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S.M. 1986-87, c. 30
An Act to amend The Pension Benefits Act
(Assented to September 10, 1986)
HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:
Subsection 1(1) of The Pension Benefits Act, being chapter P32 of the Continuing Consolidation of the Statutes of Manitoba, is amended by renumbering clause (p. l) thereof as clause (p.2) and by adding thereto, immediately after clause (p) thereof, the following clause:
(p.1) "surplus" when applied to a pension plan means the excess, determined at the time of a review, of the value of the assets of the plan, excluding the present value of outstanding special payments, over the value of the liabilities of the plan in respect of service rendered by employees and former employees prior to that time;.
The Act is amended by adding thereto, immediately after subsection 22(1) thereof, the following subsection:
Restriction on surplus refunds.
No funds, including surplus, in a pension plan shall be paid out of the plan to an employer, unless the commission believes it equitable to do so and consents thereto in writing.
Section 32 of the Act is amended by adding thereto, immediately after clause (k) thereof, the following clause:
(k.1) providing for, regulating and governing the disposition of surplus in a pension plan;.
This Act comes into force on the day it receives the royal assent, but it is retroactive and shall be deemed to have been in force on, from and after January 1, 1986.