R-15.1, r. 3 - Regulation to provide a framework for settlement of the benefits of members and beneficiaries of plans covered by subdivision 4.0.1 of Division II of Chapter XIII of the Supplemental Pension Plans Act and for administration by Retraite Québec of certain pensions paid out of the assets of the plans

Section 38 Disposition versions

2019-05-16

38. If, at the date of the end of a fiscal year, the plan’s assets administered by Retraite Québec, determined on a solvency basis and reduced by the estimated amount of the administration expenses to be assumed by the pension fund, exceed the liabilities increased by the provision for adverse deviations referred to in subparagraph 2 of the first paragraph of section 128 of the Act increased by 30%, the members and beneficiaries to whom a pension is being paid by Retraite Québec on that date are entitled for the next fiscal year to the payment of an amount determined on the basis of the amount by which the assets exceed the liabilities increased by the provision for adverse deviations.

That amount, which is payable in a lump sum after the actuarial valuation report has been sent pursuant to section 119 of the Act, is equal to the annual amount of a pension that could be guaranteed with the portion of the excess amount allocated to each member or beneficiary, proportionately to the value of the portion of his or her benefits that is administered by Retraite Québec. The amount of the pension is determined according to an estimation of the premium that an insurer would have charged to guarantee the benefits of each member or beneficiary in the 30-day period following the actuarial valuation date.

O.C. 863-2010, s. 38; O.C. 426-2019, s. 20.

2016-01-01

38. If, at the date of the end of a fiscal year, the plan’s assets administered by Retraite Québec, determined on a solvency basis and reduced by the estimated amount of the administration expenses to be assumed by the pension fund, exceeds the liabilities increased by the provision for adverse deviation, referred to in subparagraph 2 of section 128 of the Act, the members and beneficiaries to whom a pension is being paid by Retraite Québec on that date are entitled for the next fiscal year to the payment of an amount determined on the basis of that excess amount.

That amount, which is payable in a lump sum after the actuarial valuation has been sent pursuant to section 119 of the Act, is equal to the annual amount of a pension that could be guaranteed with the portion of the excess amount allocated to each member or beneficiary, proportionately to the value of the portion of his or her benefits that is administered by Retraite Québec. The amount of the pension is determined according to an estimation of the premium that an insurer would have charged to guarantee the benefits of each member or beneficiary in the 30-day period following the actuarial valuation date.

O.C. 863-2010, s. 38.

2012-09-01

38. If, at the date of the end of a fiscal year, the plan’s assets administered by the Régie, determined on a solvency basis and reduced by the estimated amount of the administration expenses to be assumed by the pension fund, exceeds the liabilities increased by the provision for adverse deviation, referred to in subparagraph 2 of section 128 of the Act, the members and beneficiaries to whom a pension is being paid by the Régie on that date are entitled for the next fiscal year to the payment of an amount determined on the basis of that excess amount.

That amount, which is payable in a lump sum after the actuarial valuation has been sent pursuant to section 119 of the Act, is equal to the annual amount of a pension that could be guaranteed with the portion of the excess amount allocated to each member or beneficiary, proportionately to the value of the portion of his or her benefits that is administered by the Régie. The amount of the pension is determined according to an estimation of the premium that an insurer would have charged to guarantee the benefits of each member or beneficiary in the 30-day period following the actuarial valuation date.

O.C. 863-2010, s. 38.