Role of Retraite Québec with respect to plan termination
Given that the administrator must respect the pension plan's provisions and those of the Supplemental Pension Plans Act, Retraite Québec generally does not have to intervene in the termination process. However, Retraite Québec does have important powers to ensure that the rights of various parties are respected, including members and beneficiaries.
The Retraite Québec's powers:
- Seeing that the provisions of the Supplemental Pension Plans Act are respected. As such, during the entire termination procedure, the Retraite Québec acts in both a supervisory and a support capacity for members and beneficiaries, plan administrator and all other parties.
- Suspending application of the termination process to require corrections, particularly to the plan termination report.
- Suspending payment of benefits to members and beneficiaries, if circumstances warrant.
- Deciding to terminate a pension plan, depending on the precise circumstances.
To find out more about...
Retraite Québec's decision to terminate a pension plan