4. All pension plans subject to this Act must be the subject of a complete actuarial valuation established on the basis of the data as at 31 December 2013.
The report on the actuarial valuation must be sent to the Régie des rentes du Québec (Board) not later than 31 December 2014.
The valuation must be established using the Canadian Institute of Actuaries’ 2014 Public Sector Mortality Table (CPM2014Publ), a maximum interest rate of 6%, and the other demographic assumptions from the previous actuarial valuation. The table may be adjusted to take a pension plan’s special characteristics into account. The actuarial report must set out the grounds for any such adjustment.
The portion of any deficiency attributable to members who are retired on 31 December 2013 and the portion attributable to members who are active on 1 January 2014 must be presented separately. To determine the portion of the deficiency attributable to each of these groups, plan assets are apportioned in proportion to the liabilities determined on a funding basis. If a plan includes a defined contribution component, the assets and liabilities of that component are not taken into account for the purposes of the apportionment.
Any member who is not receiving a retirement pension is an active member for the purposes of this Act.