R-15.1 - Supplemental Pension Plans Act

Section 135 Disposition versions

2016-01-01

135. The amortization payments that, if applicable, remain to be paid in relation to any improvement unfunded actuarial liability determined in a prior actuarial valuation may only be eliminated if, at the date of the actuarial valuation, the assets of the pension plan are equal to or greater than its liabilities, increased by the value of the stabilization provision target level less five percentage points.

1989, c. 38, s. 135; 2006, c. 42, s. 11; 2015, c. 29, s. 24.

2010-01-01

135. If, at the date of an actuarial valuation of the pension plan, the plan’s assets determined on a funding basis do not cover its liabilities determined on the same basis and reduced by the value of the additional obligations arising from any amendment to the plan considered for the first time in the valuation, an amount must be established at that date equal to the amount by which the liabilities thus reduced exceed the assets.

At the same date, an amount must also be established equal to the value of the additional obligations arising from any amendment to the plan considered for the first time in the valuation.

The funding deficiency corresponds to the sum of the amount established under the first paragraph and the amount established under the second paragraph. Any such deficiency is reduced by the amount which represents the part of the value of the obligations referred to in the second paragraph, if any, that is paid for by appropriation of the plan’s surplus assets.

1989, c. 38, s. 135; 2006, c. 42, s. 11.

1990-01-01

135. In a defined benefit-defined contribution pension plan, where, by reason of variances between the estimated data and the actual data, in particular, as to the number of active members or of hours of employment, the amounts actually paid to amortize an unfunded actuarial liability are less than the amortization amounts fixed at the time of determination of the unfunded liability, the pension committee shall transmit to the Régie the corrective measures proposed by the actuary for the purpose of amortizing the unfunded liability within the period initially fixed.

1989, c. 38, s. 135.