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 25 November 2020.
The Regulation was made with amendments and 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 the 3month-time limit 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 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 where 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% as well as for negotiated contribution multi-employer plans and target-benefit pension plans in the pulp and paper sector.
The measure removing the requirement to produce an actuarial valuation as at 31 December 2020 applies to more plans than what had been proposed. Specifications and other minor amendments were also made to the Regulation.
The Regulation comes into force on 10 December 2020, but has effect from 15 July 2020, except the provisions related to the first and second measures, which apply respectively as of 17 April 2020 and 13 March 2020.
questions and answers on the first three measures for more information.