R-15.1 - Supplemental Pension Plans Act

Section 141 Disposition versions

2016-01-01

141. For the purpose of determining the solvency of a pension plan at the date of an actuarial valuation, the plan’s assets must be established according to their liquidation value, or an estimate of that value, and be reduced by the estimated amount of the administration costs to be paid out of the pension fund, assuming that the pension plan is terminated on the valuation date.

The pension plan’s liabilities must be equal to the value of the obligations arising from the plan, assuming that the plan is terminated on the valuation date.

A pension plan is solvent if its assets are equal to or greater than its liabilities.

1989, c. 38, s. 141; 2006, c. 42, s. 50; 2006, c. 42, s. 11; 2015, c. 29, s. 24.

2010-01-01

141. The monthly amortization payable for any fiscal year or any part of a fiscal year of the plan included in the amortization period must be established as a fixed amount at the date the unfunded actuarial liability is determined.

1989, c. 38, s. 141; 2006, c. 42, s. 50; 2006, c. 42, s. 11.

2006-12-13

141. The degree of solvency of a pension plan is the proportion, expressed as a percentage, of the value of the assets of the plan over the value of its liabilities, both values having first been reduced by an amount representing the sum of the following values:

(1)  the value of any additional voluntary contributions paid into the pension fund, with accrued interest;

(2)  the value of the contributions paid into the pension fund under provisions that, in a defined benefit plan, are identical to those of a defined contribution plan, with accrued interest; and

(3)  the value of amounts received by the pension plan following a transfer, even a transfer other than a transfer under Chapter VII, with accrued interest.

1989, c. 38, s. 141; 2006, c. 42, s. 50.

1990-01-01

141. The degree of solvency of a pension plan is the proportion, expressed as a percentage, that the value of the assets of the plan is of the value of its liabilities.

1989, c. 38, s. 141.