R-15.1 - Supplemental Pension Plans Act

Section 146.78 Disposition versions

2020-12-11

146.78. An insufficiency of contributions relating to service after the valuation date must be offset by the application, as provided for in the plan, of one or a combination of the following recovery measures:

(1)  an increase in member contributions or the establishment of such contributions, in the case of a non-contributory plan;

(2)  an increase in the employer contribution;

(3)  a reduction in the benefit target relating to such service.

A recovery measure referred to in subparagraph 2 of the first paragraph must comply with the following limits, set by the plan:

(1)  the maximum employer contribution; and

(2)  the maximum increase in employer contributions in respect of the recovery measures.

Those limits must be expressed in the form of an hourly rate or a rate of the remuneration of, or a percentage of the total payroll for, the active members.

2020, c. 30, s. 61.