R-15.1 - Supplemental Pension Plans Act

Section 133 Disposition versions

2016-01-01

133. The interest rate used to establish the value of the improvement amortization payments referred to in sections 131 and 132 is the same as the one used to establish the liabilities of the plan.

1989, c. 38, s. 133; 2000, c. 41, s. 79; 2006, c. 42, s. 11; 2015, c. 29, s. 24.

2010-01-01

133. The improvement unfunded actuarial liability determined in an actuarial valuation of the pension plan is reduced by the part of the value of the additional obligations arising from an amendment to the plan considered for the first time in the valuation that is paid for by appropriation of the plan’s surplus assets.

If the liability is determined in a partial actuarial valuation, an actuary must certify in the valuation report that a complete actuarial valuation carried out at the date of the valuation would have allowed the establishment, in accordance with the third paragraph of section 146.1, of the amounts that could be appropriated to the payment of the value of the additional obligations arising from the amendment.

1989, c. 38, s. 133; 2000, c. 41, s. 79; 2006, c. 42, s. 11.

2001-01-01

133. Where the employer pays a contribution which exceeds the contribution required under sections 39 and 140, the excess paid since the date of the last actuarial valuation of the whole pension plan may serve to reduce, in the following order, the amounts remaining to be paid in connection with

(1)  any amount determined pursuant to subparagraph 4 of the second paragraph of section 137;

(2)  any technical actuarial deficiency;

(3)  any initial unfunded actuarial liability;

(4)  any improvement unfunded actuarial liability.

The reduction must, where applicable, be effected at the time of the first actuarial valuation of the whole pension plan subsequent to the excess payment of contribution.

If the excess is insufficient to eliminate an unfunded liability or an amount determined pursuant to subparagraph 4 of the second paragraph of section 137, the reduction shall be applied proportionately to each amount remaining to be paid. In addition, if there is more than one unfunded liability or deficiency of the same nature or more than one amount determined pursuant to the said subparagraph, the reduction shall be applied from the earliest to the most recent.

1989, c. 38, s. 133; 2000, c. 41, s. 79.

1990-01-01

133. Amortization amounts paid during a fiscal year of the pension plan may exceed the amounts fixed at the date on which the unfunded actuarial liability is determined, provided the excess amount is used to reduce, in the following order, the amounts remaining to be paid in connection with:

(1)  any amount determined pursuant to subparagraph 3 or 4 of the second paragraph of section 137;

(2)  any technical actuarial deficiency;

(3)  any initial unfunded actuarial liability;

(4)  any improvement unfunded actuarial liability.

Where there are several unfunded liabilities of the same nature, the reduction shall operate from the earliest to the most recent.

1989, c. 38, s. 133.