Essential Skills for Pension Committee Members - Federated Press
Essential Skills for Pension Committee Members - Federated Press
Essential Skills for Pension Committee Members - Federated Press
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19th<br />
<strong>Essential</strong><br />
Develop your skills as a trustee or pension committee member<br />
in an era of economic uncertainty and pension shortfalls<br />
November 21, 22 & 23, 2011, Toronto<br />
<strong>Skills</strong> <strong>for</strong> <strong>Pension</strong><br />
<strong>Committee</strong> <strong>Members</strong><br />
APPLICABLE TOWARD CPD REQUIREMENT<br />
Participating organizations<br />
AON HEWITT<br />
BLAKE, CASSELS & GRAYDON LLP<br />
CANADA POST<br />
CANADIAN AUTO WORKERS L2002<br />
CAW-CANADA<br />
CITY OF HAMILTON<br />
CORPORATE BENEFIT ANALYSTS<br />
FINANCIAL SERVICES COMMISSION OF ONTARIO (FSCO)<br />
GEORGE WESTON LIMITED AND LOBLAW COMPANIES LIMITED<br />
INDUSTRIAL ALLIANCE INSURANCE AND FINANCIAL SERVICES INC.<br />
J S COWAN CONSULTING LTD.<br />
MANULIFE FINANCIAL<br />
MCCARTHY TÉTRAULT LLP<br />
OFFICE OF THE SUPERINTENDENT OF FINANCIAL INSTITUTIONS CANADA<br />
RUSSELL INVESTMENT GROUP<br />
STANDARD LIFE INVESTMENTS<br />
TORONTO STAR<br />
TORONTO TRANSIT COMMISSION<br />
VICTORIA UNIVERSITY (IN THE UNIVERSITY OF TORONTO)<br />
Conference highlights<br />
• Learn about the most important skills required to become an effective<br />
pension committee member in diffi cult economic times<br />
• Hear how the Toronto Transit Commission’s pension plan<br />
fosters effective accountability and governance practices<br />
• Examine strategies <strong>for</strong> dealing with the real prospects of<br />
funding shortfalls and pension trustee liability claims<br />
• Hear about current pension re<strong>for</strong>m initiatives in several Canadian provinces<br />
• Explore the legal framework governing the role of trustees<br />
Optional workshops<br />
RISK MANAGEMENT: THE CORNERSTONE OF PENSION INVESTMENT<br />
Bruce Curwood, Director, Investment Strategy,<br />
Russell Investment Group<br />
MANAGING A DB PLAN: FUNDING, REPORTING AND INVESTING FUNDAMENTALS<br />
Cam MacNeish, Vice-President, Group <strong>Pension</strong> and Retirement Savings,<br />
Corporate Benefit Analysts<br />
“This conference reassured<br />
me of my own skills and<br />
understanding in doing<br />
what is “right” <strong>for</strong> our<br />
pension plan. Learned some<br />
new things and was able<br />
to ask questions from the<br />
experts. Speakers illustrated<br />
how complex pension<br />
issues are. Very worthwhile<br />
conference.”<br />
- Susan Corneau,<br />
Northern Transportation Co. Ltd.<br />
“Great variety of topics.<br />
Delivered at an appropriate<br />
level of understanding<br />
<strong>for</strong> growth potential of<br />
participants.”<br />
- Linda Kezima,<br />
Saskatchewan <strong>Pension</strong> Plan<br />
“I came to get a more<br />
complete picture of the<br />
governance process and I<br />
took away good ideas.”<br />
- Reg Morris,<br />
Electrical Industry of Alberta<br />
“Quality of topics, materials,<br />
presentations, speakers<br />
were strong.”<br />
- Jim Husiak,<br />
Exchange Group<br />
“All aspects very well<br />
done. Speakers very<br />
knowledgeable.”<br />
- Judy Blackburn,<br />
Manager, Payroll,<br />
Benefi ts & <strong>Pension</strong> Administration,<br />
Prospera Credit Union
Throughout the recent turbulent economic environment, we have seen some high-profi le plan sponsors challenged in meeting their<br />
pension obligations. As we emerge from these troubled economic times, what skills must you develop and hone to be a successful<br />
pension trustee or committee member? How can your plan be improved and how can you, as a pension committee member, more<br />
effectively fulfi ll your role to mitigate against the continuing climate of uncertainty?<br />
Current economic conditions have made the role of a pension trustee more challenging and risky than ever be<strong>for</strong>e. It has become<br />
