R-15.1, r. 6.1.01 - Regulation respecting target-benefit pension plans in certain pulp and paper sector enterprises

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Updated to 12 December 2023
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chapter R-15.1, r. 6.1.01
Regulation respecting target-benefit pension plans in certain pulp and paper sector enterprises
Supplemental Pension Plans Act
(chapter R-15.1, s. 2, 2nd and 3rd pars.).
Act to provide for the establishment of target-benefit pension plans in certain pulp and paper sector enterprises
(2012, chapter 32).
DIVISION 1
AFFECTED ENTERPRISES
1. A target-benefit pension plan can be established in an enterprise covered by the Act to provide for the establishment of target-benefit pension plans in certain pulp and paper sector enterprises (2012, chapter 32) where the conditions referred to in paragraphs 2 and 3 of section 1 of that Act are met between 30 December 2010 and 1 January 2014.
O.C. 1052-2013, s. 1.
DIVISION 2
ESTABLISHMENT AND EFFECTIVE DATE OF THE PLAN
2. A target-benefit pension plan may be established with regard to service affected by a component of a pension plan established in application of a regulation made pursuant to section 2 of the Supplemental Pension Plans Act (chapter R-15.1). It may be established as part of that pension plan or as a separate pension plan.
The target-benefit pension plan is effective as of the date on which the component is established.
O.C. 1052-2013, s. 2.
3. A pension plan established under this Regulation is said to be a “target-benefit pension plan”.
The provisions of the Supplemental Pension Plans Act (chapter R-15.1) apply to the target-benefit pension plan, except to the extent provided for under this Regulation. Moreover, in the case of a discrepancy, the provisions of this Regulation prevail over those of the Act.
O.C. 1052-2013, s. 3.
4. Where the target-benefit pension plan is established as a component of a pension plan, the provisions of this Regulation apply solely to the component, unless otherwise indicated, as though it were a separate pension plan. The provisions of a regulation referred to in the first paragraph of section 2, under which section the component is constituted, continue to apply thereto.
O.C. 1052-2013, s. 4.
DIVISION 3
CHARACTERISTICS
5. A target-benefit pension plan established under this Regulation must include the following characteristics:
(1)  the employer and member contributions as well as the method used for calculating those contributions are determined in advance;
(2)  the plan text determines the benefits target, including any ancillary benefit, on the basis of which the current service contribution is established;
(3)  the normal pension may vary according to the financial situation of the pension plan, as can any ancillary benefit provided for under the plan; the same variation being described in the actuarial valuation report for the plan;
(4)  notwithstanding section 39 of the Act, the employer contribution to the plan is limited to the one set out in the plan text;
(5)  the cost of the plan’s obligations determined in accordance with section 8 and the additional contribution referred to in section 8.1, after deducting the employer contribution set out in the plan text, is charged solely to the members and beneficiaries of the plan, under the conditions provided for in section 27;
(6)  only the members and beneficiaries are entitled to surplus assets during the existence of the plan, as in the case of its termination;
(7)  the plan has no defined contribution provision nor provisions that, under a defined benefit plan, are identical to those of a defined contribution plan.
O.C. 1052-2013, s. 5; O.C. 324-2016, s. 1.
6. A target-benefit plan constitutes, for the purposes of the Act, a defined benefit plan.
O.C. 1052-2013, s. 6.
DIVISION 4
FUNDING
§ 1.  — General
7. Notwithstanding section 42.1 of the Act, the employer may not exempt itself from the contributions it must pay by means of letter of credit nor may it exempt itself by the allocation of the surplus assets in whole or in part.
O.C. 1052-2013, s. 7.
8. The cost of the plan’s obligations determined in an actuarial valuation after 30 December 2014 is equal to the sum of the following:
(1)  the current service contribution determined in accordance with section 138 of the Act;
(2)  the amortization payment determined in respect of the funding actuarial deficiency.
O.C. 1052-2013, s. 8; O.C. 324-2016, s. 2.
8.1. An additional contribution which represents at least 15% of the current service contribution determined in accordance with section 138 of the Act must be made to the plan. The additional contribution is established without taking into account any margin for adverse deviations provided for by the Canadian Institute of Actuaries.
O.C. 324-2016, s. 3.
9. The amortization period for a funding actuarial deficiency ends, notwithstanding paragraph 2 of section 142 of the Act, no later than 10 years after the date of the actuarial valuation that determines the deficiency.
O.C. 1052-2013, s. 9; O.C. 324-2016, s. 4.
