R-17.0.1, r. 3 - Regulation respecting voluntary retirement savings plans

Section 53 Disposition versions

2016-01-01

53. The statement that the administrator of a plan must send to each member pursuant to paragraph 1 of section 95 of the Act must contain

(1)  the member’s name;

(2)  the date on which the member registered for or joined the plan;

(3)  the name of the voluntary retirement savings plan and the number assigned to it by Retraite Québec;

(4)  the name of the administrator;

(5)  the name, address and telephone number of the person or department to be contacted for any information concerning the plan;

(6)  the name of any person entered in the records of the plan as the spouse or beneficiary of the member or, where necessary, a mention of the absence of an entry related to either of those capacities;

(7)  the date on which the statement was established;

(8)  for each account during the fiscal year:

(a)  the contributions made;

(b)  the refunds, transfers or variable payments made;

(c)  the interest accrued;

(d)  the dividends, refunds or other advantages granted;

(e)  the fees deducted;

(9)  the balance of each of the accounts at the end of the fiscal year;

(10)  the investments;

(11)  the summary of the transactions during the period in question with regard to investments;

(12)  the name and a description of the benchmark index that best reflects the makeup of each of the member’s investment options;

(13)  the prior return on investments for each of the member’s investment options for a period covering the 10 most recent years of the option’s existence or since its creation, where it has existed for fewer than 10 years;

(14)  the degree of risk for each of the member’s investment options, including a statement that the prior return on investments for each option is not necessarily indicative of future performance;

(15)  the fees, other than those referred to in subparagraph e of subparagraph 8, for each of the member’s investment options, expressed as a percentage or as a set amount;

(16)  where the member has chosen to receive variable payments:

(a)  the maximum amount that may be paid to the member as variable payments during the current year;

(b)  the minimum amount that must be paid to the member as variable payments during the current year;

(c)  where the member is entitled to a temporary variable payment:

i.  the conditions he must meet in order to be entitled;

ii.  the reference temporary variable payment for the current year;

iii.  under what conditions the member may obtain a temporary variable payment greater than the reference temporary variable payment;

iv.  the effect of payment of an amount greater than the amount referred to in subparagraph a, for each year until the end of the year in which the member reaches 65 years of age, on the amounts that may be paid to him after that date;

(d)  that the transfer to the locked-in account of sums originating directly or not from a life income fund of the purchaser or a locked-in account of another voluntary retirement savings plan of a member during the same year may not result in a revision of the maximum amount that may be paid to the member from the locked-in account during the fiscal year;

(e)  that if the member wishes to transfer, in whole or in part, the balance of his locked-in account and still receive from the account the amount that he determined for the year, he must ensure that the balance of the account after the transfer is at least equal to the difference between the amount determined for the year and the amount he has already received since the beginning of the year.

In addition to the information provided for in the first paragraph, the statement for a member aged 55 or over must contain the information provided for in subparagraphs 3 to 5 of section 54.

Where the administrator provides more than one statement showing changes in the member’s accounts during a single fiscal year, the information provided for in subparagraphs 8, 9 and 11 of the first paragraph must pertain to the period elapsed since the last statement was sent to the member.

O.C. 499-2014, s. 53.

2014-07-01

53. The statement that the administrator of a plan must send to each member pursuant to paragraph 1 of section 95 of the Act must contain

(1)  the member’s name;

(2)  the date on which the member registered for or joined the plan;

(3)  the name of the voluntary retirement savings plan and the number assigned to it by the Régie;

(4)  the name of the administrator;

(5)  the name, address and telephone number of the person or department to be contacted for any information concerning the plan;

(6)  the name of any person entered in the records of the plan as the spouse or beneficiary of the member or, where necessary, a mention of the absence of an entry related to either of those capacities;

(7)  the date on which the statement was established;

(8)  for each account during the fiscal year:

(a)  the contributions made;

(b)  the refunds, transfers or variable payments made;

(c)  the interest accrued;

(d)  the dividends, refunds or other advantages granted;

(e)  the fees deducted;

(9)  the balance of each of the accounts at the end of the fiscal year;

(10)  the investments;

(11)  the summary of the transactions during the period in question with regard to investments;

(12)  the name and a description of the benchmark index that best reflects the makeup of each of the member’s investment options;

(13)  the prior return on investments for each of the member’s investment options for a period covering the 10 most recent years of the option’s existence or since its creation, where it has existed for fewer than 10 years;

(14)  the degree of risk for each of the member’s investment options, including a statement that the prior return on investments for each option is not necessarily indicative of future performance;

(15)  the fees, other than those referred to in subparagraph e of subparagraph 8, for each of the member’s investment options, expressed as a percentage or as a set amount;

(16)  where the member has chosen to receive variable payments:

(a)  the maximum amount that may be paid to the member as variable payments during the current year;

(b)  the minimum amount that must be paid to the member as variable payments during the current year;

(c)  where the member is entitled to a temporary variable payment:

i.  the conditions he must meet in order to be entitled;

ii.  the reference temporary variable payment for the current year;

iii.  under what conditions the member may obtain a temporary variable payment greater than the reference temporary variable payment;

iv.  the effect of payment of an amount greater than the amount referred to in subparagraph a, for each year until the end of the year in which the member reaches 65 years of age, on the amounts that may be paid to him after that date;

(d)  that the transfer to the locked-in account of sums originating directly or not from a life income fund of the purchaser or a locked-in account of another voluntary retirement savings plan of a member during the same year may not result in a revision of the maximum amount that may be paid to the member from the locked-in account during the fiscal year;

(e)  that if the member wishes to transfer, in whole or in part, the balance of his locked-in account and still receive from the account the amount that he determined for the year, he must ensure that the balance of the account after the transfer is at least equal to the difference between the amount determined for the year and the amount he has already received since the beginning of the year.

In addition to the information provided for in the first paragraph, the statement for a member aged 55 or over must contain the information provided for in subparagraphs 3 to 5 of section 54.

Where the administrator provides more than one statement showing changes in the member’s accounts during a single fiscal year, the information provided for in subparagraphs 8, 9 and 11 of the first paragraph must pertain to the period elapsed since the last statement was sent to the member.

O.C. 499-2014, s. 53.