essential to gain a comprehensive understanding of the duties and oversight responsibilities of pension trustees be<strong>for</strong>e joining the<br />
committee.<br />
This conference will provide you with a clear depiction of the key elements of the legislative and regulatory environment in which<br />
pension plans operate, where you will hear from experienced pension committee members from public and private sector plans as<br />
well as from Canada’s leading pension experts about the most essential skills required of new pension committee members in light<br />
of new expectations.<br />
Join us <strong>for</strong> this unique opportunity to discover new approaches to:<br />
- <strong>Pension</strong> re<strong>for</strong>m<br />
- Trustee liability<br />
- Investment basics<br />
- Funding shortfalls<br />
- <strong>Pension</strong> funding and plan design<br />
- <strong>Pension</strong> plan risks<br />
- And much, much more<br />
This exciting event brings together leading experts from: Blake, Cassels & Graydon LLP, CAW-Canada,<br />
George Weston Limited and Loblaw Companies Limited, Aon Hewitt, Canada Post, Canadian Auto Workers L2002, City of Hamilton,<br />
Corporate Benefi t Analysts, Financial Services Commission of Ontario, Industrial Alliance Insurance and Financial Services<br />
Inc., J S Cowan Consulting Ltd., Manulife Financial, McCarthy Tétrault LLP, Offi ce of the Superintendent of Financial Institutions<br />
Canada, Russell Investment Group, Standard Life Investments, Toronto Transit Commission and Victoria University (in the University<br />
of Toronto).<br />
Take advantage of this opportunity to learn how to fi ne-tune your pension committee <strong>for</strong> maximum success. With the level of practical<br />
experience at this conference, this is one event you cannot af<strong>for</strong>d to miss.<br />
Register now by calling (416) 665-6868 or 1-800-363-0722<br />
P.S. Don’t miss our practical workshops on Risk Management: The Cornerstone of <strong>Pension</strong> Investment and on Managing a DB<br />
Plan: Funding, Reporting and Investing Fundamentals.<br />
Who should attend<br />
<strong>Pension</strong> plan trustees and corporate pension committee members involved with<br />
the governance of pension plans that want an introduction to the key elements<br />
of operating and overseeing a pension plan<br />
- This program can be applied towards 5 of the 12 hours of annual Continuing Professional Development (CPD) required by the<br />
Law Society of Upper Canada. Please note that these CPD hours are not accredited <strong>for</strong> the New Member Requirement.<br />
- For Alberta lawyers, consider including this course as a CPD learning activity in your mandatory annual<br />
Continuing Professional Development Plan as required by the Law Society of Alberta.<br />
- Attendance at this course can be reported as 5 hours of Continuing Professional Development (CPD) to the Law Society of B.C.<br />
- The Barreau du Québec automatically accredits training activities held outside the Province of Quebec and accredited by<br />
another Law Society which has adopted MCLE <strong>for</strong> its members<br />
- Attendance at this course can be reported as 5 hours of Continuing Professional Development (CPD) to the Law Society of New Brunswick.<br />
SPONSORSHIP OPPORTUNITIES<br />
Maximize your company’s visibility in front of key decision-makers in your<br />
target market! <strong>Federated</strong> <strong>Press</strong> events are attended by those with the seniority<br />
and authority to change the way their organizations operate. For sponsors<br />
this means an unparalleled opportunity to raise your profi le be<strong>for</strong>e a manageable<br />
group of senior decision makers. There are a wide range of sponsorship<br />
packages, which can be customized to fi t your budget and marketing<br />
objectives.<br />
Contact Nayla Costandi at: 1-800-363-0722 ext. 244 <strong>for</strong> more in<strong>for</strong>mation.
