R-15.1 - Supplemental Pension Plans Act

Section 146.1 Disposition versions

2020-12-11

146.1. Surplus assets may, during the life of a pension plan, be appropriated to the refund or payment of contributions or the payment of the value of the additional obligations arising from an amendment to the plan, but only in accordance with this chapter and in compliance with the plan provisions required under subparagraph 17, 18 or 19 of the second paragraph of section 14.

2000, c. 41, s. 84; 2006, c. 42, s. 13; 2015, c. 29, s. 27; 2020, c. 30, s. 46.

2016-01-01

146.1. Surplus assets may, during the life of a pension plan, be appropriated to the refund or payment of benefits or the payment of the value of the additional obligations arising from an amendment to the plan, but only in accordance with this chapter and in compliance with the plan provisions required under subparagraph 17 or 18 of the second paragraph of section 14.

2000, c. 41, s. 84; 2006, c. 42, s. 13; 2015, c. 29, s. 27.

2010-01-01

146.1. The surplus assets of a pension plan to which Chapter X applies may only be appropriated to the payment of the value of the additional obligations arising from an amendment to the plan if, without reference to the value of those obligations, the actuarial valuation of the plan determines that, on a funding basis, there are surplus assets and, on a solvency basis, there are surplus assets that exceed the reserve established under section 128, if either of the following conditions are met:

(1)  the value of the obligations referred to is paid in full by appropriation of the plan’s surplus assets; and

(2)  the maximum amount of surplus assets that may be appropriated to that payment of that value is used entirely for that purpose.

The maximum amount of surplus assets that may be appropriated for that purpose is determined in the valuation referred to in the first paragraph.

In the case of a complete actuarial valuation, the maximum amount of surplus assets is equal

(1)  on a solvency basis, to the amount by which the plan’s assets, reduced by the reserve provided for in section 128, exceed the plan’s liabilities reduced by the value of the additional obligations arising from any amendment to the plan considered for the first time in the valuation;

(2)  on a funding basis, to the amount by which the plan’s assets exceed the plan’s liabilities, the latter being reduced by the value of the additional obligations arising from any amendment to the plan considered for the first time in the valuation.

In the case of a partial actuarial valuation, the maximum amount of surplus assets is equal to the amounts given by the actuary who certifies that a complete actuarial valuation carried out at the date of the valuation would have allowed the establishment, in accordance with the third paragraph, of amounts equal to or greater than the amounts given.

2000, c. 41, s. 84; 2006, c. 42, s. 13.

2001-01-01

146.1. The surplus assets of a pension plan may only be appropriated to the payment of employer contributions if, at the date of the last actuarial valuation of the whole plan, no amount remained to be paid in connection with an unfunded actuarial liability or an amount determined under subparagraph 4 of the second paragraph of section 137 and if that valuation determined a surplus of assets both on a funding basis and on a solvency basis.

2000, c. 41, s. 84.