Sanction of the Act to Amend the Act Respecting the Pension Plan of Peace Officers in Correctional Services and other legislative provisions (L.Q. 2013, chapter 9)
Changes to Your Pension Plan
The main modifications are presented below.
Creation of an Employees Contribution Fund
Took effect on January 1, 2013
The Employees Contribution Fund was created by the
Caisse de dépôt et placement du Québec (CDPQ) for the payment of benefits under the responsibility of people participating in the plan. Since January 1, 2013, except in some cases, your contributions and the amounts you pay to buy-back service, as well as the amounts transferred as part of a transfer agreement, are deposited in that fund.
Transfer of Participants Contributions for Past Service
Took effect on May 23, 2013
Since that date, the law provides that contributions related to past service, and the interests credited to those amounts, which have been deposited in the Consolidated Revenue Fund, will be transferred to the Employees Contribution Fund at the
Caisse de dépôt et placement du Québec (CDPQ).
Creation of an Employers Contribution Fund
Took effect on January 1, 2013
The Employers Contribution Fund was created by the
Caisse de dépôt et placement du Québec (CDPQ), in particular for deposit, since January 1, 2013, of the self-employed employers and insurers' contributions, as well as the additional contributions paid by members qualified to the
PPPOCS who have employment covered by the Government and Public Employees Pension Plan (RREGOP) or the Pension Plan of Management Personnel (PPMP).
Creation of an Interest Rate for the Plan
Took effect on May 23, 2013
Since that date, the interest rate for the plan applicable to the
PPPOCS is the one from the PPPOCS. That rate will correspond to the
RREGOP's rate until May 31, 2014.
The plan's interest rate is used for the period related to the establishment of a fee.
Creation of an Administrative Interest Rate
Took effect on May 23, 2013
Since that date, the administrative interest rate applicable to the
PPPOCS is the one from the PPPOCS.
The administrative interest rate is used, among other things, for the period related to the processing of some benefit applications.
Modification in the Cost-Sharing of the Plan
Took effect on January 1, 2013
Since that date, cost-sharing of the plan is done as follows: 54% is paid by employers and 46% is paid by members for the years of service performed after 2012. Cost-sharing excludes, among other things, temporary additional pensions for the years 1995-2000, which is paid entirely by the members.
Modification in the Revision Frequency of the Contribution Rate
Took effect on May 23, 2013
Since that date, the law provides that the contribution rate, including the rate that finances the additional benefits, will be revised on January 1 of each year taking into account the actuarial valuation's most recent results.
Creation of a Retirement Committee
Took effect on May 23, 2013
The
PPPOCS's Retirement Committee was created on May 23, 2013. It is composed of a chairperson and ten members appointed by the government. Five members represent the participants and the retirees, and five represent the government.