Canons of the Diocese of Montreal

Canon 24 - Main Page

• Section 1
• Section 2
• Section 3
• Section 4
• Section 5
• Section 6
• Section 7
• Section 8
• Section 9
• Section 10
• Section 11
• Section 12
• Section 13
• Section 14
• Schedule A
• Schedule B

7.1 A Member who, after October 15, 1987, transfers to some other institution in communion with this Diocese or to a society having affiliation with this Diocese or to another diocese of the Church with which a reciprocity agreement is then in force shall have all benefits earned to the date of transfer paid from this Plan. However, all periods of service and membership in the pension plan to which the Member is transferred shall be recognized only in determining eligibility for such benefits which require service or membership qualifications.

7.2 Subject to Section 9.1 (f), a Member who transfers to some organization with which no reciprocity agreement is then in force, or who abandons, relinquishes or is deposed from the ministry of the Church, shall immediately cease to be a Member and may, subject to Section 7.3, either:

1. leave the Member's personal assessments in the Fund and receive a deferred pension payable from the Normal Pension Date as calculated in Section 5.1 but based on Pensionable Service to the date of the cessation of membership and the rate of pension benefit in effect on the Normal Pension Date;

2. receive a refund of the Member's personal assessments with Credited Interest. Such refund shall be in lieu of all other benefits under this Plan.

7.3 Notwithstanding the provisions of Section 7.2, a Member who has attained age 45 and has completed 10 years of service since ordination cannot elect to receive a refund of the personal assessments but shall receive a deferred pension in accordance with paragraph (a) of Section 7.2.

Furthermore, a Member who has completed 2 years of membership in the Plan cannot elect to receive a refund of the personal assessments made on or after January 1, 1990, but shall receive
1. a deferred pension in the amount accrued or granted for Pensionable Service after December 31, 1989; and

2. an additional pension provided by any excess contributions as determined in Section 5.9(2) accumulated with Credited Interest.

7.4 A Member who terminates employment and who is entitled to receive a deferred pension under this Section 7 may elect to commence receiving this pension on the first day of any month within the period of 10 years preceding the Normal Pension Date. The amount of such pension shall be the Actuarial Equivalent of the deferred pension otherwise commencing on the Normal Pension Date.

7.5 A Member who terminates employment before age 55 may elect, at termination of employment or on each subsequent fifth anniversary thereof before the Member reaches age 55 or on the first day of the month preceding the Member's fifty-fifth anniversary, to transfer the value of the benefits as follows:

1. a Past Member who is entitled to benefits under Sections 7.2 or 7.3 may elect to transfer the Commuted Value of such benefits, or must transfer the Commuted Value if such value is less than 10% of the YMPE for the year during which he becomes entitled thereto, within the prescribed time limits, to:
   1. a supplemental pension plan governed by the Supplemental Pension Plans Act;

   2. a supplemental pension plan governed by an Act emanating from a legislative authority other than the Parliament of Québec and granting entitlement to a deferred pension;

   3. a retirement account as prescribed in the Supplemental Pension Plans Act;

   4. an annuity contract as prescribed in the Supplemental Pension Plans Act.

   The retirement vehicle to which the transfer is made shall be locked-in as prescribed by the Supplemental Pension Plans Act for benefits described in Section 7.3.

   Upon such a transfer, the Past Member shall cease to be a Past Member and shall have no further entitlement under the Plan.

2. the Committee shall not permit a transfer under Section 7.5(1) unless the Committee is satisfied that:
   1. the transfer is in accordance with the Supplemental Pension Plans Act;

   2. any restrictions in the Supplemental Pension Plans Act with regard to the solvency of the Plan have been met.

   3. the transfer complies with the requirements of the Income Tax Act.

3. A Member who is entitled to a refund of contributions under Section 7.2(b) may elect to transfer the refundable amount to a non locked-in vehicle.

7.6 A Past Member, who has not received a refund of his or her personal assessments and has not transferred the Commuted Value of any benefits under Section 7.5, and later rejoins the Plan, may be granted credit for any former period of Pensionable Service, but the rate of pension benefit to be used to calculate the pension for such period of service under Section 5.1 shall be as determined by the Committee on the advice of the Actuary, but shall not be less than the rate in effect at the date of the Past Member's prior cessation of membership.

7.7 A Past Member who has accepted a refund of his or her Personal Assessments or who has transferred the Commuted Value of his or her benefits under Section 7.5, and later rejoins the Plan, shall be treated as a new Member.

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Note: this text is provided for information purposes only. While every effort has been made to ensure that this text is accurate, in the event of any discrepancy between this version and the official printed version, the latter shall prevail.