The draft
Regulation respecting measures related to supplemental pension plans to reduce the consequences of the public health emergency declared on 13 March 2020 due to the COVID-19 pandemic was published in the
Gazette officielle du Québec on 15 July 2020.
The draft Regulation provides for the 4 following measures:
- Using a degree of solvency established monthly based on an estimate of the financial position of the plan with regard to the payment to members and beneficiaries from 17 April 2020 to 31 December 2020, of benefits accrued under a defined benefit plan.
- Extending by 3 months the time limits provided for under the
Supplemental Pension Plans Act that expire after 12 March 2020, but before 1 January 2021, for an administrator to send certain prescribed documents to Retraite Québec, without penalty, and to send members and beneficiaries annual statements and invitations to attend the annual meeting.
- Maintaining active membership and the conditions to maintain it when the plan is amended for the benefits accrued under a defined benefit plan or a defined contribution plan to cease temporarily.
- Removing the requirement to produce an actuarial valuation as at 31 December 2020 for defined benefit pension plans in the private sector whose funding level as at 31 December 2019 is less than 90%.
Any person wishing to comment may do so until 29 August 2020 by submitting comments to the address indicated on the notice of prior publication of the draft Regulation.
You will also find new information on the
2 first measures and a new section regarding the
3rd measure in the Frequently Asked Questions on Retraite Québec's website. You will find the question publication dates below each question.