Meeting summary - November 29, 2021

Standing Technical Advisory Committee for Multi-Employer Defined Benefit Pension Plans

Meeting summary

Date: Monday, November 29, 2021
Time: 1:00 p.m. to 3:00 p.m.
Location: Videoconference

This summary sets out the key points discussed at the November 29, 2021 meeting. 

Stakeholder engagement and guidance

• The Committee discussed a variety of items raised by committee members.
• FSRA staff shared the positive feedback and suggestions for improvement received from members of all the technical advisory committees.  To provide the ability for TAC members to have more in-depth discussion of items, and to participate more fully in guidance development, meetings will be moved from a biannual to a quarterly schedule starting in 2022.
• The Committee was given an update on DB MEPP leading practices benchmarking. FSRA staff spoke to the progress made to date as it relates to DB MEPP benchmarking, shared the timeline for upcoming benchmarking engagements as well as initial feedback from stakeholders. 
• The Committee heard about the work being done by the technical advisory committee on the Employment-Based Vibrant Pension Pillar in Ontario.  This committee has been looking at ways FSRA could improve efficiency in processes and filings, and how FSRA could promote the awareness and value of pension plans.  The Committee will be delivering their final report in 2022.
• The Committee reviewed draft approach guidance regarding plan amendments, annuity purchases, and limitations on commuted value transfers and was invited to make comments.  The Committee was also advised that FSRA intended to refresh its Pension Sector Guiding Principles (effective January 9, 2020) and would provide further updates on its work. 

Next meeting

The next meeting of the Committee will be scheduled for the Spring of 2022.

Attendance record

Available in French upon request.