régime de retraite de la Ville de Québec, the amortization amounts to be paid for the portion of the initial unfunded actuarial liability referred to in section 306.1 that continues to affect the pension plan after the effective date of the division or merger must correspond to the amounts determined in relation to the unfunded liability in the report on the last complete actuarial valuation of the pension plan the date of which is not subsequent to that of the division or merger, reduced in the same proportion as the unfunded liability was reduced by the effect of the division or merger.

Also, the amortization amounts to be paid for the portion of the unfunded liability referred to that is allocated to a pension plan by the effect of the division or merger must correspond to the amounts determined in the report referred to in the first paragraph, adjusted in proportion to the unfunded liability allocated to the pension plan as a share of the balance of the unfunded liability as at the date of the division or merger.

The portion of the unfunded liability referred to that is allocated to the pension plan by the effect of the division or merger constitutes an initial unfunded actuarial liability separate from any other unfunded liability affecting the pension plan. Despite section 134, the reduction in the amortization amounts remaining to be paid for the unfunded liability shall be effected last, the other reductions under that section being mandatory.

The second, third and fourth paragraphs of section 306.1 apply, with the necessary modifications, in respect of a pension plan to which a portion of the unfunded liability referred to in this section has been allocated by the effect of the division or merger.

2004, c. 20, s. 197.