S-2.1.1 - Act to foster the financial health and sustainability of municipal defined benefit pension plans

Full text
18. With respect to active members, a pension plan may provide for the amendment, suspension, abolition or restoration of any benefits, other than the normal pension, from 1 January 2014.
Concerning the normal pension, amendments to the definition of the salary or wages on which that pension is based may be made regarding service prior to 1 January 2014 and service subsequent to 31 December 2013. However, the accrual rate for the normal pension can only be amended for service subsequent to 31 December 2013.
Pensions paid to members who are retired on 31 December 2013 or to their surviving spouse or any other beneficiary under the pension plan cannot be reduced. The same applies to pensions to which spouses and other beneficiaries of members who are retired on 31 December 2013 will be entitled.
The additional pension benefit provided for in section 60.1 of the Supplemental Pension Plans Act (chapter R-15.1) must be abolished on 1 January 2014 with respect to active members.
2014, c. 15, s. 18.