66. A member who ceases to be an active member is entitled to a refund of the value of the benefits accrued to the member if less than 20% of the Maximum Pensionable Earnings established pursuant to the Act respecting the Québec Pension Plan (chapter R-9) for the year in which the member ceases to be an active member. This right may be exercised, before a pension commences to be paid to the member under the plan, by applying within 90 days after receiving the statement provided for in section 113 and, subsequently, every five years from the date on which the member ceased to be an active member, within 90 days after the date of expiry of the fifth year.
Where the requirements set out in the first paragraph are met, the pension committee may refund the value of the member’s pension to the member in satisfaction of the member’s rights under the plan. The committee must first send a notice to the member requesting instructions as to the refund formula; where no reply is received within 30 days of the sending of the notice, the committee may make the refund, which possibility shall be mentioned in the notice.
In the case of a target benefit plan, the benefits may be refunded under the second paragraph only if the value of the benefits accrued to the member at the time of the refund, multiplied by the degree of solvency of the plan, is equal to or greater than the value of the member’s benefits established according to the benefit target.
1989, c. 38, s. 66; 2000, c. 41, s. 37; 2020, c. 30, s. 221.