48. For the purposes of a complete actuarial valuation undertaken after the date of the actuarial valuation referred to in section 47, in the case of a pension plan for which the employer is a municipality, a body referred to in section 18 of the Act respecting the Pension Plan of Elected Municipal Officers (chapter R-9.3), or a municipal housing bureau within the meaning of the Act respecting the Société d’habitation du Québec (chapter S-8) and if monthly payments remain to be paid in relation to a technical actuarial deficiency determined before 31 December 2008, the second paragraph of section 15 is replaced by the following:
“If a balance of actuarial gains remains after the transfer provided for in the first paragraph and the balance exceeds the total of the value of the amortization payments that would remain to be paid relating to the technical actuarial deficiency determined during the last complete actuarial valuation of the plan and of the value of the amortization payments that would remain to be paid relating to the technical actuarial deficiencies whose monthly payments are eliminated pursuant to the third paragraph of section 44, the surplus may be used to reduce, in the following order and after the elimination, the amortization payments remaining to be paid relating to
(1) any technical actuarial deficiency determined prior to 31 December 2008;
(2) any improvement unfunded actuarial deficiency.”.