Becoming an Effective<br />
Trustee<br />
Alnasir Samji, Chair - <strong>Pension</strong> <strong>Committee</strong>,<br />
Toronto Star<br />
9:00-10:00<br />
PANEL DISCUSSION: WHAT DOES IT TAKE TO<br />
ESTABLISH A SUCCESSFUL PENSION COMMITTEE?<br />
Alain S. Malaket, Senior Director, <strong>Pension</strong> & Benefits,<br />
George Weston Limited and Loblaw Companies Limited<br />
Alnasir Samji, Chair - <strong>Pension</strong> <strong>Committee</strong>, Toronto Star<br />
Gerald Boychuk, Chief Investment Officer, City of Hamilton<br />
Darryl Draeger, <strong>Pension</strong> Communications,<br />
Canadian Auto Workers L2002<br />
Bill MacLean, Senior Vice President - Investment Practice, Aon Hewitt<br />
In today’s economic, climate pension issues are, more than ever, the<br />
focus of attention from the media and the public. In turn, pension committee<br />
members are under increasing pressure from their board of<br />
directors, regulators and benefi ciaries to diligently oversee the administration<br />
and operation of their pension plan. In reality, however, many<br />
pension committees could be doing more to discharge their fi duciary<br />
duty and meet stakeholder expectations. This panel discussion will<br />
examine the increased expectations placed on pension committee<br />
members and the steps committee members can take to effectively<br />
carry out their responsibilities.<br />
· What skill sets should a pension committee include?<br />
· What is the committee’s scope of responsibility?<br />
· Where do you fi nd great committee members<br />
and how can appointees acquire the knowledge<br />
they need to carry out their duties?<br />
· What is the committee’s role in educating plan members?<br />
· How should a pension committee keep the board<br />
properly in<strong>for</strong>med on key pension issues?<br />
10:00-10:45<br />
EVALUATING THE PENSION COMMITTEE<br />
Anthony T. Lennie, Director, Finance,<br />
Victoria University (in the University of Toronto)<br />
Assessing the pension committee’s per<strong>for</strong>mance is one of the most<br />
challenging, yet one of the most important, procedures in ensuring<br />
sound pension governance. This activity goes hand-in-hand with improved<br />
transparency and accountability. This presentation will highlight<br />
Victoria University’s pension committee assessment and how the strategies<br />
can be applied successfully in your organization.<br />
· Self assessment using principle-based guidelines<br />
· Developing an understanding of trustees’<br />
and staff’s roles and responsibilities<br />
· Filling in the gaps<br />
· Keeping up to date: committee education<br />
10:45-11:00 NETWORKING BREAK<br />
11:00-11:30<br />
DEVELOPING THE GOVERNANCE STRUCTURE<br />
Alain S. Malaket, Senior Director, <strong>Pension</strong> & Benefits,<br />
George Weston Limited and Loblaw Companies Limited<br />
Establishing the right pension governance structure begins with an effective<br />
design and implementation strategy. Identifying the corporate<br />
style and structure of the organization, the needs of pension members,<br />
economic constraints and the different attributes of various types<br />
and sizes of retirement plans involved, are just some of the factors<br />
that need to be considered. This presentation will highlight these key<br />
aspects and the decision-making processes involved in building an effective<br />
governance system.<br />
· Overcoming obstacles to good governance<br />
· Planning your governance structure:<br />
success criteria and future challenges<br />
· Maintaining communications to plan members<br />
and benefi ciaries as part of fi duciary responsibilities<br />
· Joint trusteeship: advantages and disadvantages<br />
11:30-12:15<br />
PENSION REGULATION: WHAT YOU NEED TO KNOW<br />
Lynda Ellis, Senior Manager, <strong>Pension</strong> Policy,<br />
Financial Services Commission of Ontario (FSCO)<br />
In a rapidly changing regulatory environment it is important <strong>for</strong> pension<br />
committee members to have a thorough understanding of the current<br />
regulatory landscape as it affects legal requirements <strong>for</strong> pension plans<br />
and administrators. This discussion details the key elements of the legislative<br />
and regulatory environment in which pension plans operate.<br />
· The role of federal and provincial <strong>Pension</strong> Benefi ts Acts<br />
· The role of the Income Tax Act<br />
· The roles of federal and provincial pension regulators<br />
· National regulatory initiatives and the role of the Canadian<br />
Association of <strong>Pension</strong> Supervisory Authorities (CAPSA)<br />
· New CAPSA guidelines as they relate to plan trustees or<br />
pension committee members: prudent investment practices<br />
· Future trends and concerns <strong>for</strong> plan trustees<br />
and pension committee members<br />
12:15-1:15 LUNCH<br />
SESSION 1<br />
Monday, November 21 st<br />
Monday, Tuesday & Wednesday, November 21, 22 & 23, 2011 • Registration: 8:00 – 9:00
Trust, Investment<br />
