Standing Technical Advisory Committee for Multi-Employer Defined Benefit Pension Plans
Meeting Summary
Date: Tuesday, June 4, 2020
Time: 9:30 a.m. to 11:30 a.m.
Location: Teleconference
This summary sets out the key points discussed at the June 4, 2020 meeting.
Purpose of Committee
The committee will review issues related to the administration and regulation of defined benefit/target benefit multi-employer pension plans (MEPPs). It will respond to FSRA requests to provide advice on technical issues and proposed legislation and regulations and will participate in the development of guidance, regulatory processes, and communication initiatives. The committee will also identify possible ways to reduce regulatory burden and improve regulatory effectiveness of MEPPs.
MEPP Review
The committee discussed FSRA’s recent review of a sample of MEPPs, selected to ensure proportionate representation from different industries, administration (internal and third-party) and actuarial services. The review brought together the results of desktop reviews of information from FSRA’s internal database with the results of on-site examinations. The purpose of the review was for FSRA to examine the funding, investment and governance practices among defined benefit MEPPs.
The committee will establish two working groups that will review FSRA’s findings and provide feedback with the objectives of identifying best practices, key challenges and opportunities.
Recent FSRA Initiatives
The discussion focused on FSRA’s Information Guidance entitled Pension Sector Emergency Management Response, which outlines information for pension sector stakeholders and plan members during the COVID-19 pandemic.
Payment of Commuted Values
The committee reviewed FSRA’s Approach Guidance entitled Limitations on Commuted Value Transfers and Annuity Purchases (DB Pension Plans). Committee members were given the opportunity to ask questions and receive clarification.
Next Meeting
The next meeting of the committee is scheduled for October 29, 2020.
Attendance Record
| Invited/Attended |
Company Name |
Attendance Status |
|---|---|---|
|
Paul Martiniello |
FSRA –Director, Relationship Management and Special Pension Services and Committee Co-Chair |
TC |
|
Susan Bird |
Multi-Employer Benefit Plan Council of Canada and Committee Co-Chair |
TC |
|
Alain Malaket |
InBenefits |
TC |
|
Alex McKinnon |
United Steelworkers |
TC |
|
Bob Tangney |
N/A |
TC |
|
Cameron McNeill |
Segal |
TC |
|
Domenic Barbiero |
Eckler Ltd. |
TC |
|
Doug LeFaive |
GoldBlatt Partners |
TC |
|
James Pierlot |
Blue Pier |
TC |
|
Joan Tanaka |
Prudent Benefits Administration Services Inc. |
TC |
|
Kim MacPherson |
TEIBAS |
TC |
|
Kimberly Houston |
The McAteer Group of Companies |
TC |
|
Laura Brownell |
CUPE |
TC |
|
Lindsay McLeod |
Blake, Cassels & Graydon LLP |
TC |
|
Luc Girard |
Mercer |
TC |
|
Michael Mazzuca |
Koskie Minsky |
R |
|
Mike Neheli |
Manion, Wilkins & Associates Ltd. |
TC |
|
Michael Palozzi |
FSRA |
TC |
|
Lester Wong |
FSRA |
TC |
|
Andrew Fung |
FSRA |
TC |
|
Mark Eagles |
FSRA |
TC |
|
David Bartucci |
FSRA |
TC |
|
Lynn Barron |
FSRA |
TC |
Available in French upon request.