146.20. The value of the benefits accrued to a member or a beneficiary and referred to in the third paragraph of section 143 must be paid in proportion to the most recent degree of solvency of the plan referred to in the fourth paragraph of that section that precedes the date on which the value is established.
Sections 145 and 146 do not apply to negotiated contribution plans. An employer may however, before the date of payment, pay an additional amount into the pension fund for the payment of all or part of the value of the benefits that cannot be paid under the first paragraph.
Despite sections 20 and 21, a pension plan may be amended to provide that, in cases when the degree of solvency of the plan exceeds 100%, the value of the benefits must be paid in a proportion that is less than the degree of solvency of the plan but equal to or greater than 100%. Such an amendment may only be made in the circumstances described in section 146.35, which applies with the necessary modifications.
2015, c. 7, s. 1; 2015, c. 20, s. 61; 2018, c. 2, s. 1111; 2020, c. 30, s. 571.