News & Updates
Quebec Amends Supplemental Pension Plan Regulations
April 26, 2022
Amendments to Quebec Regulation O.C. 308-2022, which update the Regulation concerning supplemental pension plans for target benefit plans (TBPs), came into effect on April 14, 2022.
The amendments expand on Bill 68, which modified the Supplemental Pension Plans Act to allow for the establishment of TBPs. The regulations include TBP-related requirements for:
- actuarial valuation reports
- fees payable on the termination of a plan with surplus assets
- subjects that must be included in the agenda of the annual meeting
- rules respecting the conversion of:
- a TBP to a defined benefit plan
- a defined contribution plan to a TBP
- a negotiated contribution multi-employer plan to a TBP
- solvency funding rules
- criteria determining when the plan’s assets do not permit payment of full benefits, and the transfer options where such criteria are met
- the time limit and procedure for sending benefits statements when an employer withdraws from a TBP.
