R-15.1, r. 7 - Regulation respecting the exemption of certain categories of pension plans from the application of provisions of the Supplemental Pension Plans Act

Section 20 Disposition versions

2012-09-01

20. The following pension plans are dispensed from the financial report audit provided for in section 161 of the Act:

(1)  a guaranteed pension plan;

(2)  a simplified pension plan;

(3)  for its first fiscal year, a pension plan having fewer than 50 members and beneficiaries and net assets of a market value of less than $1,000,000.

Also dispensed from such an audit, for any fiscal year subsequent to its first, is a pension plan of the category provided for in subparagraph 3 of the first paragraph unless, at the annual meeting, 1/3 or more of the members and beneficiaries require that such an audit be carried out for the current fiscal year concerned. A pension committee intending to avail itself of such a dispensation shall, in the notice calling the meeting and during the meeting, inform the members and beneficiaries of its intention and of their right to decide otherwise.

O.C. 1466-95, s. 1; O.C. 1151-2002, s. 16.