Ad Hoc Technical Advisory Committee
for Missing Members in the Pension Sector
Meeting Summary
Date: Friday, November 15, 2019
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 November 15, 2019 meeting.
Trend Analysis
The committee reviewed trend analysis derived from the data provided by committee members at the October 10, 2019 meeting. The review provided insight on the factors that cause some members more than others to become missing members. For single-employer pension plans it was found that two factors—age and amount of pension at termination—were the main causes of un-locatable members.
The committee discussed potential activities Administrators could undertake to keep members in touch with their pensions (i.e. enhanced communication at enrolment).
Searching Guidance
Ideas for a future Guidance document on searching for missing members were discussed, with the focus being on best practices. Members of the committee felt that the guidance should be principles-based so that Administrators could develop their own missing member plan governance tailored to their plan’s needs and experience. There was also discussion on the role that third-party administrators, especially for small plans, could have in developing a missing member policy on behalf of their clients.
A working group was formed to develop draft guidance and it will be discussed at the next meeting of the committee.
Missing Member Registry
The meeting concluded with a discussion on how a future Missing Member Registry could be implemented. A working group was formed to review the current (as yet unproclaimed) registry legislation. The group will review the legislative requirements for data reporting that administrators would have to undertake, as well as the member verification, information dissemination, and data storage processes that would be FSRA’s responsibility.
Attendance Record
| Invited/Attended |
Company Name |
Attendance Status |
|---|---|---|
|
Caroline Blouin |
FSRA - EVP and TAC Chair |
A |
|
Anna Zalewski |
Ontario Teachers Pension Plan |
A |
|
Doug LeFaive |
Goldblatt Partners, LLP |
A |
|
Glorie Alfred |
Osler |
A |
|
James Hoffner |
SunLife |
A |
|
James Pierlot |
Blue Pier |
A |
|
John Hnatiw |
Morneau Shepell |
A |
|
Jennifer Agnew |
BMKP Law LLP |
A |
|
Joseph Tang |
Mercer |
A |
|
Karen Kahansky |
Willis Towers Watson |
A |
|
Kimberly Houston |
McAteer Group |
R |
|
Melodie Mason |
CSA Group |
TC |
|
Nadine Orr |
RBC Insurance |
A |
|
Patrick Rettig |
Unifor |
A |
|
Paul Migicovsky |
Ontario Municipal Employees Retirement System (OMERS) |
A |
|
Scott Linnell |
Fiat Chrysler Canada |
A |
|
Tracey Ball |
Healthcare of Ontario Pension Plan (HOOPP) |
A |
|
Vinod Armoogum |
MoF |
R |
|
Helen Trochluk |
MoF |
A |
|
Mark Eagles |
FSRA |
A |
|
Cynthia Crysler |
FSRA |
A |
|
Lynn Barron |
FSRA |
A |
|
Michael Palozzi |
FSRA |
A |
|
Anne Slavinskas |
FSRA |
A |
|
Jessica Rose |
FSRA |
R |
|
Dennis Beeby |
FSRA |
A |
|
David Bartucci |
FSRA |
A |
Available in French upon request.