R-15.1 - Supplemental Pension Plans Act

Section 132 Disposition versions

2016-01-01

132. The actuarial stabilization deficiency corresponds, at the date of an actuarial valuation, to the amount by which the plan’s liabilities, reduced by the technical actuarial deficiency determined in accordance with section 131 and increased by the value of the stabilization provision target level less five percentage points, exceed its assets, increased by the value of the amortization payments remaining to be paid to amortize any improvement unfunded actuarial liability determined in a prior actuarial valuation.

1989, c. 38, s. 132; 2006, c. 42, s. 11; 2015, c. 29, s. 24.

2010-01-01

132. If the actuarial valuation used to determine the value of the additional obligations arising from an amendment to the pension plan shows that the degree of solvency of the plan is less than 90%, a special amortization payment must be paid into the pension fund, payable in full on the day following the date of the valuation and equal to or greater than the lesser of:

(1)  the amount that corresponds to the value of the additional obligations arising from any amendment to the plan considered for the first time in the valuation; and

(2)  the amount to be funded to ensure that the degree of solvency of the plan is equal to 90%.

1989, c. 38, s. 132; 2006, c. 42, s. 11.

1990-01-01

132. The amortization amounts to be paid for each fiscal year or part of a fiscal year of the pension plan included in the amortization period shall be fixed at the date on which the unfunded actuarial liability is determined.

Amortization amounts shall not be reduced in the course of the amortization period, except in the cases provided for in section 133, 134 or 140.

1989, c. 38, s. 132.