R-15.1 - Supplemental Pension Plans Act

Section 226 Disposition versions

2016-01-01

226. (Repealed).

1989, c. 38, s. 226; 2000, c. 41, s. 131; 2015, c. 29, s. 52.

2001-01-01

226. Upon the termination of a pension plan, if a surplus remains after distribution of the assets, the surplus shall be distributed between the groups of benefits formed under this subdivision in such a manner that the total assets are distributed among all groups proportionately to the value of the obligations arising from the plan from which the benefits in each group derive.

1989, c. 38, s. 226; 2000, c. 41, s. 131.

1990-01-01

226. If, after the assets have been distributed, a surplus remains, the surplus shall be so distributed among the groups of benefits constituted pursuant to this subdivision as to ensure that the obligations arising from the plan from which the benefits in each group derive maintain a funding level proportional to that which they would have had if the plan had not been terminated.

The funding level is determined without reference to the value of the obligations arising from the plan with respect to any portion of an initial or improvement unfunded actuarial liability remaining to be paid at the date of termination.

1989, c. 38, s. 226.