On November 2, 2017, Quebec Finance Minister Carlos J. Leitão introduced Bill 149, An Act to enhance the Quebec Pension Plan and to amend various retirement-related legislative provisions (Bill 149).
Bill 149 will add a supplemental component to the Quebec Pension Plan (QPP), which will increase both benefits and contributions. The new component will be implemented gradually over a seven-year period starting January 1, 2019. The enhancements in QPP benefits are similar to those enacted for the Canada Pension Plan (CPP), which were announced in 2016.
Bill 149 also provides for a few amendments to the Supplemental Pension Plans Act (SPPA), notably changes to the rules that apply to the allocation of surplus assets, the possibility of including contributions to reduce a letter of credit in the employee reserve, and new deadlines for submitting the notice on a pension plan’s financial situation and for forwarding the notice of convocation to the annual assembly.