R-17.0.1 - Voluntary Retirement Savings Plans Act

Section 50 Disposition versions

2014-07-01

50. An employer may change voluntary retirement savings plans. The employer must then pay the costs related to the transfer of the employee accounts under the conditions prescribed by regulation.

The new administrator must give written notice, to each employee concerned by the transfer, of the employee’s membership in the new plan and of the fact that the employee must inform the new administrator of the investment option he or she has chosen within 60 days after the notice is sent.

The plan administrator must transfer the accounts upon expiry of the 60-day period mentioned in the second paragraph, subject to the conditions prescribed by regulation.

Sections 86 and 88 apply to the transfer, with the necessary modifications.

2013, c. 26, s. 50.