230.3. If the employer fails to send a draft agreement to the pension committee and to the Régie in accordance with section 230.2, the employer is deemed to have waived entitlement to surplus assets. The surplus assets hence accrue to the members and beneficiaries and shall be distributed among them proportionately to the value of their accrued benefits.
This section does not apply if the members and beneficiaries agreed to arbitration before the date referred to in the first paragraph of section 230.2 or if the pension plan was established pursuant to a collective agreement, an arbitration award in lieu thereof or an order or decree which rendered such an agreement compulsory.
1992, c. 60, s. 34; 2000, c. 41, s. 140.