New Temporary Relief Measures For Supplemental Pension Plans In Quebec

On July 15, 2020, the draft regulation respecting measures related to supplemental pension plans to reduce the consequences of the public health emergency declared on March 13, 2020, due to the COVID-19 pandemic (Draft Regulation) was published in the Gazette officielle du Québec.

Among other things, the Draft Regulation provides for two new measures aimed at facilitating the administration of supplemental pension plans in the current context:

1. Maintaining active membership in a supplemental pension plan, despite a temporary suspension of accrued benefits
2. Eliminating the requirement to file an actuarial valuation by December 31, 2020, for defined benefit pension plans whose funding levels were below 90 per cent on December 31, 2019.