1. Any pension plan having not more than 25 members and beneficiaries may, if it so provides and notwithstanding sections 147, 147.1 and 166 of the Supplemental Pension Plans Act (chapter R-15.1), be administered by the employer who is a party to the plan or by a pension committee composed of at least the following members:
(1) one plan member or one beneficiary designated on the conditions and within the time limits set out in the plan or one member designated by the majority of the members and beneficiaries at the meeting held each year in application of section 166 of the Act;
(2) a member who, designated under the conditions and within the time periods provided in the plan, is neither a party to the plan nor a third party to whom section 176 of the Act prohibits the granting of a loan.
The text of any plan administered by such committee shall state the number of members that the committee must have. It shall also provide for the conditions and time periods applicable to the designation and replacement of committee members. It may likewise provide that the members and beneficiaries may, during the meeting referred to in paragraph 1 of the first paragraph, designate by majority vote a member in addition to those referred to in the first paragraph. The second paragraph of section 147.1 of the Act applies to that additional member.
The text of any plan administered by the employer shall provide for the conditions and time periods applicable to the designation and replacement of the employer.
O.C. 1160-90, s. 1; O.C. 1151-2002, s. 1.