243.14. The arbitrators shall rule in accordance with the rules of law; they shall also, where circumstances justify it, call on equity.
In particular, the evolution of the pension plan, any amendments made to it and the circumstances in which those amendments were made, the origin of the surplus assets concerned, the use made in the past of any surplus assets, as well as any information sent to members and beneficiaries in relation to any such matter, shall be taken into consideration.
The arbitration decision, upon being rendered, is binding on any person who has rights or obligations under the plan.
Unless the arbitration decision rules only on a difficulty in interpreting or implementing an agreement or a declaration, the arbitration decision must specify, in particular,
(1) who is entitled to the surplus assets as determined at the date of termination of the plan, whether the employer alone, the members and beneficiaries alone or both the employer and the members and beneficiaries and, in the latter case, the amount to be allocated to the members and beneficiaries as well as the method for adjusting that amount in the event of a variation in the surplus assets between the date of termination and the date of implementation of the decision; and
(2) insofar as some or all of the surplus assets are allocated to members and beneficiaries,
(a) the identity of each such member or beneficiary and, in the event that other names are added to the names appearing in the termination report, the method for determining the value of their accrued benefits; and
(b) the distribution method to be used to determine the share of each member or beneficiary.
No appeal lies from an arbitration decision.
1992, c. 60, s. 37; 2000, c. 41, s. 158.