10. No solvency deficiency may be determined with respect to a target-benefit pension plan.
O.C. 1052-2013, s. 10; O.C. 324-2016, s. 5.
11. The value of the obligations arising from a target-benefit pension plan for credited service completed during the current fiscal year of the plan is determined based on the benefits target provided for under the plan.
O.C. 1052-2013, s. 11.
12. For the purposes of section 128 of the Act, the amount of the actuarial gains corresponds to the amount by which the plan assets, increased by the value of the amortization payments remaining to be paid to amortize a funding deficiency determined during a prior actuarial valuation, exceeds the plan’s liabilities, the latter being reduced by the value of the additional obligations arising from a measure referred to in section 30 that is considered for the first time during the valuation.
O.C. 1052-2013, s. 12; O.C. 324-2016, s. 6.
13. The target-benefit pension plan may not provide for the payment of additional voluntary contributions nor may it allow any sums to be transferred to its fund from any other pension plan, even one not referred to in the Act.
O.C. 1052-2013, s. 13.
14. The maximum set in section 60 of the Act does not apply to member contributions to a target-benefit plan.
The provisions of section 60.1 of the Act do not apply to a target-benefit pension plan.
O.C. 1052-2013, s. 14.
15. The provision for adverse deviations, notwithstanding the regulatory provisions made under section 128 of the Act, is the one provided for under the target-benefit pension plan. It may not be less than 20% of the liabilities of the plan determined on a funding basis.
Despite the foregoing, to determine the maximum amount of surplus assets that may be allocated, in application of the second paragraph of section 30, to the restoration of benefits that were reduced, the provision for adverse deviations provided for under the plan is reduced by 50%.
O.C. 1052-2013, s. 15; O.C. 324-2016, s. 7.
16. Notwithstanding the second paragraph of section 118 of the Act, any actuarial valuation of a target-benefit pension plan must be complete.
O.C. 1052-2013, s. 16.
§ 2.  — Conditions for payment of benefits
17. The provisions of this subdivision, with the exception of those in section 26, apply to any payment of benefits during the existence of the plan.
O.C. 1052-2013, s. 17.
18. Notwithstanding section 99 of the Act, a member who is less than 10 years under normal retirement age or who has attained or exceeded normal retirement age may exercise the right to transfer provided for under section 98 of the Act in the 90 days following receipt of the statement provided for in section 113 of the Act.
O.C. 1052-2013, s. 18.
19. Any additional benefits related to early retirement shall be included in the value of the deferred pension, regardless of the age of the member.
O.C. 1052-2013, s. 19.
20. A target-benefit pension plan is exempt from the application of sections 143 to 146 of the Act.
The value of the benefits of a member or beneficiary shall be paid in proportion to the degree of solvency of the plan determined in accordance with section 22.
The amount paid in application of the second paragraph may not be less that the total of the contributions made by the member plus accrued interest.
A payment made in accordance with this section constitutes a valid discharge with respect to the benefits covered by the payment.
O.C. 1052-2013, s. 20.
21. For the purposes of section 66 of the Act, the value of the benefits is determined by applying the degree of solvency of the plan determined in accordance with section 22.
O.C. 1052-2013, s. 21.
22. The degree of solvency of the target-benefit pension plan taken into account for the payment of benefits is the one determined during the last actuarial valuation of the plan or the one determined under the plan for a period less than a fiscal year, whichever is most recent.
The pension committee must determine or have determined the degree of solvency of the plan as at the end date of each period so prescribed. For that purpose, the actuary in charge of preparing the actuarial valuation report required at the end date of a fiscal year of the plan must define in the report a method that, taking into account the return on the investment of the plan assets and the change in the valuation rate, will allow the degree of solvency to be determined summarily before the date of the next required actuarial valuation.
The most recent degree of solvency is assessed on the date on which is received by the pension committee the application for a refund or transfer of benefits filed by a member who has ceased to be active, or the application for the benefit provided for in the first paragraph of section 86 of the Act, filed by the spouse or successor of the member. Where the benefits are paid other than on demand, the degree of solvency is assessed as at the date on which the application for the purchase of an annuity is submitted to the insurer or, where the payment is made by other means than the purchase of an annuity, as at the date the payment is made.
O.C. 1052-2013, s. 22.
