R-15.1 - Supplemental Pension Plans Act

Section 240 Disposition versions

2001-01-01

240. If, in the case referred to in section 239, the value of the insured benefits accrued to the members or beneficiaries affected by a withdrawal from or the termination of a pension plan which the insurer would have to assume were it not for the withdrawal or termination exceeds the value of such benefits as established pursuant to this chapter, the insurer, at the request of the pension committee, must reduce its obligations towards those members and beneficiaries accordingly and insure the uninsured benefits of the members or beneficiaries, up to the amount of the excess.

This section shall not apply to impair the degree of solvency of the plan.

1989, c. 38, s. 240; 2000, c. 41, s. 149.

1999-04-01

240. If, in the case referred to in section 239, the amount of insured benefits accumulated by the members or beneficiaries affected by the termination of the pension plan which the insurer would have to assume if the pension plan were not terminated exceeds the amount of such benefits as established pursuant to this chapter, the insurer, at the request of the pension committee, is bound to guarantee the uninsured benefits of the members or beneficiaries, up to the value of the excess amount.

This section shall not apply to impair the degree of solvency of the plan.

1989, c. 38, s. 240.