34.7. A person who has at least 10 years of service and is 45 years of age or over, and who ceases to be a member of this plan before becoming eligible for a pension, is entitled, except if he has availed himself of a transfer agreement in respect of this plan entered into pursuant to section 158 of the Act respecting the Government and Public Employees Retirement Plan (chapter R-10), only to one or other of the following options:
(1) a deferred annuity;
(2) an amount representing up to 25% of the actuarial value of the deferred annuity, and a deferred annuity adjusted to take into account the payment of that amount.
The actuarial value is established according to the actuarial assumptions and methods determined by regulation under paragraph 9 of section 134 of the Act respecting the Government and Public Employees Retirement Plan in respect of section 54 of the said Act.
However, in no case may the amount exceed the amount of the accumulated contributions of the person with interest.
The first paragraph does not apply where section 21 of the Act respecting the Government and Public Employees Retirement Plan, referred to in section 9 of this Act, applies.
Where the person dies before the deferred annuity becomes payable, the contributions, subject to the amount paid pursuant to subparagraph 2 of the first paragraph and pursuant to sections 34.12 and 34.13, shall be refunded to his spouse or, where he has no spouse, to his successors, with interest, compounded annually, at the rates determined in Schedule VI to the Act respecting the Government and Public Employees Retirement Plan until the date of death and at the rate determined in Schedule VII to that Act from the day following the date of death until the date the refund is paid.
1990, c. 87, s. 7; 1995, c. 46, s. 31; 2004, c. 39, s. 67.