R-15.1 - Supplemental Pension Plans Act

Full text
151.2. The pension committee shall adopt internal by-laws establishing its rules of operation and governance. The committee ensures that they are complied with and reviews them regularly.
The internal by-laws determine, in particular,
(1)  the duties and obligations of the committee members;
(2)  the rules of ethics to which those persons are subject;
(3)  the rules governing the appointment of the chair, vice-chair and secretary;
(4)  the procedure for meetings and the frequency of meetings;
(5)  the measures to be taken to provide professional development to committee members;
(6)  the measures to be taken to quantify and manage risks;
(7)  internal controls;
(8)  the books and registers to be kept;
(9)  the rules to be followed when selecting, remunerating, supervising or evaluating delegatees, representatives or service providers; and
(10)  the standards that apply to the services rendered by the committee, namely the standards on communicating with plan members and beneficiaries.
In the event of a discrepancy between the text of the pension plan and the text of the internal by-laws as regards the operation and governance of the committee, the latter prevails. However, in the case of the following subjects, the internal by-laws prevail only if the text of the pension plan expressly so provides:
(1)  the rules governing the appointment of the chair, vice-chair and secretary of the pension committee as well as their duties and obligations;
(2)  quorum and the granting of a casting vote at committee meetings; and
(3)  the proportion of committee members who must participate in a decision in order for it to be valid.
2006, c. 42, s. 20; 2015, c. 29, s. 37; 2018, c. 22018, c. 2, s. 113.
151.2. The pension committee may adopt internal by-laws establishing its rules of operation and governance. The committee ensures that they are complied with and reviews them regularly.
The internal by-laws determine, in particular,
(1)  the duties and obligations of the committee members;
(2)  the rules of ethics to which those persons are subject;
(3)  the rules governing the appointment of the chair, vice-chair and secretary;
(4)  the procedure for meetings and the frequency of meetings;
(5)  the measures to be taken to provide professional development to committee members;
(6)  the measures to be taken to quantify and manage risks;
(7)  internal controls;
(8)  the books and registers to be kept;
(9)  the rules to be followed when selecting, remunerating, supervising or evaluating delegatees, representatives or service providers; and
(10)  the standards that apply to the services rendered by the committee, namely the standards on communicating with plan members and beneficiaries.
In the event of a discrepancy between the text of the pension plan and the text of the internal by-laws as regards the operation and governance of the committee, the latter prevails. However, in the case of the following subjects, the internal by-laws prevail only if the text of the pension plan expressly so provides:
(1)  the rules governing the appointment of the chair, vice-chair and secretary of the pension committee as well as their duties and obligations;
(2)  quorum and the granting of a casting vote at committee meetings; and
(3)  the proportion of committee members who must participate in a decision in order for it to be valid.
2006, c. 42, s. 20; 2015, c. 29, s. 37.
151.2. The pension committee may adopt internal by-laws establishing its rules of operation and governance. The committee ensures that they are complied with and reviews them regularly.
The internal by-laws determine, in particular,
(1)  the duties and obligations of the committee members;
(2)  the rules of ethics to which those persons are subject;
(3)  the rules governing the appointment of the chair, vice-chair and secretary;
(4)  the procedure for meetings and the frequency of meetings;
(5)  the measures to be taken to provide professional development to committee members;
(6)  the measures to be taken to ensure risk management;
(7)  internal controls;
(8)  the books and registers to be kept;
(9)  the rules to be followed when selecting, remunerating, supervising or evaluating delegatees, representatives or service providers; and
(10)  the standards that apply to the services rendered by the committee, namely the standards on communicating with plan members and beneficiaries.
In the event of a discrepancy between the text of the pension plan and the text of the internal by-laws as regards the operation and governance of the committee, the latter prevails. However, in the case of the following subjects, the internal by-laws prevail only if the text of the pension plan expressly so provides:
(1)  the rules governing the appointment of the chair, vice-chair and secretary of the pension committee as well as their duties and obligations;
(2)  quorum and the granting of a casting vote at committee meetings; and
(3)  the proportion of committee members who must participate in a decision in order for it to be valid.
2006, c. 42, s. 20.