17. The amount determined under section 15 or, as the case may be, under section 16 must be paid in a lump sum if the person is a pensioner and, where the person is not a pensioner, the amount may be paid by instalments over a period equal to the period corresponding to one-half of the service that the person wishes to redeem or, if the instalments, including the interest referred to in the second paragraph, exceed $3,500 per year, over as many instalments of $3,500 per year as are required for full payment of the amount, except the last instalment. To pay that amount, the person may, however, use all or part of his accumulated sick leave. In such a case, his employer shall pay all or part of the required amount according to the terms and conditions determined by the Commission in accordance with section 95 of the Act respecting the Government and Public Employees Retirement Plan (chapter R-10).
If the amount is paid by instalments, it shall bear interest at the rate of 6%, compounded annually, computed from the date on which the redemption proposal made by the Commission expires.
No instalment may be paid after the earlier of the following dates:
(1) the date the person ceased to be a person to whom the plan is applicable;
(2) 31 December of the year in which the person attains 69 years of age.
However, where the person is entitled to a deferred pension, no instalment may be paid after the date of his retirement.
1986, c. 44, s. 17; 1988, c. 82, s. 159; 1990, c. 87, s. 3; 1991, c. 77, s. 1; 1997, c. 50, s. 3.