163.1. The pension committee may, in the course of the general administration of the pension plan, offset a debt of a member or beneficiary toward the pension fund against a pension benefit or refund payable to the member or beneficiary up to the greater of
(1) 25% of the pension benefit or refund; and
(2) 1/12 of the amount to be recovered, without exceeding 50% of the pension benefit or refund.
However, the offset may be applied against up to 100% of a pension benefit or refund if the debtor consents thereto in writing.
As well, a debt of a deceased member may be offset by the committee against the total amount of the death benefit payable to the member’s successors.