R-15.1 - Supplemental Pension Plans Act

Section 128 Disposition versions

2020-12-11

128. The current service contribution must be equal to or greater than the sum of

(1)  the value of the obligations arising from the pension plan in respect of credited service completed over the course of the fiscal year or the part of the fiscal year referred to in paragraph 1 of section 140; and

(2)  the value of the stabilization provision in respect of those obligations, according to the target level determined in accordance with section 125.

1989, c. 38, s. 128; 2006, c. 42, s. 11; 2015, c. 29, s. 24; 2016, c. 13, s. 68; 2020, c. 30, s. 40.

2016-06-08

128. The current service contribution must be equal to or greater than the sum of

(1)  the value of the obligations arising from the pension plan in respect of credited service completed over the course of the fiscal year or the part of the fiscal year referred to in paragraph 1 of section 140; and

(2)  the value of the stabilization provision in respect of those obligations, according to the target level determined in accordance with section 125.

The contribution may, however, be less if it is determined using a method which, at all times, keeps the plan partially funded or fully funded at the required funding level taking into account the plan stabilization provision target level less five percentage points.

1989, c. 38, s. 128; 2006, c. 42, s. 11; 2015, c. 29, s. 24; 2016, c. 13, s. 68.

2016-01-01

128. The current service contribution must be equal to or greater than the sum of

(1)  the value of the obligations arising from the pension plan in respect of credited service completed over the course of the fiscal year or the part of the fiscal year referred to in paragraph 1 of section 140; and

(2)  the value of the stabilization provision in respect of those obligations, according to the target level determined in accordance with section 125.

The contribution may, however, be less if it is determined using a method which, at all times, keeps the plan partially funded or fully funded at the required funding level by adding the plan stabilization provision target level less five percentage points.

1989, c. 38, s. 128; 2006, c. 42, s. 11; 2015, c. 29, s. 24.

2010-01-01

128. At the date of the actuarial valuation to which the pension plan is subject, a reserve must be established equal to the lesser of the following amounts:

(1)  the amount of the actuarial gains determined in the valuation;

(2)  the amount of the provision for adverse deviation calculated in accordance with the regulations.

The amount of the actuarial gains corresponds to the amount by which the plan’s assets, increased by the value of the amortization payments required to amortize a solvency deficiency determined in a prior actuarial valuation and which are not eliminated under section 131, exceed the plan’s liabilities, reduced by the value of the additional obligations arising from any amendment to the plan considered for the first time in the valuation.

1989, c. 38, s. 128; 2006, c. 42, s. 11.

1990-01-01

128. Every report relating to an actuarial valuation shall identify each unfunded actuarial liability and indicate how it is to be amortized, except in the case of a technical actuarial deficiency, if the method used for the valuation makes no reference to such a deficiency.

1989, c. 38, s. 128.