R-15.1 - Supplemental Pension Plans Act

Full text
146.90. The notice to be sent by the pension committee under section 200 shall specify, instead of the information indicated in paragraphs 2 to 4 of that section, the following information:
(1)  that the benefits of members and beneficiaries affected by the withdrawal will be paid based on the degree of solvency of the plan;
(2)  if the plan does not allow the benefits of the members and beneficiaries to be maintained in the plan,
(a)  that the benefits of members and beneficiaries to whom a pension is in payment on the date of the withdrawal will be paid by the purchase, from an insurer selected by the pension committee, of an annuity established using the value of their benefits that is adjusted according to the degree of solvency of the plan or, if they so request, by means of a transfer under subparagraph b;
(b)  that the benefits of the other members and the beneficiaries will be paid by means of a transfer under section 98, which applies with the necessary modifications, or, as applicable, by means of the payment in a lump sum or the transfer to a registered retirement savings plan of the portion of their benefits that is refundable; and
(3)  if the plan provides that the benefits of members and beneficiaries may be maintained in the plan,
(a)  that the benefits of members and beneficiaries to whom a pension is in payment on the date of the withdrawal will be maintained in the plan, unless they request payment of their benefits by the purchase, from an insurer selected by the pension committee, of an annuity established using the value of their benefits that is adjusted according to the degree of solvency of the plan or by means of a transfer under subparagraph b of paragraph 2;
(b)  that the benefits of the other members and the beneficiaries will be maintained in the plan unless they request payment of their benefits according to one of the methods mentioned in subparagraph b of paragraph 2.
2020, c. 302020, c. 30, s. 61.