R-17.0.1, r. 3 - Regulation respecting voluntary retirement savings plans

Section 7 Disposition versions

2014-07-01

7. In addition to the information prescribed by subparagraph 2 of the first paragraph and the third paragraph of section 19 of the Act, the summary that the administrator transmits to each employee who is a member of the plan shall contain the following information:

(1)  any contribution that the employer agrees to pay into the plan;

(2)  a mention that if the employee who is registered for the plan does not choose an option within 60 days of the date on which is sent the notice provided for in subparagraph 1 of the first paragraph of section 19 of the Act, the default investment option will apply to his account;

(3)  the conditions whereby and the frequency at which investment options may be changed;

(4)  for each of the fees related to the plan, the fact that they will be levied, either by deduction from the return on assets or another method;

(5)  the conditions whereby a member or the member’s spouse may receive variable payments, if applicable;

(6)  where the administrator provides a statement showing changes in the account more often than the frequency provided for in paragraph 1 of section 95 of the Act, the frequency at which the statement is issued;

(7)  the terms and conditions for changing the designated beneficiary in case of the death of the member.

O.C. 499-2014, s. 7.