Quebec merges pension authorities
Quebec’s Bill 58 was adopted by the National Assembly and received Royal Assent. The purpose of the bill is to combine the operations of the Régie des rentes du Québec (“RRQ”) with those of the Commission administrative des régimes de retraite et d’assurances (“CARRA”).
The RRQ is responsible for the administration of the Quebec Pension Plan, as well as the supervision of supplemental pension plans and voluntary retirement savings plans. The RRQ was created by the Quebec government in 1966.
The CARRA is responsible for the pension plans assigned to it by the Quebec government, by the Office of the National Assembly or under specific legislation. The CARRA is thus responsible for some 30 plans, primarily in the civil service, health and social services and education sectors.
The new authority will be called Retraite Québec.
It is not anticipated that Bill 58 will lead to significant changes to the regulation of pension plans in Quebec.