R-15.1 - Supplemental Pension Plans Act

Section 146.45 Disposition versions

2020-12-11

146.45. A target benefit plan must have the following characteristics:

(1)  the obligations of the plan are borne by the plan’s members and beneficiaries;

(2)  the employer contribution is limited to that stipulated in the plan;

(3)  the plan determines the benefit target to be used as a basis for determining the current service contribution;

(4)  the normal pension, as well as any benefit provided for in the plan, whether or not it is based on the normal pension, may, despite subparagraph 2 of the first paragraph of section 14.1, be reduced due to insufficient contributions;

(5)  only the members and beneficiaries are entitled to the surplus assets, unless the fiscal rules require that the employer be relieved from paying the employer contribution through appropriation of all or part of the surplus assets of the plan; and

(6)  the plan may not be amended or terminated, directly or indirectly, unilaterally by an employer that is a party to the plan or, in the case of a multi-employer pension plan, even one not considered as such under section 11, by all the employers that are parties to the plan or by one of them.

2015, c. 7, s. 1; 2015, c. 29, s. 36; 2020, c. 30, s. 61.

2016-01-01

146.45. (Repealed).

2015, c. 7, s. 1; 2015, c. 29, s. 36.

2015-04-02

146.45. When an employer no longer has active members in its employ, the plan must be amended to allow for the withdrawal of the employer from the plan, effective on or before the end date of the fiscal year in which the last member ceases to accumulate benefits.

In the case of an employer all of whose employees covered by the plan are hired on an ad hoc, fixed term basis, the plan need only be amended if 12 months have elapsed since the employer ceased to have active members in its employ.

2015, c. 7, s. 1.