R-15.1, r. 6 - Regulation respecting supplemental pension plans

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15.0.0.5. Where the amount of the letters of credit exceeds the maximum amount that can be taken into account pursuant to section 122.2 of the Act, the reduction provided for in subparagraph 2 of the first paragraph of section 15.0.0.4 may not be greater than the lesser of the following amounts:
(1)  the lesser of:
(a)  the amount by which the letters of credit exceed the maximum on a funding basis;
(b)  the amount by which the letters of credit exceed the maximum on a solvency basis;
(2)  the amount by which, on a funding basis, the total assets of the plan and the surplus amount of the letters of credit established in accordance with subparagraph a of subparagraph 1 of the first paragraph exceed the liabilities of the plan plus the value of the target level of the stabilization provision increased by five percentage points;
(3)  the amount by which, on a solvency basis, the total assets of the plan and the surplus amount of the letters of credit established in accordance with subparagraph b of subparagraph 1 of the first paragraph exceed 105% of the liabilities of the plan.
The amounts referred to in subparagraph b of subparagraph 1 and subparagraph 3 of the first paragraph are established using the most recent notice referred to in section 119.1 of the Act where it is more recent than the latest report on the actuarial valuation of the plan and contains a certification that the degree of solvency is less than the one established in the actuarial valuation.
O.C. 1073-2009, s. 5; 1183-2017O.C. 1183-2017, s. 8.
15.0.0.5. Where the plan’s assets increased by the amount by which the amount of the letter of credit exceeds the amount taken into account pursuant to the third paragraph of section 123 of the Act are greater than the plan’s liabilities increased by the provision for adverse deviation, the reduction provided for in paragraph 2 of section 15.0.0.4 may not be greater than the lesser of the following amounts:
(1)  the amount by which the amount of the letter of credit exceeds the amount taken into account pursuant to the third paragraph of section 123 of the Act;
(2)  the amount by which the plan’s assets increased by that excess amount exceeds the plan’s liabilities increased by the provision for adverse deviation.
O.C. 1073-2009, s. 5.