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FSRA Pensions Stakeholder Advisory Committee meeting with the Board of Directors
Summary of the Meeting of April 29, 2026
25 Sheppard Avenue West and virtually via Teams
Stakeholder Advisory Committee members present:
Al Kiel – TELUS Health
Alex McKinnon – Multi Employer Benefit Plan Council of Canada (MEBCO)
Domenic Barbiero – Eckler
James Pierlot – Blue Pier
Julie Belair – OPSEU Pension Plan (OPTrust)
Korinne Collins – Association of Canadian Pension Management (ACPM)
Mitch Frazer – Mintz LLP
Ratna Sondagar - Sobeys
Rossana Di Lieto – Ontario Teachers’ Pension Plan
Board members present:
Doug Turnbull – Chair of the Board
Ali Salahuddin - Director
Joseph Iannicelli - Director
Lucie Tedesco - Director
Larry Richie - Director
Peggy McCallum - Director
Rob Wellstood - Director
Steve Geist - Director
Management members present:
Dexter John – Chief Executive Officer
Andrew Fung – Executive Vice President, Pensions
Jeff Kehoe – Executive Vice President, Legal and Enforcement
Tracey Chinman – Executive Vice President, Corporate Services
Meghan Kilty – Chief Public Affairs Officer
Danelle Brown – Corporate Secretary & Deputy General Counsel
Faisal Siddiqi – Chief Actuary
David Bartucci – Head, Pension Plan Operations and Regulatory Effectiveness
James Hoffner – Head, Prudential Supervision – LPSPPs
Paul Martiniello – Head, Prudential Supervision - SEPPs and MEPPs
Sylvie Charest – Head, Pension Strategic Initiatives
Jeff Sweeting – Director, Policy – Credit Union, Insurance Prudential and Pensions
General comments:
The Chair of the Board called the meeting to order and highlighted the importance of the Stakeholder Advisory Committee (the Committee) in supporting FSRA’s regulation of Ontario registered pension plans. The Chair emphasized the value of open and constructive feedback in improving regulatory effectiveness and public policy. The Committee was asked to share perspectives on current sector conditions, key risks, and critical success factors.
The Committee discussed overall conditions in the pension sector and across all plan types, noting that while most plans remain well funded, risk is increasing. Members emphasized that governance, scale, and capacity are as important as funding levels.
Economic and market conditions were discussed, with members noting increased and persistent uncertainty driven by geopolitical factors, higher costs of capital, and job market downturns. Resilience, supported by strong governance, stress testing, risk and liquidity management, was identified as a key theme throughout the meeting. The Committee discussed mortality and longevity risk, noting that advances in analytics and artificial intelligence may increase expected longevity and extend benefit payment periods. The Committee also discussed investment risk, including private credit, noting that pension plan investment strategies are long-term.
Structural differences between large and small plans were discussed, with members noting that scale provides resilience through asset class diversification, expertise, and stronger governance infrastructure. Consolidation and shared service solutions were raised as potential mitigants for challenges faced by these smaller plans.
Artificial intelligence, cybersecurity, and data risks were discussed and identified as representing a significant change in the sector’s risk profile. Members emphasized that fiduciary responsibility remains with plan administrators, even where services are outsourced.
Drawing on trustee survey findings, the Committee highlighted the importance of ongoing director and trustee training, including the potential to use Pension Awareness Day to support governance and risk literacy.
The Committee expressed appreciation of FSRA’s accessibility and willingness to discuss and hear the plans’ concerns. Highlighted were FSRA’s engagement when developing and implementing the supervisory models for the recent Target Benefit framework, as well as the supervisory model that is being built out for the Large Public Sector Pension Plans. Pension Awareness Day was cited as a key driver of engagement in the sector between plans and their members, and one of the best initiatives that FSRA has put together.
The Chair and the Executive Vice President, Pensions, provided concluding remarks, thanking Committee members for their insights and highlighting alignment between FSRA’s priorities and those of the sector.