R-16, r. 4 - Regulation respecting the partition and assignment of benefits accrued under the general retirement plan for the mayors and councillors of municipalities

Section 8 Disposition versions

2022-10-01

8. In this section, “CIA Standards” refer to the standards of practice entitled “Practice-Specific Standards for Pension Plans 3500 Pension Commuted Values” of the Canadian Institute of Actuaries.

The actuarial value of the benefits is determined by using the “distribution of benefits” method and corresponds to the sum of 95% of the actuarial value determined for a male and of 5% of the actuarial value determined for a female.

The actuarial value is also determined by using the following actuarial assumptions:

(1)  mortality rates:

The mortality rates are those determined in accordance with the CIA Standards.

(2)  interest rates:

The interest rates are those determined in accordance with the CIA Standards;

The result must be adjusted in accordance with the CIA Standards.

(3)  Turnover rate: Nil

(4)  Disability rate: Nil

(5)  (subparagraph revoked);

(6)  (subparagraph revoked).

O.C. 1752-91, s. 8; O.C. 1070-2010, s. 1; O.C. 956-2022, s. 1.

2012-09-01

8. In this section, “CIA Standards” refer to the standards of practice entitled “Practice-Specific Standards for Pension Plans 3800 Pension Commuted Values” of the Canadian Institute of Actuaries, in force since 1 February 2005 and periodically revised.

The actuarial value of the benefits is determined by using the “distribution of benefits” method and corresponds to the sum of 95% of the actuarial value determined for a male and of 5% of the actuarial value determined for a female.

The actuarial value is also determined by using the following actuarial assumptions:

(1)  mortality rates:

The mortality rates are those determined in accordance with the CIA Standards.

(2)  interest rates:

The interest rates are those determined in accordance with the CIA Standards;

The result must be adjusted in accordance with the CIA Standards.

(3)  Turnover rate: Nil

(4)  Disability rate: Nil

(5)  Proportion of married persons at death:

______________________________________

    Age           Male       Female
______________________________________

18-64 years        85%         65%
______________________________________

65-79 years        80%         30%
______________________________________

80-109 years       60%         10%
______________________________________

  110 years         0%          0%
______________________________________  
  

(6)  Age difference between spouses at death:

(a)  the male spouse of the member is assumed to be 1 year older;

(b)  the female spouse of the member is assumed to be 4 years younger.

O.C. 1752-91, s. 8; O.C. 1070-2010, s. 1.