Here's an article about them on the Benefits Canada web site:
Quebec shakes up pension landscape with shift to going-concern funding
The new rules (allow to) reduce the commuted value according to the solvency ratio of a defined-benefit (DB) pension plan:
At the same time, the new QC law removed the solvency requirement for the plan itself!The new law also affects the minimum rights employees have when they leave their jobs and, therefore, their pension plans.
When employees leave the plan, they can choose to receive a lump sum reflecting the value they’ve accrued. Plan sponsors now have the option to pay the transfer value based on the solvency ratio of the plan. As a result, they no longer have to provide a 100% payout if the plan isn’t fully funded on a solvency basis, says Dickner. For example, if the plan is at 90% funding on a solvency basis, the employee will receive 90% of the commuted value.
In other words, the solvency ratio is now only used to reduce the commuted values of members quitting the plan.Bill 57, which took effect on Jan. 1, removes the requirement to fund private defined benefit pension plans on a solvency basis. A valuation on the basis of solvency assumes the plan folds suddenly and looks at whether or not it holds enough assets to pay out all obligations accumulated until that time immediately.
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Under the new rules, employers will have to fund their plans on a going-concern basis. A going-concern valuation assumes the plan will exist indefinitely and therefore lessens the impact of short-term market fluctuations on its funded status.