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Consequences of Bill 30 for DB Plan Sponsors
On December 13, 2006, the Government of Quebec adopted Bill 30, An Act to amend the Supplemental Pension Plans Act, particularly with respect to the funding and administration of pension plans. This bill changes the funding rules of DB pension plans as of 2010, aims at reassuring pension committee members with respect to their liability, sets out plan governance requirements and defines the scope of the responsibilities and obligations of service providers. Given that some measures are coming into force immediately (or in the near term), plan sponsors must act now.
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