pension plan administration – Benefits Canada.com

FSRA releases final guidance on roles, responsibilities of pension plan administrators

Sadie Janes — Mon, 24 Jun 2024 19:00:46 +0000

The Financial Services Regulatory Authority of Ontario has updated its guidance on the roles and responsibilities of pension plan administrators, adding three additional areas for administrators to enhance protection and stability for pension plan beneficiaries. The guidance, which took effect earlier this month, stated an administrator is responsible for all aspects of the administration of the […]

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FSRA outlines final guidance on retroactive adverse amendments

bmcgovern — Wed, 05 Jun 2024 13:00:28 +0000

In its newest guidance, the Financial Services Regulatory Authority of Ontario is barring pension plan administrators from registering retroactive adverse amendments that could have a negative impact on plan members or beneficiaries, such as changes in contribution rates, subject to limited exceptions. “What we found coming out of the [coronavirus] pandemic, . . . there was […]

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Association of Professors of the University of Ottawa, Ontario Confederation of University Faculty Associations joining UPP

bmcgovern — Thu, 16 May 2024 13:00:58 +0000

The Association of Professors of the University of Ottawa and the Ontario Confederation of University Faculty Associations are joining the University Pension Plan, as of April 30, 2024. Since its inception in July 2021, the UPP has seen a number of plan sponsors join the plan, beginning with the University of Toronto Faculty Association, the University of […]

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FSRA focusing on target-benefit framework for MEPPs, sustainability of PBGF in 2024-25 annual plan

bmcgovern — Wed, 17 Apr 2024 13:00:25 +0000

In its 2024-25 annual plan, the Financial Services Regulatory Authority of Ontario is focusing on assessing and mitigating systemic and high-priority risks in the province’s defined benefit pension plan sector. The regulatory body will review and enhance its supervisory framework to strengthen supervision of large public sector pension plans, ensuring its plan amendments and surplus […]

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FSRA’s proposed guidance on retroactive adverse amendments inconsistent with case law, Pension Benefits Act: ACPM

lbailey — Mon, 05 Feb 2024 14:00:12 +0000

The Financial Services Regulatory Authority of Ontario’s revised proposed guidance on retroactive adverse amendments for pension plan administrators is inconsistent with existing case law, the wording of the Pension Benefits Act and the principles of statutory interpretation, said the Association of Canadian Pension Management, in an open letter. The FSRA’s proposed guidelines aim to provide greater […]

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OSFI’s draft pension cybersecurity standard may lead to duplication, increased risk: ACPM

lbailey — Thu, 09 Nov 2023 14:00:59 +0000

The Office of the Superintendent of Financial Institutions’ proposed cybersecurity incident reporting standard could unintentionally lead to duplication and increased risk if it doesn’t reflect differences in technology and risks faced by federally regulated financial institutions and federally regulated pension plans, according to the Association of Canadian Pension Management. While financial institutions’ systems are critical to the functioning of […]

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Ontario’s guidance for target-benefit MEPPs undermines incentives for plan sponsors: ACPM

bmcgovern — Mon, 30 Oct 2023 13:00:48 +0000

The Ontario Ministry of Finance’s proposed guidance for multi-employer target-benefit pension plans undermines incentives for employers to contribute towards their employees’ retirement savings, including cost certainty, with unduly burdensome regulatory framework, according to the Association of Canadian Pension Management. In an open letter, the ACPM expressed its hesitation about proposed rules restraining trustees’ ability to prudently […]

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Climate, cybersecurity risks increasing for federally regulated pension plans: OSFI outlook

bmcgovern — Thu, 19 Oct 2023 15:00:03 +0000

Climate and cybersecurity are the leading risk factors concerning Canadian pension plan administrators, according to a pension lawyer. Susan G. Seller, a pension and benefits lawyer at Bennett Jones LLP, adds third-party arrangements and commercial real estate risks round out the most pressing categories for federally regulated pension plans. “We’re living in a time where […]

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FSRA pension plan administration guidance requires clarity, consistency, says ACPM

Sadie Janes — Thu, 12 Oct 2023 13:00:59 +0000

The Financial Services Regulatory Authority of Ontario’s proposed guidance on pension plan administrator roles and responsibilities requires more clarity and consistency, according to the Association of Canadian Pension Management. In an open letter, the ACPM recommended greater clarity regarding the distinction between statutory guidance and general commentary, particularly in the sections on records retention and […]

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CAPSA’s risk management guideline adaptable to changes in cybersecurity, ESG: webinar

bwolfe — Mon, 11 Sep 2023 13:00:32 +0000

The Canadian Association of Pension Supervisory Authorities’ new risk management guideline allows for additional flexibility amid evolving issues such as cybersecurity and environmental, social and governance considerations, said David Bartucci, head of pension regulations and regulatory effectiveness at the Financial Services Regulatory Authority of Ontario and a member of the CAPSA’s risk management committee, during […]

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