Retirees Advisory Panel
Meeting Summary
Date: Thursday, June 11, 2020
Time: 9:30 a.m. to 11:30 a.m.
Location: By teleconference (as a result of the COVID-19 pandemic)
This summary sets out the key points discussed at the June 11, 2020 teleconference.
Purpose of Panel
The Retiree Advisory Panel (the Panel) is an important part of FSRA’s stakeholder engagement process. It acts as an advisory body to provide input from a retiree perspective with regard to rule making, policy initiatives, business planning, and other FSRA pension sector objectives. In addition, the Panel will provide advice on emerging policy, outreach and education matters, either identified by the Panel or brought forward by FSRA.
Recent FSRA Initiatives
The discussion focused on FSRA’s Information Guidance entitled Pension Sector Emergency Management Response (the Information Guidance), which outlines information for pension sector stakeholders and plan members during the COVID-19 pandemic. The Information Guidance includes information of particular interest to plan members including communications, witnessing of forms, and financial hardship unlocking.
FSRA’s Supervisory Approach for Actively Monitored Pension Plan
FSRA actively monitors Ontario-registered single employer defined benefit pension plans where there may be a concern with respect to the security of the pension benefits promised. The Panel heard about the predictive and preventative tools and supervisory methods used by FSRA to improve outcomes for pension plan beneficiaries of actively monitored pension plans. FSRA’s Approach Guidance entitled Supervisory Approach for Single Employer Defined Benefit Pension Plans that are Actively Monitored outlines how FSRA identifies and supervises these plans.
Payment of Commuted Values
FSRA’s Approach Guidance entitled Limitations on Commuted Value Transfers and Annuity Purchases (DB Pension Plans) was discussed with the Panel.
Missing Members
The Panel heard about new Guidance documents that were released for public consultation in June entitled Principles and Practices Regarding Missing Members, and Waiver of Biennial Statements for Missing Former and Retired Members. Panel members were encouraged to review the new Guidance and provide any feedback they may have. In a roundtable discussion Panel members were asked to share their experiences concerning missing members.
Next Meeting
The next meeting of the committee is scheduled for October 16, 2020.
Attendance Record
| Invited/Attended |
Affiliation |
Attendance Status |
|---|---|---|
|
Lester Wong |
FSRA – Chief Actuary, Pensions and Committee Chair |
TC |
|
Jolanta Morowicz |
Retired from pension consulting and research |
TC |
|
Linda Choptiany |
President, Ontario Colleges Retirees’ Association |
TC |
|
Marissa Lennox |
Chief Policy Officer, CARP |
TC |
|
Mike Powell |
President, Canadian Federation of Pensioners |
TC |
|
Sharon Altman-Lehman |
President, Yellow Pages Pensioners’ Group, and Director, Canadian Federation of Pensioners |
TC |
|
Shelly Rae |
Founder of People R Us Inc., a full-service human resources and consulting company |
TC |
|
Lynn Barron |
FSRA |
TC |
|
Mark Eagles |
FSRA |
TC |
|
Andrew Fung |
FSRA |
TC |
|
Jennifer Rook |
FSRA |
TC |
|
Jessica Rose |
FSRA |
TC |
|
Joanna Spadafora |
FSRA |
TC |
|
Cole Matthews |
MOF |
TC |
Available in French upon request.