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.