218. Where an employer withdraws from a multi-employer pension plan or a pension plan is terminated, the amounts to which the members and beneficiaries affected are entitled shall be paid out in the following order: (1) amounts corresponding to the following values, concurrently:
(a) the value of the additional voluntary contributions paid into the pension fund or to the insurer;
(b) the value of the member or employer contributions paid into the pension fund under provisions which, in a defined benefit plan, are identical to those of a defined contribution plan; and
(c) the value of amounts received by the pension plan following a transfer, even a transfer other than a transfer under Chapter VII;
(2) the value of other benefits, excluding those referred to in subparagraph 4, accrued under the plan and reduced under section 216;
(3) the value of any benefit reduction under section 216; and
(4) the value of benefits payable to members under pension plan terms granting them compensation for cessation of continuous employment due to technological or economic changes in the employer’s enterprise or to the division, merger, alienation or closing down of the enterprise.
If the assets are insufficient for the full satisfaction of the rights that are collocated in the same rank, payment shall be made proportionately to the value of the benefits concerned.
The benefits referred to in the first and second paragraphs are the benefits accrued under the plan at the date of termination. The value of those benefits must be established at that date, and is increased by the interest calculated in accordance with section 217.
1989, c. 38, s. 218; 1992, c. 60, s. 31; 2000, c. 41, s. 126; 2006, c. 42, s. 34.