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The PPMP at a Glance 2022

May 2022
The Pension Plan of Management Personnel (PPMP) newsletter

A return of 12.9% for the PPMP members' fund in 2021

The PPMP members' fund generated a return of 12.9% in 2021.This fund is invested with the Caisse de dépôt et placement du Québec (CDPQ), in various asset categories.

In 2021, growth assets generated high returns. The Private equity portfolio, the Public equity portfolio, the Real estate portfolio and the Infrastructure portfolio generated returns of 39.2%, 16.2%, 14.5% and 12.4%, respectively.Returns on fixed-income investments were negative, that is -0.2%, due to the rise in interest rates.

Table 1 shows the annual returns of the PPMP members' fund since 2012. Over a ten-year period, which ended on 31 December 2021, this fund generated an average annual return of 9.4%.

Table 1

Returns from 2012 to 2021 (percentage)

Returns from 2012 to 2021 in percentage 

Table 2 shows the evolution of the value of the PPMP members' fund over the last 10 years. Please note that the significant decrease in the value of the members' fund in 2017 can be explained by the coming into effect of the Act to foster the financial health and sustainability of the Pension Plan of Management Personnel and to amend various legislative provisions. Under the Act, the government is responsible for all benefits payable to beneficiaries who retired before 1 January 2015. However, an amount of $5.1 billion (the portion of the assets regarding commitments to the beneficiaries) was transferred to the government in 2017, from the members' fund.

Table 2

Evolution of the value of the PPMP members' fund with the CDPQ (billions of dollars)

Evolution of the value of the PPMP members' fund with the CDPQ in billions of dollars 

A large number of retirees under the PPMP returning to work in 2020 and 2021

Retraite Québec registered a significant increase in the number of retirees under the PPMP returning to work. From 2019 to 2020, an increase of 645% was noted. The increase continued on a lower level in 2021 (55%) and we noted an increase of 61% between 2021 and the first two months of 2022.

In 2021, the returns to work were mostly in the health and social services sector (66%), in the education sector (25%) and in the public service sector (9%).

64% of retirees under the PPMP returned to work in a position subject to RREGOP, compared to 36% in a position subject to the PPMP.

More specifically, for the health and social services sector, 72% of the returns to work were in a position covered by RREGOP and 28% in a position covered by the PPMP. Regarding the education sector, the proportion is different, that is, 58% in a position covered by RREGOP and 42% in a position covered by the PPMP.

Number of returns to work in 2020 and 2021 based on the sectors
Health and social services460652
Public service3692
Yearly totals619994

Monthly breakdown of returns to work of retirees under the PPMP in 2021 based on the sectors

Monthly breakdown of returns to work of retirees under the PPMP in 2021 based on the sectors 

Several factors may explain this significant increase in returns to work. For retirees under the PPMP, they have two choices when returning to work in a position covered by the PPMP, RREGOP or the PPPOCS:

  • They can start contributing to the PPMP. This choice entails the suspension in full of the payment of their pension, which will become payable again when the employment ties end or on 30 December of the year during which the retiree turns 71. This pension will be enhanced to take into account the additional service that will have been accumulated during the return to work.

  • They can choose not to contribute. The repercussions of this choice have evolved in recent years.

    Before March 2020, the pension was reduced in proportion to the service that would have been credited had they chosen to contribute.

    On 1 March 2020, new conditions easing the effect of a return to work on the retirement pension were introduced. For the retirees under the PPMP returning to work in a position covered by the PPMP, the retirement pension is paid in full until the day on which the salary paid exceeds the threshold See the Note 1 established by the plan. After reaching this threshold, the pension is reduced in proportion to the service that would have been credited if the retiree had chosen to contribute. For the retirees returning to work in a position covered by RREGOP, the pension continues to be paid as if they had not returned to work. See the Note 2

    These new conditions took effect at the same time as the start of the COVID-19 pandemic. Due to the state of the public health emergency, which was declared by the Gouvernement du Québec regarding this pandemic, two ministerial orders were issued in 2020 in order to exclude from the calculation of reaching the threshold, the salaries paid for certain positions related to the fight against the pandemic in the health and social services and education sectors, more specifically in the sector of school service centres, school boards and private institutions at the preschool, primary and secondary levels. The orders were only applicable for the duration of this state of health emergency.

    June 2022 update

    Despite the end of the state of public health emergency, certain easing measures are still in force. To find out more, consult the legislative and regulatory amendments on that matter.

    Retraite Québec assesses that these two ministerial orders have had an effect on the returns to work in the health and social services sector, but very little effect on the education sector.

Percentage of the returns to work in a position covered by the ministerial orders between March 2020 and December 2021
Health and social services21%

Also on the subject of returns to work, please consult The PPMP at a Glance from October 2020 and May 2021.