23. Except where a request has been made by a member or beneficiary, the pension committee may only proceed with the payment, through the purchase of an annuity, of the benefits of a member or beneficiary whose pension is already in payment where the following conditions are met:
(1)  the value of the member’s benefits at the time of payment, multiplied by the degree of solvency of the pension plan, is greater than or equal to the value of the benefits target;
(2)  the amount of the annuity purchased is at least equal to the pension the member or beneficiary was receiving before its purchase;
(3)  the payment does not reduce the degree of solvency of the plan.
The value of the benefits of the member or beneficiary is established using the premium determined according to the assumptions for hypothetical wind-up and solvency valuations established by the Canadian Institute of Actuaries as they apply on the date of the calculation made for the purposes of the payment of the benefits.
O.C. 1052-2013, s. 23.
24. Except where a request has been made by a member or beneficiary, the refund referred to in section 66 of the Act may be made only where the conditions referred to in subparagraphs 1 and 3 of the first paragraph of section 23 are met.
O.C. 1052-2013, s. 24.
25. Notwithstanding the third paragraph of section 33 and section 240.2 of the Act, a member whose benefits are paid in full ceases to be a member of the pension plan.
O.C. 1052-2013, s. 25.
26. The provisions of subdivision 4 of Division II of Chapter XIII of the Act, related to the debt of the employer on termination of the target-benefit pension plan, do not apply except concerning the employer contributions provided for under the plan that have not been paid on the date of termination.
O.C. 1052-2013, s. 26.
§ 3.  — Reduction in benefits and increase in member contributions
27. Where an actuarial valuation of a target-benefit pension plan shows that the sum of the cost of the plan’s obligations and the additional contribution exceeds the contributions set out under the plan, the shortfall in contributions, subject to the terms and conditions prescribed by the plan text, must be offset by one or more of the following corrective measures:
(1)  a reduction in the benefits arising from service completed prior to the date of the actuarial valuation;
(2)  an increase in member contributions;
(3)  a reduction of the benefits target.
The plan text must provide the types of corrective measures that can be used and indicate the priority of use for each measure.
The provisions of the first paragraph only apply where the shortfall in contributions is greater than 2% of the contributions set under the plan.
O.C. 1052-2013, s. 27; O.C. 324-2016, s. 8.
28. The corrective measures referred to in the first paragraph of section 27 may not become effective until the day following the date of the actuarial valuation that determined the contribution shortfall. Moreover, the corrective measures may take effect no later than one year after the day following the date of that valuation.
The adjustment of accrued benefits and the change to member contributions or the benefits target must take into consideration, for actuarial purposes, any deferment thus determined.
O.C. 1052-2013, s. 28.
29. A corrective measure referred to in subparagraph 1 of the first paragraph of section 27 does not constitute an amendment to the plan.
O.C. 1052-2013, s. 29.
§ 4.  — Appropriation of surplus assets
30. During the existence of the plan, only the portion of the surplus assets that exceeds the provision for adverse deviations, as referred to in section 15 and as determined in an actuarial valuation of the plan, may be appropriated.
The portion must first be appropriated to restoring, up to the amount of the benefits target, any benefits that were reduced. The plan text must provide the terms and conditions for restoring benefits, particularly the order in which the benefits are to be restored.
Where a balance of the portion of the surplus assets remains, the balance may be appropriated as provided for in the plan text or, in the absence of such a provision, as determined by the person or body empowered to amend the plan.
With the exception of measures aimed at increasing the benefits target, a measure taken in application of the second and third paragraphs does not constitute an amendment to the plan.
The provisions of section 146.3 do not apply to an amendment whose purpose is to increase the benefits target.
O.C. 1052-2013, s. 30.
31. Notwithstanding section 146.1 of the Act, the maximum amount of surplus assets that may be appropriated under section 30 is equal to the lesser of the following amounts:
(1)  on a solvency basis, the amount by which the plan’s assets, exceed the plan’s liabilities, reduced by the value of the additional obligations arising from any measure referred to in section 30 considered for the first time during the valuation;
(2)  on a funding basis, the amount by which the plan’s assets, reduced by the reserve provided for in section 128 of the Act exceed its liabilities, the latter being reduced by the value of the additional obligations arising from any measure referred to in section 30 considered for the first time during the valuation.
O.C. 1052-2013, s. 31; O.C. 324-2016, s. 9.
32. A measure referred to in the second paragraph of section 30 may not become effective until the day following the date of the actuarial valuation that determined the surplus assets. Moreover, the measure may take effect no later than one year after the day following the date of that valuation.
O.C. 1052-2013, s. 32.
