granting the Council of State a credit of CHF 1,440,000,000.- for various measures allowing the recapitalization of the Pension Fund of the State of Vaud and fixing the annual amount available for taking over the cost of the AVS bridge pension (DRecap. CP) - [ 1 ]
Table of Provisions (6)
Statutory Text (6 Provisions)
1. The Council of State is authorized to commit an amount of CHF 1,440,000,000.-, contributing to enable the State of Vaud Pension Fund to achieve a coverage ratio of 80% by 2052 as imposed by federal law.
2. This amount is intended to neutralize the reduction of the technical interest rate set at 3.25% (instead of 4% until 31.12.2013) and the introduction of the new technical bases VZ 2010, for the recapitalization of the Fund, as well as to create a fluctuation reserve for values.
3. The amount provided for in paragraph 1 shall be paid by 30 September 2019.
3bis. The balance as of 31 December 2018 of CHF 319,050,766.10 shall be paid in installments of CHF 90,000,000.- on 31 January, 15 April and 28 June 2019, and CHF 49,050,766.10 on 30 September 2019.
4. The Council of State shall remunerate annually the balance of the amount not yet paid under paragraph 1 as follows
- 3.75 % from 1 January 2012 to 31 December 2018;
- 3 % from 1 January to 30 September 2019.
1. Salary scales are not indexed as long as the consumer price index does not reach at least the index of 110.18 points (base May 2000 = 100) in October of the year preceding the indexation.
2. The indexation on January 1st will be determined based on the difference between the index set out in paragraph 1 and that of the month of October of the previous year.
1. An annual amount of CHF 16,000,000 is allocated for the financing of the AVS bridging pension.
2. This amount will be indexed in the same manner as the salary scale.
3. With the expert's approval and subject to validation by the supervisory authority, the State may waive all or part of this financing if the situation of the Pension Fund of the State of Vaud allows for compliance with the financing plan adopted by the Board of Directors in accordance with Article 22 of the LCP [A].
1. The State contributes to the funding of the AVS bridging pension, pursuant to Article 8, paragraph 1, letter d) of the LCP [A] progressively in the amount of CHF 2,000,000 per year over a period of eight years starting from January 1, 2014, up to a total of CHF 16,000,000.
2. These amounts are indexed in the same manner as the State of Vaud's salary scale.
1. This decree shall come into force on January 1, 2014.
1. The Council of State is responsible for the implementation of this decree. It shall publish the text in accordance with Article 84, paragraph 1, letter a) of the Cantonal Constitution and shall bring it into force by means of an order, in accordance with Article 5 above.