210. No earlier than 30 and no later than 60 days after the date on which the termination report is received by Retraite Québec, unless additional time is granted by Retraite Québec, the pension committee shall pay in full the benefits of each member and beneficiary affected, including the surplus assets to which they are entitled, in accordance with the termination report and this Act.
However, the committee may not proceed under the first paragraph if, within 30 days after receipt of the termination report, Retraite Québec orders the pension committee to postpone the payment of all or part of the benefits for the period determined by Retraite Québec or if Retraite Québec orders pursuant to section 240.4 that an irregularity found in the report be remedied within a specified time. In the latter case, the pension committee shall submit a revised termination report to Retraite Québec, which shall acknowledge receipt thereof. The committee shall proceed to make full payment within 30 days after the expiry of the postponement period or the expiry of a 30-day period after the date on which Retraite Québec receives the revised report.
Moreover, where Retraite Québec permits the employer to spread the payment of an amount due by the employer over a period of time pursuant to section 229, Retraite Québec may determine terms and conditions whereby benefits may be paid in full when payment by the employer is completed.
The pension committee may, however, at any time if the plan is solvent and with the authorization of Retraite Québec if the plan is not solvent, pay, in whole or in part and subject to the conditions it fixes, a pension, other than a pension provided for in section 67.2, that is in payment or suspended at the date of termination of the pension plan or a pension the first instalment of which becomes payable after that date. Where the amount of pension benefits paid exceeds the benefits allocated to the recipient in the termination report for the period covered by the pension benefits, the recipient shall repay the overpayment; otherwise, the overpayment may be deducted from the benefits that remain to be paid to him.
The surplus assets to which the employer is entitled may not be allocated before all the benefits of the members and beneficiaries affected by the termination have been paid in full.
1989, c. 38, s. 210; 1992, c. 60, s. 27; 2000, c. 41, s. 118; 2008, c. 21, s. 19; 2015, c. 20, s. 61; 2018, c. 2, s. 12211.