33. No measure referred to in section 30 may be made unless the resulting additional obligations are paid in full from the surplus assets.
O.C. 1052-2013, s. 33.
DIVISION 5
SEIZURE, TRANSFER OR PARTITION OF BENEFITS
34. For the purposes of a seizure, transfer or partition of benefits, the value that must be considered as the value of the aggregate benefits of the member or the value of the benefits accrued during the union is equal to the product of the value determined pursuant to the applicable provisions of the Regulation respecting supplemental pension plans (chapter R-15.1, r. 6), multiplied by the degree of solvency of the plan as at the date of their valuation determined in accordance with section 22.
O.C. 1052-2013, s. 34.
35. Where no pension is being paid to the member as at the date of execution of the partition or transfer of pension benefits, the amount referred to in the first paragraph of section 54 of that regulation, and for which the pension committee must keep a record, is replaced by the amount calculated according to the following formula:
A × B/C
“A” represents the amount of the normal pension that would be payable to the member at normal retirement age for his recognized credited service at the date of the valuation and according to the conditions and characteristics provided for by the plan for that pension;
“B” represents the sum remitted to the spouse further to partition or a transfer, including interest;
“C” represents the value considered for the purpose of the partition or transfer of the member’s benefits.
O.C. 1052-2013, s. 35.
36. To determine the residual benefits of the member receiving a pension as at the date of execution of the partition or transfer of benefits, the amount referred to in subparagraph 2 of the first paragraph of section 55 of the Regulation respecting supplemental pension plans (chapter R-15.1, r. 6) is equal to the amount calculated according to the following formula:
A - (A × B/C)
“A” represents the benefit payable to the member as at the date of execution of the partition or transfer;
“B” represents the sum remitted to the spouse further to partition or a transfer, including interest;
“C” represents the value the member’s pension would have had at the date of execution of the partition or transfer of benefits had it been determined based on the amount and type of pension on the date of the valuation and taking into account the assumptions on that date.
O.C. 1052-2013, s. 36.
37. Notwithstanding subparagraph 2 of the first paragraph of section 50 of the Regulation respecting supplemental pension plans (chapter R-15.1, r. 6), no amount granted to the spouse further to the partition or transfer of the member’s benefits may be retained in the plan or transferred thereto, even where the spouse is a member of the plan.
O.C. 1052-2013, s. 37.
DIVISION 6
COMMUNICATIONS
38. The summary of the pension plan provided for in section 111 of the Act must contain, in addition to the information provided for in section 56.1 of the Regulation respecting supplemental pension plans (chapter R-15.1, r. 6), the following:
(1)  a description of what a target-benefit pension plan is, including the fact that benefits may vary according to the financial situation of the pension plan;
(2)  a description of the risks for the members and beneficiaries as well as the methods used to manage those risks.
O.C. 1052-2013, s. 38.
39. The document referred to in the first paragraph of section 112 of the Act must also contain:
(1)  a description of what a target-benefit pension plan is, including the fact that benefits may vary according to the financial situation of the pension plan;
(2)  a description of the risks for the members and beneficiaries as well as the methods used to manage those risks;
(3)  a description of the benefits target.
O.C. 1052-2013, s. 39.
40. The first part of the annual statement provided for in section 112 of the Act for an active member or non-active member must contain, in addition to the information referred to in section 57 or 59 of the Regulation respecting supplemental pension plans (chapter R-15.1, r. 6), adapted to take into account this Regulation, as the case may be:
(1)  the amount of the pension, adjusted according to the financial situation of the plan, to which the member is entitled and the one to which the member would be entitled had the benefits target been reached;
(2)  the value of the benefits of the member, adjusted according to the financial situation of the plan as at the date of the actuarial valuation, and the value those benefits would have attained at that date had the benefits target been reached.
The first part of the statement sent to a beneficiary must contain, in addition to the information referred to in section 59.0.1 of the Regulation respecting supplemental pension plans, the amount of the pension, adjusted according to the financial situation of the plan as at the date of the actuarial valuation, to which the beneficiary is entitled and the one to which he would have been entitled had the benefits target been reached.
The statement must also mention that, should the member or beneficiary transfer his benefits, he will be entitled to the value of those benefits multiplied by the degree of solvency of the plan determined in accordance with section 22.
O.C. 1052-2013, s. 40.
