R-17.0.1 - Voluntary Retirement Savings Plans Act

Section 72 Disposition versions

2014-07-01

72. On the death of a member who was not receiving variable payments, his or her spouse or, if the member has no spouse, his or her successors are entitled to a benefit the amount of which is equal to the balance in the member’s accounts, including interest accrued until the date of payment or the transfer of all or part of the amount to a pension plan determined by regulation and chosen by the member’s spouse or, if the member has no spouse, by his or her successors, to the extent that fiscal rules allow it.

The member’s spouse may however waive entitlement to the death benefit by notifying the plan administrator of the fact in writing. The spouse may revoke such a waiver by notifying the plan administrator of the revocation in writing before the member’s death.

2013, c. 26, s. 72.