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Legislative changes | Regulation respecting the exemption of certain categories of pension plans from the application of provisions of the Supplemental Pension Plans Act

Group Savings and Retirement December 12, 2024
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On November 21, 2024, amendments to the Regulation respecting the exemption of certain categories of pension plans from the application of provisions of the Supplemental Pension Plans Act came into force. Provisions concerning flexible pension plans are now harmonized with tax rules, and those concerning salary-funded pension plans (which we do not offer) are now harmonized with the provisions of the Supplemental Pension Plans Act and the Regulation respecting supplemental pension plans.

In addition, the threshold number of plan members and beneficiaries below which an employer can act in place of a pension committee has been raised from 26 to 51. To qualify, the employer must amend the plan text.

Finally, plans with less than $5 million in assets are now exempt from the financial report audit. This amount was previously $1 million.

 

For over 70 years, employers from coast to coast have been relying on our group insurance and retirement experts to effectively manage their plans.

 

 

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