41. The second part of the annual statement provided for in section 112 of the Act must contain, in addition to the information referred to in section 59.0.2 of the Regulation respecting supplemental pension plans (chapter R-15.1, r. 6):
(1)  a description of the adjustments to benefits that were applied during the fiscal year concerned;
(2)  a description of the adjustments to benefits that will be applied at a later date and the effective date of the adjustments.
O.C. 1052-2013, s. 41.
42. The statement referred to in section 113 of the Act must
(1)  not include a reference to section 60 of the Act;
(2)  indicate the most recent degree of solvency, determined in accordance with the second paragraph of section 22 as at the date the statement is prepared;
(3)  indicate the amount of the pension and the value of the benefits determined by taking into consideration the degree of solvency of the plan referred to in subparagraph 2;
(4)  indicate the amount of the pension that would apply had the benefits target been reached and the value of that pension.
Where the statement is for a member referred to in section 18, the statement must mention the right to transfer provided for under that section.
The statement must also mention that, should the member leave his benefits in the plan, the benefits and their value could continue to vary according to the financial situation of the pension plan.
Furthermore, the statement must mention that the degree of solvency that applies in the case of the payment of benefits in full is the one determined in accordance with section 22.
O.C. 1052-2013, s. 42.
43. During the annual meeting, the following subjects must be on the agenda in addition to those mentioned in section 166 of the Act:
(1)  a description of what a target-benefit pension plan is, including the fact that benefits may vary according to the financial situation of the pension plan;
(2)  a description of the risks for the members and beneficiaries as well as the methods used to manage those risks;
(3)  the adjustments to the benefits and the changes to member contributions or the benefits target applied during the fiscal year concerned;
(4)  the adjustments to the benefits and the changes to member contributions or the benefits target that will be applied at a later date and their effective date.
O.C. 1052-2013, s. 43.
44. Where the pension committee proceeds with the payment of the benefits of a member or beneficiary other than on demand, the pension committee must notify in writing the member or beneficiary concerned.
Where the payment of the benefits of a member or beneficiary whose pension is in payment is made by means of the purchase of an annuity, the notice must include the following information:
(1)  the name and contact information of the insurer that guaranteed the annuity;
(2)  the amount of the guaranteed annuity;
(3)  the amount of the pension the member or beneficiary was receiving prior to the purchase of the annuity;
(4)  the amount of the benefits target provided for under the plan.
In all cases the notice must also indicate that the member or beneficiary no longer has any connection to the plan.
O.C. 1052-2013, s. 44.
45. The actuarial valuation report for the plan must indicate the adjustments to the benefits taken into consideration in the valuation, the calculations pertaining to their determination and their effective date. The report must also contain a summary of the adjustments to benefits and any amendments taken into consideration in the previous actuarial valuation.
The provisions of sections 4.1, 4.3 and 4.4 of the Regulation respecting supplemental pension plans (chapter R-15.1, r. 6) that pertain to amendments considered for the first time apply, with the necessary modifications, to any measure taken in application of section 30 being considered for the first time.
O.C. 1052-2013, s. 45.
46. Retraite Québec may require from a pension committee or an employer party to a pension plan, on the conditions and within the time limits established by Retraite Québec, any document, information or report that it deems necessary for ascertaining that the requirements imposed by this Regulation are met, particularly concerning the contents of an actuarial valuation report provided for under this Division.
O.C. 1052-2013, s. 46.
DIVISION 7
MISCELLANEOUS PROVISIONS
47. The fiscal year of a target-benefit pension plan corresponds to the calendar year except where, for the first fiscal year of the plan, Retraite Québec has authorized a period that exceeds one year.
O.C. 1052-2013, s. 47.
48. No multi-employer pension plan, even one not considered as such, may be established under this Regulation.
O.C. 1052-2013, s. 48.
49. No purchase of past service or transfer of benefits from another plan is permitted under a target-benefit plan.
The provisions of this section do not hinder the exercise of the rights provided for under sections 79.3 and 81.15 of the Act respecting labour standards (chapter N-1.1), nor do they preclude the application of the plan provisions allowing the accrual of benefits for the periods of absence determined under the plan and for which the required contributions are paid.
O.C. 1052-2013, s. 49.
50. Notwithstanding section 59 of the Act, periodic amounts payable as pension benefits may vary further to the adjustments provided for under subparagraph 1 of the first paragraph of section 27 or under the second or third paragraph of section 30.
O.C. 1052-2013, s. 50.
