Here is some basic information that will help you carry out your role with regard to your company's existing pension plan while acting in conformity with the Supplemental Pension Plans Act.
Possible effects of closure on a pension plan
- If you are the only employer who participates in the plan, the plan will be terminated.
- If you participate in a multi-employer plan, the plan will make the necessary adjustments to take your withdrawal into account.
Simplified pension plan
Steps to take
- Give written notice to:
- the financial institution that administers the plan
- the union (if any)
Defined contribution or defined benefit plan
Other changes that may effect a pension plan