R-17.0.1 - Voluntary Retirement Savings Plans Act

Section 84 Disposition versions

2016-01-01

84. The plan administrator, within 30 days after receiving Retraite Québec’s decision to liquidate the plan assets or to authorize the plan administrator to liquidate them, must notify the members and employers of the date on which the assets will be liquidated. The plan administrator must also transmit to Retraite Québec, within that 30-day period, a copy of the notice transmitted to the members and a copy of the notice transmitted to the employers.

The notice required under the first paragraph must also contain

(1)  in the case of a member for whom an employer is subscribed to a voluntary retirement savings plan on the date the notice required under the first paragraph is sent:

(a)  the value of the sums accrued in the member’s not locked-in and locked-in accounts on the date the notice required under the first paragraph is sent; and

(b)  a note that the sums accrued in each of the accounts will be transferred to the voluntary retirement savings plan chosen by the employer or, if the employer fails to choose a plan at least 30 days before the date set for the liquidation of the plan assets, to the voluntary retirement savings plan chosen by the administrator;

(2)  in the case of a member for whom no employer is subscribed to a voluntary retirement savings plan on the date the notice required under the first paragraph is sent:

(a)  the value of the sums accrued in the member’s accounts on the date the notice required under the first paragraph is sent;

(b)  the options available to the member for the payment of his or her benefits under each of his or her accounts from among those determined by regulation; and

(c)  a note that the member, at least 30 days before the date set for the liquidation of the plan assets, may request the administrator to pay the benefits in the manner the member specifies, failing which the sums accrued in the members’ accounts will be transferred to the voluntary retirement savings plan chosen by the administrator;

(3)  in the case of an employer who is subscribed to a voluntary retirement savings plan on the date the notice provided for in the first paragraph is sent:

(a)  the value of the plan assets that corresponds to the aggregate of the accounts of that employer’s employees on the date the notice required under the first paragraph is sent; and

(b)  a note that the employer, at least 30 days before the date set for the liquidation of the plan assets, may request that the assets be transferred to a voluntary retirement savings plan chosen by the employer and that, if the employer fails to choose a plan within the time limit set, the assets will be transferred to the voluntary retirement savings plan chosen by the administrator; and

(4)  any other information determined by regulation.

The administrator must, within 30 days following the member’s or the employer’s request submitted in accordance with subparagraph c of subparagraph 2 of the second paragraph or subparagraph b of subparagraph 3 of the second paragraph, pay the benefits accrued to a member according to the option he or she has chosen or transfer the benefits accrued to the plan specified by the employer.

2013, c. 26, s. 84; 2015, c. 20, s. 61.

2014-07-01

84. The plan administrator, within 30 days after receiving the Régie’s decision to liquidate the plan assets or to authorize the plan administrator to liquidate them, must notify the members and employers of the date on which the assets will be liquidated. The plan administrator must also transmit to the Régie, within that 30-day period, a copy of the notice transmitted to the members and a copy of the notice transmitted to the employers.

The notice required under the first paragraph must also contain

(1)  in the case of a member for whom an employer is subscribed to a voluntary retirement savings plan on the date the notice required under the first paragraph is sent:

(a)  the value of the sums accrued in the member’s not locked-in and locked-in accounts on the date the notice required under the first paragraph is sent; and

(b)  a note that the sums accrued in each of the accounts will be transferred to the voluntary retirement savings plan chosen by the employer or, if the employer fails to choose a plan at least 30 days before the date set for the liquidation of the plan assets, to the voluntary retirement savings plan chosen by the administrator;

(2)  in the case of a member for whom no employer is subscribed to a voluntary retirement savings plan on the date the notice required under the first paragraph is sent:

(a)  the value of the sums accrued in the member’s accounts on the date the notice required under the first paragraph is sent;

(b)  the options available to the member for the payment of his or her benefits under each of his or her accounts from among those determined by regulation; and

(c)  a note that the member, at least 30 days before the date set for the liquidation of the plan assets, may request the administrator to pay the benefits in the manner the member specifies, failing which the sums accrued in the members’ accounts will be transferred to the voluntary retirement savings plan chosen by the administrator;

(3)  in the case of an employer who is subscribed to a voluntary retirement savings plan on the date the notice provided for in the first paragraph is sent:

(a)  the value of the plan assets that corresponds to the aggregate of the accounts of that employer’s employees on the date the notice required under the first paragraph is sent; and

(b)  a note that the employer, at least 30 days before the date set for the liquidation of the plan assets, may request that the assets be transferred to a voluntary retirement savings plan chosen by the employer and that, if the employer fails to choose a plan within the time limit set, the assets will be transferred to the voluntary retirement savings plan chosen by the administrator; and

(4)  any other information determined by regulation.

The administrator must, within 30 days following the member’s or the employer’s request submitted in accordance with subparagraph c of subparagraph 2 of the second paragraph or subparagraph b of subparagraph 3 of the second paragraph, pay the benefits accrued to a member according to the option he or she has chosen or transfer the benefits accrued to the plan specified by the employer.

2013, c. 26, s. 84.