118. Every pension plan must be the subject of an actuarial valuation
(1) at the date on which it becomes effective;
(2) no later than at the date of the end of the last fiscal year of the plan occurring within three years after the date of the last complete actuarial valuation of the plan;
(3) at the date of the agreement with the insurer for the purposes of a payment of benefits made in accordance with the plan’s annuity purchasing policy;
(4) in the case of an amendment having an impact on the funding of the plan, at the date determined under section 121;
(5) at the date of the end of the fiscal year of the plan that precedes a fiscal year in which surplus assets are appropriated under Division II of Chapter X.1; or
(6) whenever required by Retraite Québec, at the date set by Retraite Québec.
If an actuarial valuation referred to in subparagraph 2 of the first paragraph determines that the funding level of the plan is less than 90%, the plan must be the subject of a complete actuarial valuation not later than the end date of the following fiscal year and the end date of each subsequent fiscal year, until the funding level reaches at least 90%.
An actuarial valuation required under the first or second paragraph must be complete. However, the valuations required under subparagraphs 3, 4 and 5 of the first paragraph may be partial, but only if, in the case of a valuation referred to in subparagraph 4 or 5, the date of the valuation corresponds to the date of the end of the fiscal year of the plan and no complete actuarial valuation is required under this Act or by Retraite Québec at that date.
1989, c. 38, s. 118; 2006, c. 42, s. 11; 2015, c. 20, s. 61; 2015, c. 29, s. 19; I.N. 2016-04-01; 2018, c. 2, s. 1021; 2020, c. 30, s. 361.