Module 10

What is the primary difference between termination and wind-up of a pension plan?

In the context of pension plan termination, why might a business sale prompt the employer to terminate the plan?

What could be a reason for a pension regulator to decide on terminating a plan due to non-compliance with legislation?

When might a partial plan wind-up be initiated?

How does termination of a pension plan differ from wind-up regarding asset distribution?

What action by an employer could lead to termination of a pension plan by the plan administrator?

Who is usually responsible for executing the plan wind-up process for a single employer plan?

What is the primary source of information used to identify the rights and obligations of stakeholders involved in pension plan termination?

Which entity is typically appointed as a replacement administrator in the case of a pension plan wind-up?

What special right do affected members have during a partial or full-plan wind-up?

Who must receive written notice when a pension plan is winding up?

What is the range of deadlines for filing a wind-up report post-termination according to pension standards legislation?

What is one reason why a replacement administrator might be appointed during a pension plan wind-up?

Which documents are crucial in determining the rights and obligations of stakeholders involved in pension plan termination?

What information must be contained in a wind-up notice for a pension plan?

Who determines the content of the wind-up notice when a pension plan is winding up?

What is required before any asset distribution can occur after the wind-up report is filed?

Why might a regulator demand the preparation of a new wind-up report?

What is the typical priority order for benefit payments from a wind-up of an underfunded defined benefit pension plan?

In what circumstances might an employer need regulatory approval to withdraw surplus from a pension plan?

How is surplus defined in an ongoing defined benefit pension plan?

What is the primary purpose of pension standards legislation regarding surplus withdrawals from ongoing DB pension plans?

Why might surplus exist under a defined contribution pension plan?

"Surplus" in pension legislation is defined as:

"Objection Resolution" in the context of pension regulation involves:

What is the purpose of the Income Tax Act (ITA) in relation to pension plans?

What is the main consideration for employers when a pension plan has a surplus?

What would be a typical outcome for employees if an employer sells the assets of a business to another entity?

In relation to a classic multi-employer pension plan (MEPP), what happens if a vendor participates in the plan and then sells its assets?

What is the impact on member pension benefits when a purchaser agrees only to recognize service from the date of sale within its pension plan in an asset sale scenario involving a DC pension plan?

What role does the Bankruptcy and Insolvency Act play in determining pensions payable from an underfunded pension plan of an insolvent employer?

What factors determine changes to pension plan obligations resulting from the sale of a business?

What are the main options available to the vendor and purchaser in an asset sale related to the vendor’s single employer pension plan?

'Legislative Protection' in relation to pension rights primarily ensures:

'Service Combination' in an asset sale context mainly implies:

What takes precedence in terms of priority claims under the Bankruptcy and Insolvency Act (BIA) when it comes to funding pension benefits from a bankrupt employer's estate?

In which province are directors personally liable for unremitted employee contributions to a pension plan?

Under what circumstances can administrators place liens on employer assets for unpaid contributions?

What is a common rationale behind requiring a purchaser to provide similar compensation and benefits to employees in an asset sale agreement?

What is one of the required documentation elements when transferring assets from the vendor's Defined Benefit (DB) pension plan to the purchaser's DB pension plan?

Which type of legislation typically governs the rights and obligations of vendor and purchaser when unionized employees who are members of a pension plan are involved in a business sale?

What is a key focus of regulatory authorities when reviewing a request to transfer assets from the vendor's DB pension plan to the purchaser's DB pension plan?

What is crucial in determining asset values when transferring assets between the vendor's and purchaser's pension plans?

In what context might an asset transfer between pension plans impact negotiations over the purchase price in a business sale?

What is a key element included in the Purchase and Sale Agreement with respect to DB pension plan obligations after an asset sale?

Directors in Manitoba are personally liable for unremitted employer contributions to a pension plan.

Ontario allows administrators to place liens on employer assets for unpaid pension contributions.

Regulatory consent is not necessary for transferring assets from the vendor's DB pension plan to the purchaser's pension plan in an asset sale.

In an asset sale involving unionized employees who are members of a pension plan, federal labor relations legislation governs the rights and obligations of the vendor and purchaser.

Purchase and sale agreements after an asset sale typically do not consider the impact on the purchaser's accounting standards reporting.

In an asset sale, the vendor requires the purchaser to offer different compensation and benefits to employees to encourage retention.

Liens on employer assets for unpaid contributions can be placed by administrators in Alberta and Ontario.

The Pension Benefits Act in Manitoba gives the superintendent a lien for Pension Benefits Guarantee Fund (PBGF) payments.

Legal disputes about statutory liens and trusts in insolvency cases are seldom contested.

Unpaid employer contributions are treated as held in trust in Alberta and Ontario.