R-15.1 - Supplemental Pension Plans Act

Section 230.1 Disposition versions

2016-01-01

230.1. The surplus assets of a terminated pension plan shall be equal to the amount by which the value of its assets as determined in accordance with section 212.1 exceeds the value of its liabilities as determined in accordance with that section.

In the case of a multi-employer pension plan, even not considered as such under section 11, or of a multi-employer pension plan that has already been amended to allow for the withdrawal of an employer, the surplus assets must be determined in respect of each employer as provided in subdivision 3.

1992, c. 60, s. 34; 2000, c. 41, s. 137; 2015, c. 29, s. 62; 2000, c. 41, s. 136; 2015, c. 29, s. 61.

2001-01-01

230.1. The allocation of any surplus assets from a pension plan which has been terminated is subject

(1)  to an agreement to be made between the employer, the members and the beneficiaries pursuant to sections 230.2 to 230.6; or

(2)  where the plan is established pursuant to a collective agreement, an arbitration award in lieu thereof or an order which renders such an agreement compulsory,

(a)  to the application of the provisions, if any, of the agreement or the arbitration award in lieu thereof which provide for the allocation of the surplus assets in the event of termination of the plan. A joint statement by the parties bound by the agreement or award must, in that case, be sent to the pension committee and to the Régie, stating that under the agreement or award the surplus assets will be allocated, as the case may be, to the employer only, to the members and beneficiaries only or to both the employer and the members and beneficiaries and, in the latter case, the percentage due to each; or

(b)  to an agreement to be made between the parties bound by the agreement or award, establishing the surplus assets on the date of termination, which of the employer only, the members and beneficiaries only or both the employer and the members and beneficiaries is entitled thereto and, in the latter case, the percentage due to each. The parties shall send a copy of the agreement to the pension committee and to the Régie.

In all cases, however, the parties bound by the agreement or award may elect to make an agreement pursuant to paragraph 1 of this section. Finally, the application of the provisions of the agreement or award providing for the allocation of the surplus, or the making of an agreement under subparagraph b above, does not remove the obligation also to make an agreement under the said paragraph 1 which affects any other members who are not governed by the agreement or award, and the beneficiaries; or

(3)  in all the cases provided for in section 230.7, to an arbitration award rendered pursuant to Chapter XIV.1.

However, where members or beneficiaries who have been previously affected by the withdrawal of an employer are affected by the termination, the share of the surplus assets allocated to the group formed of such members and beneficiaries pursuant to subdivision 3 shall be allocated by operation of law to the members and beneficiaries who are part of that group and distributed among them proportionately to the value of their accrued benefits.

Moreover, the first paragraph does not apply if the employer transmits to the pension committee and to the Régie, before the date indicated in the notice sent by the pension committee pursuant to section 207.2, a declaration certifying that the employer consents to all surplus assets being allocated to the members and beneficiaries and distributed proportionately to the value of their accrued benefits. The declaration has the same value and effect as an agreement concluded pursuant to section 230.6.

1992, c. 60, s. 34; 2000, c. 41, s. 137.

1999-04-01

230.1. The allocation of any surplus assets from a pension plan which has been totally terminated is subject

(1)  to an agreement to be made between the employer, the members and the beneficiaries pursuant to sections 230.2 to 230.6; or

(2)  where the plan is established pursuant to a collective agreement, an arbitration award in lieu thereof or an order which renders such an agreement compulsory,

(a)  to the application of the provisions, if any, of the agreement or the arbitration award in lieu thereof which provide for the allocation of the surplus assets in the event of total termination of the plan. A joint statement by the parties bound by the agreement or award must, in that case, be sent to the pension committee, stating that under the agreement or award the surplus assets will be allocated, as the case may be, to the employer only, to the members and beneficiaries only or to both the employer and the members and beneficiaries and, in the latter case, the percentage due to each; or

(b)  to an agreement to be made between the parties bound by the agreement or award, establishing the surplus assets on the date of termination, which of the employer only, the members and beneficiaries only or both the employer and the members and beneficiaries is entitled thereto and, in the latter case, the percentage due to each.

In all cases, however, the parties bound by the agreement or award may elect to make an agreement pursuant to paragraph 1 of this section. Finally, the application of the provisions of the agreement or award providing for the allocation of the surplus, or the making of an agreement under subparagraph b above, does not remove the obligation also to make an agreement under the said paragraph 1 which affects any other members who are not governed by the agreement or award, and the beneficiaries; or

In force: 1994-07-01

(3)  in all the cases provided for in section 230.7, to an arbitration award rendered pursuant to Chapter XIV.1.

1992, c. 60, s. 34.