R-15.1 - Supplemental Pension Plans Act

Section 146.6 Disposition versions

2020-12-11

146.6. The appropriation, under this subdivision, of the surplus assets of a pension plan to which Chapter X applies, except a target benefit pension plan, determined without reference to the portion of the assets and that of the liabilities described in section 122.1, is only permitted if, according to the actuarial valuation of the plan, the following conditions are met:

(1)  on a funding basis, the plan’s assets are equal to or greater than its liabilities, increased by the value of the stabilization provision target level plus five percentage points; and

(2)  on a solvency basis, the plan’s assets are equal to or greater than 105% of its liabilities.

2000, c. 41, s. 84; 2006, c. 42, s. 17; 2015, c. 29, s. 27; 2020, c. 30, s. 49.

2016-01-01

146.6. The appropriation, under this division, of the surplus assets of a pension plan to which Chapter X applies, determined without reference to the portion of the assets and that of the liabilities described in section 122.1, is only permitted if, according to the actuarial valuation of the plan, the following conditions are met:

(1)  on a funding basis, the plan’s assets are equal to or greater than its liabilities, increased by the value of the stabilization provision target level plus five percentage points; and

(2)  on a solvency basis, the plan’s assets are equal to or greater than 105% of its liabilities.

2000, c. 41, s. 84; 2006, c. 42, s. 17; 2015, c. 29, s. 27.

2010-01-01

146.6. Where a pension committee is planning to apply for the registration of an amendment under section 146.5, it shall, not less than 60 days before the intended effective date of the amendment, inform every member and beneficiary and every certified association referred to in section 146.5 by way of a notice containing the following information:

(1)  for each of the last four completed fiscal years, the amount of any surplus assets appropriated to the payment of the value of the additional obligations arising from any amendment to the plan or to the payment of employer contributions;

(2)  any provisions of the pension plan in force on the date of the notice which concern the appropriation of surplus assets and their effective date;

(3)  the text of the provisions resulting from the amendment; and

(4)  any other information determined by regulation.

A copy of the notice shall be provided to the Régie according to the same timeframe.

An application for registration must be submitted with all that is required under section 24 as well as an attestation of the pension committee that the consent required has been obtained from all parties and that documents evidencing such consent can be provided to the Régie by the committee on request.

2000, c. 41, s. 84; 2006, c. 42, s. 17.

2001-01-01

146.6. Where a pension committee is planning to apply for the registration of an amendment under section 146.5, it shall, not less than 60 days before the intended effective date of the amendment, inform every member and beneficiary and every certified association referred to in section 146.5 by way of a notice containing the following information:

(1)  for each of the last four completed fiscal years, the amount of any surplus assets appropriated to the payment of employer contributions;

(2)  any provisions of the pension plan in force on the date of the notice which concern the appropriation of surplus assets and their effective date;

(3)  the text of the provisions resulting from the amendment; and

(4)  any other information determined by regulation.

A copy of the notice shall be provided to the Régie according to the same timeframe.

An application for registration must be submitted with all that is required under section 24 as well as an attestation of the pension committee that the consent required has been obtained from all parties and that documents evidencing such consent can be provided to the Régie by the committee on request.

2000, c. 41, s. 84.