S-2.1.1 - Act to foster the financial health and sustainability of municipal defined benefit pension plans

Section 57 Disposition versions

2014-12-05

57. Not later than 19 January 2015, the council of the municipal body must hold a sitting during which it presents a report, based on the conclusions of the actuarial valuation described in section 4, on the financial situation of each of the pension plans it has established. The report must contain

(1)  a summary of the main provisions of the plan;

(2)  the value of the plan’s assets;

(3)  the value of the plan’s liabilities;

(4)  the deficiency or surplus attributable to the members who are retired;

(5)  the deficiency or surplus attributable to the active members;

(6)  the current service contribution payable by the municipal body and that payable by the active members, both expressed as a percentage of the overall payroll;

(7)  the amortization payment;

(8)  the overall payroll of the active members; and

(9)  the value of the indexation of the pension of retired members and active members, if applicable.

The municipal body gives public notice of the sitting 14 days before the date on which it is to be held.

2014, c. 15, s. 57.