R-15.1 - Supplemental Pension Plans Act

Section 40 Disposition versions

1990-01-01

40. In the case of an insured plan, the current service contribution shall correspond to the premium required by the insurer to guarantee the refunds and pension benefits to which the members are entitled in respect of service completed in any fiscal year of the plan and credited under the plan.

Furthermore, where an insurer guarantees refunds and pension benefits in respect of service credited for a period prior to the current fiscal year of the plan, the required premium shall, to ensure that the plan remains insured, be paid to the insurer in a lump sum as soon as the service is credited or the related benefits are improved under the plan.

1989, c. 38, s. 40.