Amendments to the defined-benefit plan
Generally, the power to amend a pension plan is vested in the employer or jointly in the employer and the union.
Any amendment that changes the employer's commitments must have the employer's
When advised of a decision to amend a plan, the plan administrator must
inform the plan members. The administrator must also file an application for registration with
Retraite Québec and the Canada Revenue Agency.
Worth knowing about...
- Generally, an amendment that reduces member benefits does not come into effect until the members have been informed.
- No amendment can be made that reduces a pension that is already being paid.