People concerned

Notice to members and beneficiaries of the Régime supplémentaire de rentes pour les employés de l’industrie de la construction du Québec (the “Plan”)

Subject

Consultation concerning an amendment to the Règlement sur les régimes complémentaires d’avantages sociaux dans l’industrie de la construction (the“Regulation”) with regard to the use of surplus assets

Reasons for the amendment

The Comité sur les avantages sociaux de l’industrie de la construction (the “CASIC”) wishes to amend the rules for allocating surplus assets to take account of changes to the Supplemental Pension Plans Act (the “SPP Act”), as required by that legislation, and to provide for different obligations.

The Regulation’s provisions

Currently, the Regulation’s provisions stipulate that surplus assets, if applicable, are used to index retirees’ pensions, to index the pensions accumulated in the general account of active and inactive members, and to increase the pension from the general account for members at the time of retirement.

It is necessary to replace articles 120.1, 121, and 134.3 with a new section, “Apropriation of surplus assets”, for the use of these surpluses.

These new provisions of the Regulation would come into force on December 31, 2025, and would enable the surplus assets, if any, to be appropriated in one or another of the following appropriation methods, or in a combination thereof:

1. occasional indexation of pensions in payment and pensions accrued in the defined benefits account (general account and retirees’ account) 
2. use to the payment of the value of the additional obligations arising from an amendment to the Plan
3. use for all other allocations agreed to by the signatories to the collective agreements, in compliance with applicable laws and regulations

The procedure for appropriating allocation will be determined by the CASIC and are conditional on compliance with the applicable laws and regulations.

For more details, a copy of the Regulation’s current and proposed provisions is available below.

Consultation process

Pursuant to the SPP Act, such an amendment to the Regulation’s provisions requires consultation with the Plan’s members and beneficiaries.

If less than 30% of the people to whom the present notice is addressed oppose the amendment, the Regulation will be amended as presented below.

All Plan members and beneficiaries who wish to oppose this amendment must send written notice by September 9, 2025 – that is, sixty days after the date of publication of this notice – by one of the following options: 

1. In writing to the address below, accompanied by a photocopy of an accepted piece of identification*: Commission de la construction du Québec
   Section Retraite et assurance vie/Consultation
   CP 382 CSP BP Chabanel
   Montréal, Québec, H2N 0A6
2. By using the “Pour nous joindre” form available in the CCQ’s online services:
   1. Visit sel.ccq.org to access the online services
   2. Click on “Pour nous joindre” (Contact us)
   3. Fill in the information in the "Identification" section
   4. Choose the subject: Retraite (Retirement)
   5. Indicate in the “Question ou commentaire” (Question or comment) section that you object to the change, if this is the case.
      Please note that it is not necessary to enclose identification if this option is used.
   6. Click on “Envoyer” (Send)

For all additional information concerning the present notice, please call 514 341-6108 (toll-free: 1 866 222-1262). Opening hours are Monday to Friday, 8:30 a.m. to 4:30 p.m.

• Québec driver’s license
• Québec health insurance card
• Birth certificate from the Directeur de l’état civil
• Canadian passport or passport from another country

Regulation’s current and proposed provisions (in French only)

1. le pourcentage que représente cette valeur de l'actif du compte général divisée par cette valeur des engagements du compte général;
2. 100% plus le pourcentage que représente la réserve pour indexations futures déterminée selon l'article 121 lors de la dernière évaluation du régime, compte tenu, le cas échéant, de l'indexation des rentes appliquée suite à cette évaluation.

AFFECTATION DE L’EXCÉDENT D’ACTIF

1. indexer ponctuellement les rentes en service et les rentes accumulées au compte à prestations déterminées; 
2. utiliser pour l’acquittement de la valeur des engagements supplémentaires résultant d’une modification du régime;
3. utiliser pour toute autre affectation convenue par les parties signataires des conventions collectives en respectant les dispositions législatives et règlementaires applicables.

Frequently asked questions

Who is concerned by the proposed regulatory amendment?

