Time limits applicable to the plan termination process

The steps of the termination process begin as soon as the plan administrator receives:

• the written notice of termination of the plan from the employer or
• the decision of Retraite Québec to terminate the plan.

The plan administrator is considered to be "notified" when it receives the written notice of termination from the employer or Retraite Québec's decision, as the case may be.

Upon expiry of the 90-day period, the administrator must send the termination report to Retraite Québec.

Payment of benefits to members and beneficiaries cannot take place before the termination report has been sent to Retraite Québec - Payments of benefits to members and beneficiaries can only begin 30 days after sending the report to Retraite Québec.

After receiving the written notice of termination, (or Retraite Québec's decision), the administrator must perform the following tasks:

If the termination report shows that there are surplus assets as at the date of the plan's termination:

• a period of 150 days (following the date on which the plan administrator receives the written notice of termination or Retraite Québec's decision) is given to the employer to deal with the allocation of surplus assets.

Steps in the termination process

• Written notice of termination sent by the employer or Retraite Québec's decision to terminate the pension plan (which begins the termination process)
• Termination declaration
• Termination report
• Sending the termination report to the employer and the union, if any
• Sending statements of benefits to members and beneficiaries
• Publication of a notice
• Sending the termination report to Retraite Québec (with the required fees)
• Payment of benefits to members and beneficiaries
• Allocation of surplus assets (if any)