69. The following provisions of the Act apply to a member-funded pension plan, with the changes mentioned below:
(1) section 38, by striking out the words “, as the case may be,”;
(2) section 61, by replacing the first paragraph with the following paragraph:
“61. The value of a member’s pension benefits shall be determined at the date of vesting, according to the actuarial assumptions and methods prescribed by regulation.”;
(3) section 69.1, by replacing subparagraph 3 of the first paragraph with the following paragraph:
“(3) the value assigned to his benefits for the purposes of their payment by supposing that he ceases to be an active member and exercises his right to the refund or transfer of his benefits on the date on which he applies for the payment of the benefit;”;
(4) section 81, by replacing the second paragraph with the following paragraph:
“The actuarially equivalent pension shall be determined on the basis of the actuarial assumptions referred to in section 61 that, on the date on which the member reached the normal retirement age, were used to determine the value of the pension benefits to which entitlement had been vested on that date.”;
(5) section 82.1, by replacing the third paragraph with the following paragraph:
“Values are established on the date on which payment of the disability pension is interrupted, according to the actuarial assumptions and methods referred to in section 61 that, on the said date, were used to determine the value of pension benefits.”;
(6) section 86, by replacing subparagraph 2 of the first paragraph with the following subparagraph:
“(2) if the member was not entitled to a pension before his death, the value to which he would have been entitled if he had ceased to be an active member on the day of his death for a reason other than his death and had then exercised his right to the refund or transfer of his benefits.”;
(7) section 98, by striking out the words “to which section 60 applies and” each time they appear in subparagraph b of subparagraph 2 and subparagraph 4 of the first paragraph;
(8) section 122, by adding, after the first paragraph, the following paragraphs:
“The funding method must also contain an assumption for the indexation of the pensions of all the plan’s members and beneficiaries on 1 January of each year, according to the increase in the seasonally unadjusted Consumer Price Index for Canada, published by Statistics Canada for each month during the 12-month period ending on 31 December of the preceding year, up to a maximum of 4%.
This requirement also applies to contributions used to redeem years of service.
The pension plan shall specify whether or not the pensions of all the retirees are insured by an insurer. Where they are insured, the plan shall indicate whether the assumption for indexation of the pensions applies only until retirement or continues to apply thereafter.
The pension committee that applies for registration of an amendment to provide that indexation of the pensions applies only until retirement, shall so inform the retirees by means of the notice provided for in paragraph 1 of section 26 of the Act.”.
(9) section 123, by inserting, in the second line of subparagraph 1, after the words “the valuation”, the words “or in the form of a fixed amount for each active member”;
(10) section 134, by replacing, each time that it appears in the first and third paragraphs, the number “133” with the number and words “91 of the Regulation respecting the exemption of certain categories of pension plans from the application of provisions of the Supplemental Pension Plans Act (chapter R-15.1, r. 7)”;
(11) the title of chapter X.1 and sections 146.1 to 146.3, by replacing, each time that it appears therein, the word “employer” with the word “member”;
(12) section 198:
(a) by replacing the second sentence of the second paragraph with the following sentence: “The date may not be later than the end of the fiscal year that follows the one in which a final contribution is required with respect to the members attached to the employer.”;
(b) by adding, after the third paragraph, the following paragraph: “The holder of an insured annuity purchased directly from an insurer following an employer’s withdrawal from a multi-employer plan ceases to be a member of the plan.”;
(13) section 202:
(a) by replacing, at the end of the second paragraph, the words “, with the authorization of and subject to the conditions determined by the Régie, at the date of the next full actuarial valuation of the plan” with the words “on the date and subject to the conditions fixed by the Régie”;
(b) by striking out the third paragraph;
(14) section 204, by replacing the first paragraph with the following paragraph:
“204. The person or body empowered to terminate the pension plan may do so only by means of a written termination notice sent to the affected members and beneficiaries, to every certified association representing members, to the employer, to the pension committee and, where applicable, to the insurer.”;
(15) section 212, by replacing, in the portion of the first paragraph that precedes subparagraph 1, the words “the pension benefits to which section 60 applies” with the words “pension benefits”;
(16) section 226, by inserting, in the first line, after the word “retirement”, the words “or upon the withdrawal of an employer who is party to a multi-employer pension plan”.