141. For the purpose of determining the solvency of a pension plan at the date of an actuarial valuation, the plan’s assets must be established according to their liquidation value, or an estimate of that value, and be reduced by the estimated amount of the administration costs to be paid out of the pension fund, assuming that the pension plan is terminated on the valuation date.
The pension plan’s liabilities must be equal to the value of the obligations arising from the plan, assuming that the plan is terminated on the valuation date.
A pension plan is solvent if its assets are equal to or greater than its liabilities.
1989, c. 38, s. 141; 2006, c. 42, s. 50; 2006, c. 42, s. 11; 2015, c. 29, s. 24.