99. The right to a transfer under section 98 may be exercised by a member who is at least 10 years under the normal retirement age set by the plan. However, a pension plan may prohibit members who, upon termination of continuous employment, would be entitled to an early retirement pension equal to or greater than the normal pension from making transfers to another pension plan.
Moreover, this right may be exercised within one of the following time limits:
(1) within 90 days from receipt of a statement pursuant to section 113;
(2) subsequently and not later than the date provided for in paragraph 3, every five years from the date on which the member ceased to be an active member, within 90 days from the date of expiry of every fifth year;
(3) within 90 days from the date on which a member who ceased to be an active member attains an age which is 10 years under normal retirement age.
The age restriction in respect of the member and the prohibition referred to in the first paragraph, and the time limit fixed in subparagraph 3 of the second paragraph do not apply to the transfer of amounts from a defined contribution plan or to the transfer of contributions paid under terms in a defined benefit plan that are identical to those of a defined contribution plan. A member who is less than 10 years under normal retirement age or who has attained or exceeded normal retirement age is entitled to transfer those amounts at all times, insofar as payment of the pension has not begun.
The pension committee has 60 days from the receipt of a transfer application to effect the transfer.
1989, c. 38, s. 99; 2000, c. 41, s. 61.