1. An employee can make an agreement referred to in section 195.1 of the Act respecting the Québec Pension Plan (chapter R-9) under the following conditions:
(1) he resides in Québec within the meaning of the Taxation Act (chapter I-3) and files an income tax return for each of the years of phased retirement;
(2) he has the same employer at the beginning of phased retirement that he had the preceding year;
(3) the remuneration that he receives from his reduced-time work is equal to or greater than an amount corresponding to 40% of the aggregate remuneration comprised of the remuneration that he receives from his reduced-time work and the remuneration that is considered to have been paid to him, but may not be less than the Basic Exemption referred to in section 42 of the Act.