51. The salary increase of a member after his period of active membership in the target-benefit pension plan has ended that can be taken into consideration for the purpose of determining his normal pension under the plan may not exceed the increase in the average weekly salaries and wages for the Industrial Composite in Canada, as published by Statistics Canada pursuant to the Statistics Act (R.S.C. 1985, c. S-19).
Notwithstanding the rule provided for in the first paragraph and the provisions of section 39 of the Regulation respecting the exemption of certain categories of pension plans from the application of provisions of the Supplemental Pension Plans Act (chapter R-15.1, r. 7), a target-benefit pension plan may be connected to a pension plan to which the same employer is party.
Notwithstanding the second paragraph of section 5 of the Act, a target-benefit pension plan may not contain provisions that are more advantageous than those contained in this section.
O.C. 1052-2013, s. 51.
52. A target-benefit plan may not be the object of a merger of all or part of its assets and liabilities with those of another plan, nor can it be converted to another type of plan.
O.C. 1052-2013, s. 52.
53. The provisions of subdivision 4.0.1 of Division II of Chapter XIII of the Supplemental Pension Plans Act (chapter R-15.1) do not apply to a target-benefit pension plan.
O.C. 1052-2013, s. 53.
54. The Regulation respecting measures to reduce the effects of the financial crisis on pension plans covered by the Supplemental Pension Plans Act (chapter R-15.1, r. 4) and the Regulation providing temporary relief measures for the funding of solvency deficiencies (chapter R-15.1, r. 3.1) do not apply to a target-benefit pension plan established under this Regulation.
O.C. 1052-2013, s. 54.
DIVISION 8
TRANSITIONAL AND FINAL PROVISIONS
55. In the case of a target-benefit pension plan whose effective date is prior to the date of coming into force of this Regulation (2013-11-21), the time period provided for under section 16 of the Act for notifying the Régie, as well as the time period provided for under section 25 of the Act for sending the Régie an application for the registration of a pension plan, begin on the latter date.
O.C. 1052-2013, s. 55.
56. Where a member has received the statement referred to in section 113 of the Act prior to 6 November 2013, the time period for exercising the right to transfer provided for under section 18 begins on the date on which the pension committee informs the member of the right provided for under that section.
The pension committee must inform, in a diligent manner and in writing, all members referred to in the first paragraph.
O.C. 1052-2013, s. 56.
57. Notwithstanding subparagraph 1 of the first paragraph of section 119 of the Act, a pension committee has until 6 March 2014 to send the Régie any actuarial valuation report for a pension plan referred to in this Regulation whose date is prior to 1 January 2013.
The fees provided for under the fourth paragraph of section 14 of the Regulation respecting supplemental pension plans(chapter R-15.1, r. 6) with regard to a report referred to in the first paragraph shall be paid to the Régie for each complete month of delay as of 6 March 2014.
O.C. 1052-2013, s. 57.
58. The annual statements referred to in section 112 of the Act already filed for the fiscal year ending on 31 December 2011, where applicable, do not have to be filed again. Annual statements related to the fiscal year ending on 31 December 2012, however, must include for the previous fiscal year the adaptations required under the provisions of this Regulation.
Notwithstanding the first paragraph of section 112 of the Act, the time period for sending to members and beneficiaries the statement referred to in that section for the fiscal year ending on 31 December 2012 expires on 6 March 2014.
O.C. 1052-2013, s. 58.
59. An annual meeting held before 6 November 2013 with regard to a fiscal year that ended before that date does need to be held again. However, at the first annual meeting held after that date, a summary of the information required under the provisions of this Regulation must be presented.
O.C. 1052-2013, s. 59.
60. Notwithstanding section 205 of the Act, where, with regard to service covered by a component of a pension plan established in accordance with a regulation made pursuant to section 2 of the Act, a target-benefit pension plan is established as a separate plan, the existing plan may not be terminated solely because it no longer has active members, for so long as the target-benefit plan has active members with benefits under the plan.
O.C. 1052-2013, s. 60.
61. (Omitted).
O.C. 1052-2013, s. 61.
62. Amortization payments related to any technical deficiency determined on the date of an actuarial valuation prior to 31 December 2014, where applicable, are eliminated.
O.C. 324-2016, s. 10.
63. The pension committee must send Retraite Québec, no later than 2 August 2016, a report which amends or replaces the actuarial valuation report as at 31 December 2014.
O.C. 324-2016, s. 10.
REFERENCES
O.C. 1052-2013, 2013 G.O. 2, 3144
S.Q. 2015, c. 20, s. 61
O.C. 324-2016, 2016 G.O. 2, 1917