Quebec: Amendments to the funding of municipal and university pension plans
A draft regulation to amend the Regulation respecting the funding of pension plans of the municipal and university sectors was published on August 2, 2017 in the Gazette officielle du Québec.
The purpose of the draft regulation is to exclude the stabilization contributions paid by a member from the 50% rule. The draft regulation however states that such stabilization contributions must be taken into account for the purposes of the 100% rule.
The draft regulation also provides that the report on an actuarial valuation taking into account the stabilization contributions paid by a member and sent to Retraite Québec before August 2, 2017 may be revised or replaced, subject to certain conditions.
Comments are solicited within 15 days of the publication of this draft regulation. The regulation will come into force on the 15th day after final publication in the Gazette officielle du Québec. In some cases, provisions regarding actuarial valuation reports may be applied retroactively.