May 10, 2023
Quebec recently published two draft regulations to amend its Supplemental Pension Plans Act (SPPA) regulations targeting public sectors – specifically universities and municipalities.
The first draft regulation proposes to amend the funding rules applicable to university and municipality defined-benefit pension plans to harmonize with the rules under the SPPA. The second draft regulation would make these amended funding rules applicable to the pension plan of emergency medical technicians, as well as the pension plan of the employees of early childhood centres (CPEs) and accredited private daycares in Québec, with certain adjustments regarding the appropriation of surplus assets due to the specific characteristics of these plans.
The draft regulations are open for comments until May 20, 2023.