Amending a Plan
An administrator may amend a pension plan provided:
- that 2/3 of the members and former members affected by the proposed amendment support the amendment (again, of those attending a meeting or voting in a poll); and
- the employer approves.
The Law and regulations outline the complete procedure that must be followed, including information to be disclosed to members and former members and timelines which must be met.
The Superintendent can waive the required approvals for amendments to a pension plan, where he deems the amendment to be minor in nature, or statutorily required.
Last Updated: 2006-09-22