44. Monthly payments relating to technical actuarial deficiencies determined during an actuarial valuation dated prior to 31 December 2008 are eliminated during the first complete actuarial valuation undertaken after 30 December 2011. The elimination of monthly payments applies after the determination of actuarial gains.
Despite the foregoing, in the case of a pension plan for which an 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 Socitété d’habitation du Québec (chapter S-8), the monthly payments relating to the following technical actuarial deficiencies are not eliminated:
(1) a technical actuarial deficiency of a pension plan in which participated a municipality covered by an order of the Government made under section 125.11 of the Act respecting municipal territorial organization (chapter O-9), made by section 1 of chapter 27 of the Statutes of 2000, and constituting a local municipality arising from an amalgamation, or by the Act to reform the municipal territorial organization of the metropolitan regions of Montréal, Québec and the Outaouais (2000, chapter 56), that ceased to exist and that has not been reconstituted;
(2) a technical actuarial deficiency, other than one referred to in subparagraph 1, determined during an actuarial valuation undertaken neither prior to 31 December 2001 nor later than 1 January 2005;
However, from the first complete actuarial valuation of the plan later than 30 December 2011, such an employer or, in the case of a multi-employer plan, even where it is not considered as such under section 11 of the Act, the participating employers jointly may, in writing, instruct the pension committee managing the plan to eliminate the monthly payments related to a technical actuarial deficiency referred to in subparagraph 2 of the second paragraph. The elimination of monthly payments applies after the determination of actuarial gains.