R-15.1 - Supplemental Pension Plans Act

Section 137 Disposition versions

2015-01-01

137. The monthly amortization payable for any fiscal year of the pension plan, and any part of such a fiscal year, included in the amortization period must be established as a set amount at the date the unfunded actuarial liability is determined. However, if the members contribute to amortization payments, the monthly payments may represent an hourly rate or a rate of the remuneration of or a percentage of the total payroll for the active members; the rate or percentage must be uniform unless it is established by reference to a variable authorized by Retraite Québec.

1989, c. 38, s. 137; 2006, c. 42, s. 11; 2015, c. 29, s. 24; 2015, c. 20, s. 61.

2010-01-01

137. In addition to the other elements prescribed by regulation, an actuarial valuation must determine

(1)  the current service contribution, expressed in currency or as a rate or percentage of the remuneration of active members estimated in the valuation, for the fiscal year or the part of the fiscal year of the pension plan that immediately follows the date of the valuation; and

(2)  the value of the assets and the liabilities of the pension plan.

1989, c. 38, s. 137; 2006, c. 42, s. 11.

1999-04-01

137. Every pension plan must be solvent at the date of each actuarial valuation.

A plan may, however, be partly solvent provided the amount to be funded to ensure the solvency of the plan is offset by the value, at the date of the actuarial valuation, of

(1)  the amounts required to amortize any initial unfunded actuarial liability;

(2)  the amounts required to amortize any other unfunded liability over a period of five years after that date;

(3)  the remaining amounts required to amortize an amount determined pursuant to subparagraph 4 at the time of a previous actuarial valuation;

(4)  the difference between the assets, plus the amounts referred to in subparagraphs 1 to 3, and the liabilities.

The interest rate used to determine the value of the amounts referred to in the second paragraph shall be identical to the rate used to determine the liabilities of the plan for the purpose of determining the plan’s solvency.

1989, c. 38, s. 137.