& Regulation<br />
Kathryn M. Bush,<br />
Blake, Cassels & Graydon LLP<br />
1:15-2:00<br />
EFFECTIVE ACCOUNTABILITY FOR PENSION MANAGEMENT:<br />
TCC PENSION PLAN BEST PRACTICES<br />
Brian Leck, General Counsel, Toronto Transit Commission<br />
Establishing and implementing a reasonable pension plan governance<br />
policy will not completely insulate a sponsor from liability, but the absence<br />
of a policy or the failure to implement it is likely to be a factor<br />
that encourages a court to find against a plan sponsor. A properly constructed<br />
governance process coupled with periodic governance audits<br />
should allow plan sponsors to identify potential sources of obligation<br />
and deal with them be<strong>for</strong>e they result in liability. This discussion details<br />
how the Toronto Transit Commission’s pension plan fosters effective<br />
accountability and governance practices.<br />
· Implications of the recent draft of CAPSA pension plan governance<br />
principles, guidelines and self assessment questionnaire<br />
· Integrating pension governance into corporate governance<br />
· Fiduciary duties and responsibilities<br />
· Establishing internal procedures <strong>for</strong> managing pensions<br />
· Monitoring the fund on an ongoing basis<br />
2:00-2:45<br />
A UNION PERSPECTIVE ON PENSION PLAN GOVERNANCE<br />
Jo-Ann Hannah, National Representative, CAW-Canada<br />
As one of the largest private-sector unions in Canada (with almost<br />
200,000 members), the CAW-Canada has made employer-sponsored<br />
pensions a priority in bargaining. The CAW-Canada has successfully<br />
negotiated and maintained pension plans with small employers as well<br />
as large corporations such as Air Canada, General Motors and CN<br />
Rail. The session will cover:<br />
· Different approaches among unions on pension plan governance<br />
· Governance issues with defined contribution plans<br />
· How unions and plan sponsors can work together<br />
in the interests of plan members<br />
2:45-3:00 NETWORKING BREAK<br />
3:00-3:45<br />
OSFI’S EXPECTATIONS FOR MANAGING PENSION PLAN RISK<br />
Lisa Peterson, Manager, Private <strong>Pension</strong> Plans Division,<br />
Office of the Superintendent of Financial Institutions Canada<br />
Risk management is the process of analyzing exposure to risk and<br />
developing & implementing mechanisms to handle such exposure. The<br />
Office of the Superintendent of Financial Institutions Canada (OSFI),<br />
which supervises and regulates federally regulated private pension<br />
plans, assesses the quality of risk management at two levels of control:<br />
operational management and oversight functions. This session<br />
will examine OSFI’s expectations with respect to managing pension<br />
plan risk, including:<br />
· OSFI’s Risk Assessment Framework <strong>for</strong> pension plans<br />
· Risk components <strong>for</strong> pension plans<br />
· Quality of risk management<br />
· Stress testing: A risk management tool<br />
3:45-4:30<br />
LIABILITY AND THE FIDUCIARY<br />
Kathryn M. Bush, Blake, Cassels & Graydon LLP<br />
SESSION 2<br />
The legal issues facing plan fiduciaries today are complex, and making<br />
a mistake can have serious consequences not only <strong>for</strong> the plan sponsor,<br />
but also <strong>for</strong> pension committee/board of trustees personally. This<br />
discussion details the legal framework governing the role of the plan<br />
fiduciary, with a view to helping both new and experienced pension<br />
committee members and plan trustees make better decisions.<br />
· A plan sponsor’s "two hats"<br />
· The fiduciary standard of care<br />
· Legal pitfalls in daily plan operation<br />
· The oversight role of a pension committee/board of trustees<br />
· What happens when a fiduciary breaches its standard of care?<br />
· Protecting yourself from personal liability: essential skills<br />
· Legal requirements <strong>for</strong> ongoing fiduciary training<br />
What Does It Take To Establish A Successful <strong>Pension</strong> <strong>Committee</strong>?<br />
Monday, November 21 st
Governance<br />
& Re<strong>for</strong>m<br />
Michael Marmoreo, Regional Vice President, Group <strong>Pension</strong>s,<br />
Industrial Alliance Insurance and Financial Services Inc.<br />
9:00-9:45<br />
DC PLAN ISSUES<br />
Renée Couture, Director, <strong>Pension</strong> Services, Regulation,<br />
Compliance and Member In<strong>for</strong>mation, Canada Post<br />
Defined contribution pension committee members need to examine,<br />
at the appropriate level of detail, how plan participants actually make<br />
use of the DC plan, including such elements as investment behaviour,<br />
contribution levels and how participants access plan in<strong>for</strong>mation. Establishing<br />
successful plan communications that actually engage plan<br />
participants of a defined contribution plan is a big challenge faced by<br />
sponsors. This presentation will examine the unique issues involved<br />
with DC plans, outlining some of the best practices and new ideas in<br />
