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Standing Technical Advisory Committee for Defined Benefit Single-Employer Pension Plans
Meeting Summary
Date: Tuesday, November 3, 2020
Time: 9:30 a.m. to 11:30 a.m.
Location: Videoconference
This summary sets out the key points discussed at the November 3, 2020 meeting.
Public consultation on FSRA statement of priorities and budget
FSRA published its proposed 2021-22 Statement of Priorities and Budget for public consultation on October 13, 2020. The Committee heard about the pension sector priorities, which include identifying ways within the regulatory framework to foster a vibrant employment-based pension pillar in Ontario, developing strategies for member communications and engagement, continuing enhancement of the prudential supervision framework, and improving regulatory effectiveness and efficiency.
Missing member guidance
The Committee was advised that public consultation on FSRA’s new missing member guidance closed on September 20, 2020, and that the final version of the guidance will be published in December 2020. A roundtable discussion took place on issues and administrative challenges around missing members.
Insolvency trends and regulatory approach
The Committee was presented with an overview of the work conducted by FSRA’s Relationship Management and Prudential Supervision team. This team use a principles-based and outcomes-focused approach in order to enhance the oversight of prudential pension matters, ensure appropriate risk assessments, appropriately target supervision, and deploy an effective engagement strategy.
Proposed change to the form 7 process
The Summary of Contributions / Revised Summary of Contributions (Form 7) is required to be filed by pension plan administrators with the trustee(s) of their pension fund. If remitted contributions are less than 90% of those reported on Form 7 (variance) or if no contributions are remitted (non-remittance), the trustee(s) is required to report the variance or non-remittance to FSRA.
The Committee was advised that FSRA is considering changes to the Form 7 reporting processes and feedback was sought from committee members.
Next meeting
The next meeting of the committee will be scheduled for Spring 2021.
Attendance record
Invited/Attended |
Company Name |
Attendance Status |
|---|---|---|
|
Jennifer Rook |
FSRA – Head, Pension Operations and Regulatory Effectiveness and Committee Co-Chair |
VC |
|
Mitch Frazer |
Torys LLP and Committee Co-Chair |
VC |
|
Bill Watson |
Mercer |
VC |
|
Brent Simmons |
Sun Life |
VC |
|
Cathy MacDonald |
Canada Life |
VC |
|
Clio Godkewitsch |
Goldblatt Partners LLP |
VC |
|
Corey Vermey |
Unifor |
R |
|
Earl Davis |
n/a |
VC |
|
Jason Vary |
Actuarial Solutions Inc. |
VC |
|
Ken Eady |
Sears Retiree Group |
VC |
|
Lilach Frenkel |
Aon |
VC |
|
Lisa Mills |
BMKP Law LLP |
VC |
|
Rohan Kumar |
Willis Towers Watson |
VC |
|
Simon Nelson |
Eckler Ltd. |
VC |
|
Steve Wilson |
PricewaterhouseCoopers LLP |
VC |
|
Tejash Modi |
Morneau Shepell |
VC |
|
William Jones |
Canadian Federation of Pensioners |
VC |
|
Andrew Fung |
FSRA |
VC |
|
David Bartucci |
FSRA |
VC |
|
Dillon DeCoteau |
FSRA |
VC |
|
Lester Wong |
FSRA |
VC |
|
Lynn Barron |
FSRA |
VC |
|
Mark Eagles |
FSRA |
VC |
|
Paul Dempsey |
FSRA |
VC |
|
Paul Martiniello |
FSRA |
VC |
|
Alex Killoch |
MOF |
VC |
|
Doug Malone |
MOF |
VC |
|
Louis Kalikow |
MOF |
VC |