Meeting Summary - January 17, 2020

Ad Hoc Technical Advisory Committee for Missing Members in the Pension Sector

Meeting Summary

Date: Friday, January 17, 2020
Time: 9:30 a.m. to 12:30 p.m
Location: Financial Services Regulatory Authority of Ontario

This summary sets out the key points discussed at the January 17, 2020 meeting.  

Recap/Follow-up Discussions of Working Group Meetings

Working groups were formed after the November 15, 2019 TAC meeting to support and advise FRSA on new guidance associated with searching for missing members and the proposed Missing Member Registry.

Searching Guidance

The Missing Member Search Guidance working group presented their document to the TAC and discussed the need to focus on messaging and the clarification of responsibilities. The TAC also discussed example cases that described approaches administrators may take in specific situations. FSRA will incorporate feedback received from the committee in the draft guidance and a revised document will be discussed at the February 14, 2020 TAC meeting.

Biennial Statement Waiver Process

A revised Biennial Statement Waiver guidance document, reflecting recent legislative changes to the waiver process, was also circulated to the TAC. The main discussion points centred on the application process. FSRA will incorporate feedback received from the committee in the draft guidance and a revised document will be discussed at the February 14, 2020 TAC meeting.

Missing Member Registry

There was a fulsome discussion of the options to consider for a Missing Member Registry. It was suggested that a Working Group be created in order to further discuss potential registry structure and function not currently contemplated by the legislation.

The TAC will conclude its work on February 14, 2020.

Attendance Record