• All members who hold rights in the pension plan (active or inactive members, retirees) and beneficiaries who are receiving a pension. If you are receiving an annual pension statement, you are among those concerned.

What are “surplus assets”?

• In a pension plan, assets represent the money available to pay benefits, and liabilities represent the plan’s commitments. When assets exceed liabilities, the plan has a surplus. The Supplemental Pension Plans Act (the “SPP Act”) requires that a reserve be maintained before the surplus is used to improve the plan; this is in order to protect the plan. Surplus assets that can be used to improve the plan consist of the amounts in excess of the reserve defined in the SPP Act. 

Why has this regulatory amendment been proposed? Is it necessary?

• The provisions of the Supplemental Pension Plans Act (the “SPP Act”) concerning the determination and use of surplus assets have been amended. The articles of the Règlement sur les régimes complémentaires d'avantages sociaux dans l'industrie de la construction concerning use of the pension plan’s surplus assets have therefore had to be amended, as required by the SPP Act; and different obligations were added. See the notice published on our website.

I’m a retiree. Will my pension be indexed?

• For pensions to be indexed, there must be surplus assets. As of December 31, 2024, there were no surplus assets as required by the Supplemental Pension Plans Act. At each evaluation, generally at the end of each year, the financial situation of the retirement plan is assessed to determine whether there are surplus assets. The indexation and the terms of indexation are defined by the Comité sur les avantages sociaux de l’industrie de la construction (the  “CASIC”).

Do I have to take action?

• You do not have to do anything if you are satisfied with the amendment.

As a member of the pension plan, can I comment (or give my opinion) about this change? 

• You do not have to do anything if you are satisfied with the amendment.
• If you wish to oppose the change, please read the notice published on our website.

If I wish to oppose the amendment, what should I write?

• You can simply write that you are opposed to the amendment to the Règlement sur les régimes complémentaires d'avantages sociaux dans l'industrie de la construction with regard to the use of surplus assets. Don’t forget to add a copy of an accepted piece of identification.

Is there a way to oppose the amendment other than by mail?

• Yes. You can use the “Pour nous joindre” form in your online services. 
• You can find all the details regarding this in the notice published on our website.

Can I oppose the amendment by phone?

• No. According to the Supplemental Pension Act, it is obligatory to express your opposition in writing. Please refer to the notice published on our website to find out the details of the proposed amendment to the Regulation and the ways to oppose it, if you wish to do so.

What do the “additional obligations” mentioned in point 2^o mean?

• The surplus assets may be used to improve the pension plan’s benefits. Improvements to benefits are determined by the Comité sur les avantages sociaux de l’industrie de la construction.

Why is this amendment necessary? Is our pension plan in poor financial health?

• No. The plan is in good financial health.
• As of December 31, 2024, the plan has a 107.65% degree of solvency (plan termination at valuation date) and a funding level of 118.27% (long-term plan projection). Because these indicators are above 100%, the pension plan is not in deficit.

I began working in the construction industry before 2005. Am I affected?

• All members and beneficiaries may benefit from surplus assets at a given time if such surplus assets or available. For example, a retiree could see his or her pension enhanced at retirement. The terms of the improvements are determined by the Comité sur les avantages sociaux de l’industrie de la construction (the “CASIC”).

I began working in the construction industry after 2004. Am I affected?

• All members and beneficiaries may benefit from surplus assets at a given time if such surplus assets or available. For example, a retiree could see his or her pension enhanced at retirement. The terms of the improvements are determined by the Comité sur les avantages sociaux de l’industrie de la construction (the“CASIC”).

What number can I call if I have other questions concerning the proposed regulatory amendment?

• Call 514 341-6108 (toll-free: 1 866 222-1262)

What do the union and employer associations think about the proposed regulatory amendment? Do they agree with it?

• The regulatory amendments were adopted unanimously during the meeting of the Comité sur les avantages sociaux de l’industrie de la construction (the “CASIC”) on June 5, by both the union and the employer parties. The CASIC has 10 voting members representing, in equal proportions, the employer and union associations.