  1. The threshold is calculated as follows: the basic annual salary at the time employment ends and indexed annually since the end of the employment MINUS the amount of the annual retirement pension not integrated with the Québec Pension Plan. Back to reference
  2. Conditions also apply if the retiree returns to work in a position covered by the PPPOCS. Back to reference

A new actuarial valuation is in preparation

Retraite Québec's actuaries are preparing a new actuarial valuation of the PPMP based on data as at 31 December 2020. Under the Act respecting the Pension Planof Management Personnel, a valuation must be prepared every three years.

Between two valuations, actuaries present updates, as was the case in June 2020 and June 2021. The purpose of these updates is to determine the existence of a surplus or a deficit for the portion of the benefits paid by the members.

The new valuation will be presented to the pension committee in the fall of 2022. It will be used to determine the members' contribution rate for 2023 to 2025.

Amendments were made with regard to the provisions of the PPMP

On 15 June 2021, amendments were made to the Regulation under the Act respecting the Pension Plan of Management Personnel.

The amendments concern the persons in the qualification period for the PPMP that hold both a position covered by the PPMP and a temporary, non-unionized position.

Requirements for all the provisions of the PPMP to apply to the position held temporarily

A person who holds both a position covered by the PPMP and a temporary, non-unionized position is now a member of the PPMP if he or she holds the position to:

  • fill a vacant position on a provisional or interim basis; or
  • replace, during his or her absence, a person covered by the PPMP.

The provisions of the PPMP, including membership and qualification rules, are therefore applicable to the position held  temporarily.

If all the requirements listed above are met, the employer with which the position is temporarily held must send Retraite Québec the Validation de la participation au Régime de retraite du personnel d'encadrement (RRPE) (French only) form.

Your amounts, your documents, following up on your requests and more in My Account

By logging into My Account, your digital workspace with Retraite Québec, you will find everything at the same place, no matter the time and place. You will find information, documents and services to make the steps to take easier regarding your membership or your benefits under the Pension Plan of Management Personnel (PPMP) or under other public-sector pension plans, as well as those regarding the Québec Pension Plan (QPP) and Family Allowance.

Are you still participating in your pension plan?

You can consult and download your 2020 Statement of Participation in the PPMP in My Account at all times. Produced each year, the Statement is an essential reference for knowing your rights and benefits related to your contributions and to help you financially plan your retirement.

There you will find:

  • your number of years of credited service as well as the amount of your contributions and accrued interest;
  • personalized retirement scenarios that are based on your age when you retire;
  • your rights and benefits related to your contributions, such as the number of days of absence that you can buy back and the benefits to which you and your family could be entitled.

Your Statement of Participation is sent to you based on your written communication preferences in your file, that is:

  • entirely digitally, with notifications informing you that a document was uploaded to My Account;
  • by mail, with or without notifications informing you that a document was uploaded to My Account.

For people under the age of 48 who participate in the PPMP, the Statement will only be available digitally in My Account.

The latest information

In addition to accessing your Statement of Participation, your income tax slips (if you are the beneficiary of a pension) and many other documents sent by Retraite Québec, you can now follow the progress of your application for a retirement pension under the PPMP or your application for a pension estimate. Furthermore, thanks to notifications, you will receive an email or a text message informing you of the different processing steps for your application or when a document is uploaded to your file.

At Retraite Québec, the 100% digital option exists! You must log in to My Account and choose to only receive your documents digitally in My Account instead of by mail and to sign up for notifications.

Members of the PPEMO pension committee

Mr. Bernard TanguayIndependent member, president of the pension committee
Ms. France BretonMinistère des Finances
Ms. Anne-Marie ChiquetteAPER Santé et Services sociaux
Ms. Nadyne DaigleRegroupement des associations de cadres en matière d'assurance et de retraite
Ms. Carole DoréAssociation des cadres supérieurs de la santé et des services sociaux
Ms. Martine DoréAlliance des cadres de l'État
Mr. Benoit DufresneSecrétariat du Conseil du trésor
Mr. Mathieu Ferland-LapointeSecrétariat du Conseil du trésor
Mr. Sylvain GallagherAssociation des cadres des collèges du Québec
Ms. Isabelle GarneauSecrétariat du Conseil du trésor
Ms. Maryse Gauthier-GagnonSecrétariat du Conseil du trésor
Ms. Marie-Christine GingrasMinistère de l'Éducation
Mr. François LabbéPlan beneficiary
Ms. Chantal MarchandAssociation des gestionnaires des établissements de santé et de services sociaux
Ms. Geneviève PelletierCoalition de l'encadrement en matière de retraite et d'assurance
Mr. Guillaume PicardMinistère de l'Enseignement supérieur
Ms. Katia RoyMinistère de la Santé et des Services sociaux

Contact us


By telephone:
Québec region: 418 643-4881
Toll-free: 1 800 463-5533

By mail:
Retraite Québec
Régimes de retraite du secteur public
Case postale 5500, succursale Terminus
Québec (Québec)  G1K 0G9