Time limits applicable to the plan termination process
The steps of the termination process begin as soon as the plan administrator receives:
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:
|Prescribed time limits following receipt of the written notice of termination or Retraite Québec's decision
||Tasks to perform
Send a declaration of termination to Retraite Québec, the employer and the union (every certified association representing members).
Have the termination report prepared and send it to the employer and the union.
Send statements of benefits to members and beneficiaries.
Publish a notice in a daily newspaper.
Send the termination report to Retraite Québec (with corrections, if any).
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
Terminating a simplified pension plan (SIPP)
The contents of this page are not pertinent to SIPPs. Please consult the page that deals with the steps to terminate an SIPP.