Standing technical advisory committee for Multi-Employer Defined Benefit Pension Plans
Meeting summary
Date: Thursday, June 3, 2021
Time: 10:00 a.m. to 11:30 a.m.
Location: Videoconference
This summary sets out the key points discussed at the June 3, 2021 meeting.
MEPP leading practices benchmarking
The Committee reviewed FSRA’s pilot benchmarking initiative for DB MEPPs. This is a three-year pilot program that is aligned with the eight DB MEPP Leading Practices Guidance issued in March 2021 and will lead to an industry summary report to be published by Spring 2024. The use of benchmarking with DB MEPPs will result in more unified governance, risk management, operational and communication practices across MEPPs, enhanced risk profiles, and improved focus on regulatory efficiency and effectiveness.
FSRA consumer office initiative on cross-sector complaints resolution framework
The Committee heard from the FSRA Consumer Office about a possible cross-sectoral policy framework for complaints resolution. The Consumer Office shared draft principles developed through best practice research that could serve as the basis for any framework.
Digital transformation
The Committee heard about FSRA’s digital transformation project that will modernize FSRA’s IT systems for the pension sector as well as across FSRA’s other sectors. Improvements have recently been made to the Pension Services Portal (PSP) which allows 14 additional items to be filed through the PSP. Members were invited to participate in a separate stakeholder consultation session in July related to Pension digital transformation. The purpose of this meeting is to solicit stakeholder feedback on the PSP functionality, identify any pain points and ensure that FSRA understands the sector’s needs for a future system.
Policy updates
- Final guidance on missing members, asset transfers, and family law (members) has been published. Draft guidance on family law (administrators) was posted for consultation and will be finalized and published later this year.
- Draft guidance on Administrator Roles and Responsibilities has been published for comment.
- The FSRA website has been relaunched, and the website’s approach to new pension guidance, as well as guidance inherited from FSCO, was discussed.
Next meeting
The next meeting of the Committee will be scheduled for the Fall of 2021.
Attendance record
|
Invited/Attended |
Company Name |
Attendance Status |
|---|---|---|
|
Paul Martiniello |
FSRA –Director, Relationship Management and Special Pension Services and Committee Co-Chair |
VC |
|
Susan Bird |
Multi-Employer Benefit Plan Council of Canada and Committee Co-Chair |
VC |
|
Alain Malaket |
InBenefits |
R |
|
Alex McKinnon |
United Steelworkers |
VC |
|
Bob Tangney |
N/A |
VC |
|
Cameron McNeill |
Segal |
VC |
|
Domenic Barbiero |
Eckler Ltd. |
VC |
|
Doug LeFaive |
GoldBlatt Partners |
VC |
|
James Pierlot |
Blue Pier |
R |
|
Joan Tanaka |
Prudent Benefits Administration Services Inc. |
VC |
|
Kim MacPherson |
TEIBAS |
VC |
|
Kimberly Houston |
The McAteer Group of Companies |
VC |
|
Laura Brownell |
CUPE |
VC |
|
Lindsay McLeod |
Blake, Cassels & Graydon LLP |
VC |
|
Luc Girard |
Mercer |
VC |
|
Michael Mazzuca |
Koskie Minsky |
VC |
|
Mike Neheli |
Manion, Wilkins & Associates Ltd. |
VC |
|
Andrew Fung, Anne Slivinskas, Jennifer Rook, Joey Shiner, Lynn Barron, Mark Eagles, Michael Palozzi, Patrick Rettig, Sylvie Charest, Taryn Pimento |
FSRA |
VC |
|
Alex Killoch, Anna Strathy |
MOF |
VC |
Available in French upon request.