R-15.1 - Supplemental Pension Plans Act

Section 121 Disposition versions

2020-12-11

121. Any amendment to a pension plan having an impact on the funding of the plan must be considered for the first time not later than the latest of the following dates:

(1)  the date on which the amendment is made;

(2)  the date on which the amendment becomes effective.

If the actuarial valuation report was transmitted to Retraite Québec and an amendment which should have been considered under the first paragraph was not taken into account, the report must be amended or replaced.

However, an amendment resulting in a reduction of the obligations of the plan must be considered for the first time at the date it becomes effective if it concerns service prior to that date.

1989, c. 38, s. 121; 2006, c. 42, s. 11; 2015, c. 20, s. 61; 2015, c. 29, s. 22; 2018, c. 2, s. 104; 2020, c. 30, s. 38.

2018-02-22

121. Any amendment to a pension plan having an impact on the funding of the plan must be considered for the first time not later than the latest of the following dates:

(1)  the date of the end of the last fiscal year of the plan, the date of which is not later than the date the amendment is made; or

(2)  the date of the end of the last fiscal year of the plan, the date of which is not later than the date the amendment becomes effective.

If the actuarial valuation report was transmitted to Retraite Québec and an amendment which should have been considered under the first paragraph was not taken into account, the report must be amended or replaced.

However, an amendment resulting in a reduction of the obligations of the plan must be considered for the first time at the date it becomes effective if it concerns service prior to that date.

1989, c. 38, s. 121; 2006, c. 42, s. 11; 2015, c. 20, s. 61; 2015, c. 29, s. 22; 2018, c. 2, s. 104.

2016-01-01

121. Any amendment to a pension plan having an impact on the funding of the plan must be considered for the first time not later than the latest of the following dates:

(1)  the date of the end of the last fiscal year of the plan, the date of which is not later than the date the amendment is made; or

(2)  the date of the end of the last fiscal year of the plan, the date of which is not later than the date the amendment becomes effective.

If the actuarial valuation report was transmitted to Retraite Québec and an amendment which should have been considered under the first paragraph was not taken into account, the report must be amended or replaced.

However, an amendment resulting in a reduction of the obligations of the plan must be considered for the first time at the date it becomes effective.

1989, c. 38, s. 121; 2006, c. 42, s. 11; 2015, c. 20, s. 61; 2015, c. 29, s. 22.

2010-01-01

121. Any amendment to a pension plan having an impact on the funding of the plan must be considered for the first time not later than the latest of the following dates:

(1)  the date of the last actuarial valuation of the plan, the date of which is not later than the date the amendment is made; or

(2)  the date of the last actuarial valuation of the plan, the date of which is not later than the date the amendment becomes effective.

If the actuarial valuation report was transmitted to the Régie and an amendment which should have been considered under the first paragraph was not taken into account, the report must be amended or replaced.

1989, c. 38, s. 121; 2006, c. 42, s. 11.

1990-01-01

121. Every pension plan must be fully funded at the date of each actuarial valuation.

A plan may, however, be partially funded at that date, provided the amount to be funded to ensure that the plan is fully funded constitutes an unfunded actuarial liability within the meaning of this Act or an amount determined pursuant to subparagraph 4 of the second paragraph of section 137.

1989, c. 38, s. 121.