R-15.1 - Supplemental Pension Plans Act

Section 146.8 Disposition versions

2018-02-22

146.8. The amount of surplus assets that may be used over the course of a fiscal year must first be appropriated as provided for in the pension plan in accordance with the second paragraph, up to the following amounts:

(1)  the lesser of the amount recorded under the first paragraph of section 42.2 and the amount of the employer current service contributions; and

(2)  the lesser of the amount recorded under the second paragraph of that section and the amount of the member current service contributions.

The pension plan shall set out the procedure for appropriating the surplus assets according to one or a combination of the following appropriation methods:

(1)  the payment of employer current service contributions;

(2)  the payment of member current service contributions;

(3)  the payment of the value of the additional obligations arising from an amendment to the plan; and

(4)  the transfer of amounts to the employer.

If there is a balance of surplus assets, up to 20% of the balance may, per fiscal year of the plan, be appropriated according to the appropriation method applicable to the amount referred to in the first paragraph or according to another appropriation method provided for in the plan in accordance with the second paragraph.

2000, c. 41, s. 84; 2015, c. 29, s. 27; 2018, c. 2, s. 108.

2016-01-01

146.8. The amount of surplus assets that may be used over the course of a fiscal year must first be appropriated to the payment of the employer and member current service contributions, up to the lesser of the amount of the employer or member contributions recorded, respectively, under the first and second paragraphs of section 42.2 and the amount of the employer or member current service contributions.

If the amount of surplus assets that may be used is less than the total amount of employer and member contributions recorded under section 42.2, the appropriation under the first paragraph must be proportional to the contributions recorded, respectively, under the first and second paragraphs of that section.

If there is a balance of surplus assets, up to 20% of the balance may, per fiscal year of the plan and in accordance with its provisions, be appropriated to the payment of the value of the additional obligations arising from an amendment to the plan or to the payment of member contributions or be transferred to the employer.

Any amount appropriated to the payment of the employer current service contributions or to the payment of the value of the additional obligations arising from an amendment or transferred to the employer must be deducted from the amounts recorded under section 42.2. The same applies to any amount appropriated to the payment of member current service contributions.

2000, c. 41, s. 84; 2015, c. 29, s. 27.

2001-01-01

146.8. Any amendment of a provision resulting from an amendment made under section 146.5 requires the consent required under the first paragraph of that section.

The application for registration of an amendment under the first paragraph can only be made after the notice provided for in section 146.6 is sent as and when provided therein.

2000, c. 41, s. 84.