Pension administration – Benefits Canada.com

ACPM urging Retraite Québec to address recovery measures timing in draft pension amendment

bwolfe — Tue, 16 Nov 2021 20:00:17 +0000

The Association of Canadian Pension Management is calling on Retraite Québec to review its draft amendment of a regulation governing supplemental pension plans. In a letter to the pension plan administrator, the ACPM said that a section of the amendment — stating that recovery measures in the event of insufficient contributions to a target-benefit pension […]

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FSRA releases final guidance on impact of marriage breakdown on pension benefits

bwolfe — Fri, 12 Nov 2021 20:00:01 +0000

The Financial Services Regulatory Authority of Ontario is clarifying its guidance on the administration of pension benefits upon marriage breakdown. The final guidance, which came into effect on Nov. 9, 2021, clarifies the FSRA’s position on issues relating to valuation, payment and division and survivor benefits. It stated pension assets are to be valued based on […]

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Expert panel: Climate change putting spotlight on ESG issues for pension plans

mdunne — Tue, 19 Oct 2021 13:00:27 +0000

The images of floods, forest fires and heat waves over the past few years is putting climate change front of mind for many, including pension plan sponsors and administrators. It’s become increasingly clear that environmental, social and governance factors are emerging as an important area of concern for pension plan administrators and, by extension, the […]

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FSRA seeking input on draft guidance for communication of pension enforcement actions

bwolfe — Fri, 13 Aug 2021 13:05:16 +0000

The Financial Services Regulatory Authority of Ontario is seeking feedback on proposed guidance detailing how and when it publishes information about enforcement proceedings and investigations, including those related to pension plans and administrators. According to the draft guidance, this includes the use of news releases and public postings of enforcement actions on the FSRA’s website […]

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Court of appeal decision highlights importance of clear pension communications

mdunne — Fri, 13 Aug 2021 13:01:15 +0000

A recent Saskatchewan Court of Appeal decision illustrates the importance of clear communications from pension administrators seeking to avoid liability from lawsuits by claimants alleging they’re entitled to a plan member’s death benefits. “What it comes down to is that employers and pension plans that want to avoid lawsuits from plan members claiming to be […]

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OPTrust naming Ingrid Chingcuanco as VP of pension administration transformation

Gideon Scanlon — Tue, 10 Aug 2021 17:30:44 +0000

The OPSEU Pension Trust is appointing Ingrid Chingcuanco as its vice-president of pension administration transformation. In the new role, she’ll be responsible for leading the pension fund in a multi-year transformation of its pension administration system. “Ms. Chingcuanco’s top priority is to lead this critical initiative, designed to renew our technology and bring greater value […]

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FSRA issuing guidance on pension plan administrator responsibilities

bwolfe — Fri, 30 Jul 2021 13:00:38 +0000

The Financial Services Regulatory Authority of Ontario is releasing final interpretation guidance to support the role and responsibilities of pension plan administrators. The guidance, an updated and consolidated version of four previous documents, said the administrator’s role includes responsibility for implementing processes to ensure pension plan risks — such as investment, funding, operational and legal — […]

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U.S. public sector pension retains top executives despite trustee revolt

Gideon Scanlon — Tue, 15 Jun 2021 15:00:19 +0000

Two executives at the Pennsylvania-based Public School Employees Retirement System have survived an effort by trustees to oust them from their positions due to investment underperformance. On June 11, PSERS’ executive director Glen Grell and chief investment officer James Grossman were spared being put to a vote of no confidence after the vote was removed […]

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Provident10 paints new path on ‘blank canvas’ following pension reform

bwolfe — Fri, 14 May 2021 12:55:34 +0000

A defined benefit pension plan leader rarely gets to work with a “blank canvas,” but Chuck Bruce has taken that unique opportunity and drawn a new way forward for more than 56,000 DB plan members in Newfoundland and Labrador. In late 2014, the province and its five largest unions established Provident10 to administer and oversee […]

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More clarity needed in pension rules following marriage breakdown: ACPM

bwolfe — Wed, 12 May 2021 13:00:46 +0000

The Association of Canadian Pension Management is calling for increased clarity regarding Ontario’s rules for the valuation and division of pension payments following a marriage breakdown. In response to a consultation by the Financial Services Regulatory Authority of Ontario, the ACPM recommended the draft guidance document include an example of an exception to the rule […]

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