22. Any amendment made to a pension plan for the purpose of converting the plan into a plan of another type or substituting a new employer for the former employer is subject to the authorization of Retraite Québec and the conditions it may fix.
In addition, if the amendment is intended to convert benefits resulting from the application of provisions which grant members defined benefits or target benefits for service credited to them under the plan up to the date on which the amendment becomes effective, into amounts which, credited as defined contributions, will be used to purchase a pension of an indeterminate amount, such an amendment may be authorized only if the value of the benefits of every member who agrees to the conversion is equal to or greater than the value to which he would have been entitled had the plan been terminated on the date on which the amendment is to become effective. However, the latter value shall be established without taking into account the rights which may result from the application of subdivision 4.1 of Division II of Chapter XIII.
No defined benefit plan may, however, be converted into a target benefit plan.
If the purpose of the amendment is to convert a defined contribution plan into a target benefit plan or to convert a target benefit plan into another type of plan, the amendment is subject to the rules prescribed by regulation.
1989, c. 38, s. 22; 1992, c. 60, s. 3; 2000, c. 41, s. 10; 2015, c. 20, s. 61; 2020, c. 30, s. 7112020, c. 30, s. 712.