R-15.1 - Supplemental Pension Plans Act

Section 142 Disposition versions

2016-01-01

142. For the sole purpose of establishing the degree of solvency of a pension plan at the date of an actuarial valuation,

(1)  the plan’s assets must be increased by the special improvement payment prescribed in section 139; and

(2)  the plan’s liabilities must be increased by the value of the additional obligations arising from any amendment to the plan considered for the first time on the date of the valuation, calculated on the assumption that the effective date of the amendment is the valuation date.

The degree of solvency of a pension plan at the date of an actuarial valuation is the percentage that the plan’s assets are of its liabilities.

1989, c. 38, s. 142; 1997, c. 19, s. 15; 2006, c. 42, s. 50; 2008, c. 21, s. 17; 2006, c. 42, s. 11; 2015, c. 29, s. 24.

2010-01-01

142. The amortization period for an unfunded actuarial liability begins at the date of the actuarial valuation in which the unfunded liability is determined. It expires at the end of a fiscal year of the pension plan that ends

(1)  no later than five years after the date of the valuation, if the liability is a solvency deficiency; or

(2)  no later than 15 years after the date of the valuation, if the liability is a funding deficiency.

1989, c. 38, s. 142; 1997, c. 19, s. 15; 2006, c. 42, s. 50; 2008, c. 21, s. 17; 2006, c. 42, s. 11.

2008-06-20

142. The value of the benefits to which a member or a beneficiary becomes entitled under a pension plan and that corresponds to the following amounts must be paid in full:

(1)  additional voluntary contributions credited to the member’s account, with accrued interest;

(2)  member or employer contributions paid in respect of a member under terms in a defined benefit plan that are identical to those of a defined contribution plan, with accrued interest; and

(3)  amounts credited to a member’s account following a transfer, even a transfer other than a transfer under Chapter VII, with accrued interest.

The benefit provided for in section 67.5, the one provided for in section 69.1 and the periodic amounts payable as pension benefits must also be paid in full.

The value of any other benefit may be paid out of the pension fund only in proportion to the degree of solvency of the plan, up to 100%, as established in the last actuarial valuation report transmitted to the Régie.

1989, c. 38, s. 142; 1997, c. 19, s. 15; 2006, c. 42, s. 50; 2008, c. 21, s. 17.

2006-12-13

142. The value of the benefits to which a member or a beneficiary becomes entitled under a pension plan and that corresponds to the following amounts must be paid in full:

(1)  additional voluntary contributions credited to the member’s account, with accrued interest;

(2)  member or employer contributions paid in respect of a member under terms in a defined benefit plan that are identical to those of a defined contribution plan, with accrued interest; and

(3)  amounts credited to a member’s account following a transfer, even a transfer other than a transfer under Chapter VII, with accrued interest.

The benefit provided for in section 69.1 and the periodic amounts payable as pension benefits must also be paid in full.

The value of any other benefit may be paid out of the pension fund only in proportion to the degree of solvency of the plan, up to 100 %, as established in the last actuarial valuation report transmitted to the Régie.

1989, c. 38, s. 142; 1997, c. 19, s. 15; 2006, c. 42, s. 50.

1997-06-05

142. The value of any benefit to which a member or beneficiary becomes entitled under a pension plan having a degree of solvency of less than 100 % as established in the last actuarial valuation may be paid out of the pension fund only in proportion to the degree of solvency of the plan as established in such valuation.

This section shall not be construed to prevent the payment of a benefit under section 69.1 or the periodic payment of any pension that has become payable.

1989, c. 38, s. 142; 1997, c. 19, s. 15.

1990-01-01

142. The value of any benefit to which a member or beneficiary becomes entitled under a pension plan having a degree of solvency of less than 100 % as established in the last actuarial valuation may be paid out of the pension fund only in proportion to the degree of solvency of the plan as established in such valuation.

This section shall not be construed to prevent the periodic payment of any pension that has become payable.

1989, c. 38, s. 142.