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R-15.1 - Supplemental Pension Plans Act
Section 61
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61. The value of a pension benefit to which section 60 applies shall be determined at the date of vesting on the basis of the actuarial assumptions determined by regulation.
However, with the authorization of Retraite Québec and on the conditions it fixes, the value may be determined on the basis of the actuarial assumptions determined by the plan, provided the resulting value is always equal to or greater than the value that would result from the application of the first paragraph.
61. The value of a pension benefit to which sections 60 and 60.1 apply shall be determined at the date of vesting on the basis of the actuarial assumptions determined by regulation.
However, with the authorization of the Régie and on the conditions it fixes, the value may be determined on the basis of the actuarial assumptions determined by the plan, provided the resulting value is always equal to or greater than the value that would result from the application of the first paragraph.
61. The value of the pension benefits to which section 60 applies shall be determined at the date of vesting, according to assumptions and methods consistent with generally accepted actuarial principles. Such assumptions and methods shall be transmitted to the Régie by the pension committee not later than 30 days before they are applied.
Where a member is entitled, pursuant to Chapter VII or under the terms of a pension plan, to transfer his pension benefits to another plan, the value of the benefits may, however, be determined on the basis of assumptions and methods used to determine the premium required by an insurer to guarantee the benefits, if the insurance proposal establishing the premium provides, in particular,
(1) that the member will be entitled to a pension at a given age and that, if he is receiving a pension at the time of his death, his spouse will be entitled to the pension provided for under this Act;
(2) that the member will be entitled to transfer to another pension plan referred to in section 98 the value of his pension benefits with accrued interest calculated at the monthly rate of return on personal five-year term deposits with chartered banks, as compiled by the Bank of Canada, that right being exercisable, provided payment of the pension has not begun, every five years, within 180 days after the date of expiry of every fifth year;
(3) that the spouse or the successors of a member who died before receiving any pension payment will be entitled to the transfer of the amounts referred to in subparagraph 2 to another pension plan referred to in section 98;
(4) that the member will be entitled, at any time during the period determined under subparagraph 1 of the second paragraph of section 99, to avail himself of the proposal and to transfer the value of his pension benefits to the proposed pension plan.
61. The value of the pension benefits to which section 60 applies shall be determined at the date of vesting, according to assumptions and methods consistent with generally accepted actuarial principles. Such assumptions and methods shall be transmitted to the Régie by the pension committee not later than 30 days before they are applied.
Where a member is entitled, pursuant to Chapter VII or under the terms of a pension plan, to transfer his pension benefits to another plan, the value of the benefits may, however, be determined on the basis of assumptions and methods used to determine the premium required by an insurer to guarantee the benefits, if the insurance proposal establishing the premium provides, in particular,
(1) that the member will be entitled to a pension at a given age and that, if he is receiving a pension at the time of his death, his spouse will be entitled to the pension provided for under this Act;
(2) that the member will be entitled to transfer to another pension plan referred to in section 98 the value of his pension benefits with accrued interest calculated at the monthly rate of return on personal five-year term deposits with chartered banks, as compiled by the Bank of Canada, that right being exercisable, provided payment of the pension has not begun, every five years, within 180 days after the date of expiry of every fifth year;
(3) that the spouse or the assigns of a member who died before receiving any pension payment will be entitled to the transfer of the amounts referred to in subparagraph 2 to another pension plan referred to in section 98;
(4) that the member will be entitled, at any time during the period determined under subparagraph 1 of the second paragraph of section 99, to avail himself of the proposal and to transfer the value of his pension benefits to the proposed pension plan.
