Standing Technical Advisory Committee for Public Sector Pension Plans (PSPP)

Meeting summary

Date: Thursday, March 2, 2023
Time: 1:30 p.m. to 3:00 p.m.
Location: Videoconference

This summary sets out the key points discussed at the March 2, 2023, meeting.

Committee membership

  • The committee welcomed new members.

Pension deficit priority in insolvencies

  • The committee discussed how proposed federal legislation could impact Ontario-registered pension plans.

Member-focused work

  • FSRA updated the committee on the first Pension Awareness Day in February 2023. The committee was also updated on recent and upcoming work that is part of the Member Resource Centre, and other related updates to FSRA’s website.

Guidance updates

  • FSRA updated the committee on the recently published guidance on actions that the administrator can take to comply with the federal Income Tax Act. FSRA also provided updates on upcoming guidance documents, including guidance related to plan amendments and proposed all-sector guidance on IT risk management, and general AMPs. 

New working group

  • FSRA discussed a new working group it is considering to intensively focus on proposed guidance. The committee gave feedback.

Improving regulatory harmonization across Canada

  • FSRA provided an update to the committee on the progress of work on various CAPSA guidelines.

Late filings

  • FSRA provided an update on the actions it has taken to address late filings, as a follow up to the October 2022 discussion. The committee provided feedback.

Proof of life audits

  • FSRA reiterated its expectations that administrators ensure comprehensive steps are taken to determine whether a pensioner or beneficiary has passed away before ceasing payment. The group gave feedback on whether guidance on this topic would be useful.

Auditor general report

  • FSRA updated the committee on the work it was doing in relation to the report’s recommendations.

2023 thematic review of large plans

  • The committee was updated on FSRA’s thematic review of large plans and the status of the liquidity framework. 

Next meeting

The next meeting of the committee is scheduled for June 2023.

Attendance record

Invited/Attended

Company Name

Attendance Status
(A)ttended; (R)egrets; (S)ubstitute; (VC)Videoconference;(P)hone

Andrew Fung

FSRA – Head, Relationship Management and Prudential Supervision (Pensions) and Committee Co-Chair

VC

Gareth Gibbins

OMERS and Committee Co-Chair

VC

Cynthia Crysler

Cavalluzzo LLP

VC

David Gordon

CAAT

VC

Glorie Alfred

OTPP

VC

Hrvoje Lakota

Investment Management Corporation of Ontario

VC

Jeff Sommers

Blake, Cassels & Graydon LLP

VC

Julie Belair

OPTrust

VC

Kevin Skerrett

CUPE National Office

R

Murray Gold

Koskie Minsky

VC

Paul Litner

Osler, Hoskin & Harcourt LLP

VC

Paul Winnett

Morneau Shepell Ltd

VC

Philip Morse

Willis Towers Watson

VC

Rachel Arbour

HOOPP

VC

Trevor Cartlidge

OPB

VC

Claire Woodcock, Daniel Padro, David Bartucci, Elissa Sinha James Hoffner, Jennifer Mullen, Karima Shajani, Lester Wong, Mark Eagles, Paul Martiniello, Rhea Tubigan, Siddhartha Kalita, Tamara DeMos, Thera Medcof, Tim Thomson

FSRA

VC

Natalie Wong

MOF

VC

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