R-12.1, r. 1 - Regulation under the Act respecting the Pension Plan of Management Personnel

Section 12 Disposition versions

2016-01-01

12. The pensionable salary, for the purpose of establishing the cost of redeeming a year prior to 1 January 1990 in which the employee was not a member of a pension plan within the meaning of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)), must not exceed the amount “M” in the following formula:

A + (0.7% x B) = M

____________

2%

“A” is ⅔ of the greater of $1,725 and the limit of the determined benefits applicable under the Income Tax Act for the year in which the application for redemption is received at Retraite Québec;

“B” is the part of the pensionable salary that does not exceed the maximum pensionable earnings within the meaning of the Act respecting the Québec Pension Plan (chapter R-9) and that is applicable for the year in which the application for redemption is received at Retraite Québec.

The pensionable salary, for the purpose of establishing the cost of redeeming part of a year prior to 1 January 1990, must be divided by the credited service being redeemed and the amount resulting from that division must not exceed the amount “M” in the first paragraph.

T.B. 202420, s. 12; T.B. 202661, s. 1.

2012-09-01

12. The pensionable salary, for the purpose of establishing the cost of redeeming a year prior to 1 January 1990 in which the employee was not a member of a pension plan within the meaning of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)), must not exceed the amount “M” in the following formula:

A + (0.7% x B) = M

____________

2%

“A” is ⅔ of the greater of $1,725 and the limit of the determined benefits applicable under the Income Tax Act for the year in which the application for redemption is received at the Commission;

“B” is the part of the pensionable salary that does not exceed the maximum pensionable earnings within the meaning of the Act respecting the Québec Pension Plan (chapter R-9) and that is applicable for the year in which the application for redemption is received at the Commission.

The pensionable salary, for the purpose of establishing the cost of redeeming part of a year prior to 1 January 1990, must be divided by the credited service being redeemed and the amount resulting from that division must not exceed the amount “M” in the first paragraph.

T.B. 202420, s. 12; T.B. 202661, s. 1.