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S-2.1.1 - Act to foster the financial health and sustainability of municipal defined benefit pension plans
Section 12
Disposition versions
12. All pension plans must be amended on 1 January 2014 to provide that the active members and the municipal body are to assume, in equal parts, the deficiencies attributable to those members for service accumulated prior to 1 January 2014 and identified as at 31 December 2013. The municipal body and the active members may also agree on an amendment that provides for sharing the deficiencies in a maximum proportion of 55% for the municipal body and a minimum proportion of 45% for the active members.
If a pension plan’s membership comprises two or more classes of employees, the deficiencies may be distributed among the classes defined in the pension plan in the manner already agreed on by the active members and the municipal body as soon as a majority of the classes requests it. The pension committee informs Retraite Québec of the decision, sends it the data concerning the overall deficiencies and indicates which portion is attributable to each class of employees.
The portion of the deficiencies attributable to the municipal body must be reimbursed over a maximum period of 15 years and the deficiencies cannot be consolidated.
12. All pension plans must be amended on 1 January 2014 to provide that the active members and the municipal body are to assume, in equal parts, the deficiencies attributable to those members for service accumulated prior to 1 January 2014 and identified as at 31 December 2013. The municipal body and the active members may also agree on an amendment that provides for sharing the deficiencies in a maximum proportion of 55% for the municipal body and a minimum proportion of 45% for the active members.
If a pension plan’s membership comprises two or more classes of employees, the deficiencies may be distributed among the classes defined in the pension plan in the manner already agreed on by the active members and the municipal body as soon as a majority of the classes requests it. The pension committee informs the Board of the decision, sends it the data concerning the overall deficiencies and indicates which portion is attributable to each class of employees.
The portion of the deficiencies attributable to the municipal body must be reimbursed over a maximum period of 15 years and the deficiencies cannot be consolidated.
