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R-17 - Act respecting supplemental pension plans
Section 40
Disposition versions
40. Where an employer ceases to contribute with respect to some or all of the members of a plan, the administrator of the plan shall immediately advise the Board. Should the Board consider the plan terminated in whole or in part, the administrator of the plan shall cause a report to be prepared by a person having the prescribed qualifications on the method to be adopted for the apportionment of the retirement fund, containing all the information prescribed. The administrator shall send such report to the Board.
Such report, if approved by the Board, shall bind the administrator, who must comply therewith and pay the pension credits concerned within the delay determined by the Board. Moreover, the administrator shall not distribute the retirement fund before such approval.
The Board’s approval of the report may be subject to such conditions as the Board may consider fair for the membership as a whole, if an amendment to the plan, approved by the Board after 15 November 1988, resulted, through an increase in pension credits, in favouring certain members.
40. Where an employer ceases to contribute with respect to some or all of the members of a plan, the administrator of the plan shall immediately advise the Board. Should the Board consider the plan terminated in whole or in part, the administrator of the plan shall cause a report to be prepared by a person having the prescribed qualifications on the method to be adopted for the apportionment of the retirement fund, containing all the information prescribed. The administrator shall send such report to the Board.
Such report, if approved by the Board, shall bind the administrator, who must comply therewith and pay the pension credits concerned within the delay determined by the Board. Moreover, the administrator shall not distribute the retirement fund before such approval.