communication.<br />
· Participant investment behaviour<br />
· Investment advice <strong>for</strong> plan participants<br />
· Investment options: active management, index funds,<br />
target date funds, target risk, customized vs. “off the shelf”<br />
· Retirement income issues: projections, calculators, plan design<br />
· Benchmarking key aspects of your plan administration<br />
as a continuous improvement process<br />
9:45-10:30<br />
THE IMPORTANCE OF RISK MANAGEMENT<br />
TO GOOD GOVERNANCE<br />
Bruce Curwood, Director, Investment Strategy,<br />
Russell Investment Group<br />
Under per<strong>for</strong>mance is a symptom of ineffective decision making and<br />
risk management. In view of the size of the assets involved and the<br />
difficult judgments to be made, it is vital that trustees develop the highest<br />
standards and adhere to strict governance and risk management<br />
processes. Designing and implementing an effective pension governance<br />
system involves careful planning, a support structure and the<br />
necessary processes and procedures of a policy-based framework.<br />
This session will discuss recent governance research, the major barriers<br />
to investment excellence and ways to narrow the knowing-doing<br />
gap in investments.<br />
· Governance structure and linkage with risk management<br />
· The key participants in plan governance: who should be involved<br />
· Identifying the corporate style and structure of the organization,<br />
the needs of pension members, economic constraints and the<br />
different attributes of various types and sizes of retirement plans<br />
· Determining if a risk management strategy is<br />
right <strong>for</strong> your specific plan<br />
· Barriers to action in risk management<br />
· The vital role of the chair<br />
10:30-10:45 NETWORKING BREAK<br />
10:45-11:30<br />
THE FUTURE OF CAP<br />
Michael Marmoreo, Regional Vice President, Group <strong>Pension</strong>s,<br />
Industrial Alliance Insurance and Financial Services Inc.<br />
The past decade has witnessed the growth of CAP plans, coupled with<br />
an increase in DB/DC conversions. The future does not appear promising<br />
<strong>for</strong> DB plans, with escalating funding costs and loss of surplus<br />
ownership spurring a new round of conversions to CAP. This session<br />
will examine some of the challenges facing CAP plans (contribution<br />
and retirement inadequacy, lack of education and low participation<br />
rates) and explore possible solutions.<br />
· Where have CAPs been and where are they going?<br />
· Death of DB plans and the ensuing lack of coverage<br />
· Potential solutions: CSPPs and DPSPs<br />
· Low participation and contribution levels:<br />
causes and potential solutions<br />
· Failure of education<br />
· Replacement income adequacy<br />
· Recommended regulatory changes<br />
11:30-12:15<br />
MANAGING SERVICE PROVIDER CONTRACTS<br />
Randy V. Bauslaugh, McCarthy Tétrault LLP<br />
<strong>Pension</strong> committees commonly use service provider contracts when<br />
assigning administrative or financial duties to others. This session will<br />
provide suggestions and tips <strong>for</strong> negotiating and managing third party<br />
service provider contracts.<br />
· Contract basics <strong>for</strong> all third party service agreements<br />
· It’s not just boilerplate: interpreting “standard”<br />
language in service provider contracts<br />
· Common clauses in service provider contracts<br />
that should cause pension committee concern<br />
· Suggestions <strong>for</strong> dealing with investment management agreements<br />
· Suggestions when dealing with benefit administrator contracts<br />
12:15-1:15 LUNCH<br />
Setting and Implementing Investment Objectives<br />
SESSION 3<br />
Tuesday, November 22 nd
Risk, Disclosure<br />
& Ongoing Issues<br />
Clark Steffy, Senior Account Executive, Group Retirement Solutions,<br />
Manulife Financial<br />
1:15-2:00<br />
MANAGING PENSION ASSET RISKS<br />
Emmanuel Matte, Vice-President, Standard Life Investments<br />
In today’s pension environment, developing an understanding of pension<br />
finance taking into account pension plan risks is critical. This session<br />
will examine the setting of investment objectives and review the<br />
risks, including investment risks & the potential <strong>for</strong> trustee liability, and<br />
provide an overview of how they can be managed.<br />
· Investing on dynamic and sometimes chaotic markets<br />
· Sources of pension risks: identifying the common<br />
and not-so-common risks facing a plan<br />
· The elements of modern financial theory:<br />
asset-liability optimization<br />
· Volatility of investment returns at the portfolio,<br />
asset class and security levels<br />
· Choosing an efficient investment portfolio <strong>for</strong> a pension fund<br />
· Managing and mitigating risk<br />
· Asset liability studies & risk budgets<br />
2:00-2:45<br />
RETIREMENT INCOME GOALS FROM A DC PLAN PERSPECTIVE<br />
Jim Cowan, President, J S Cowan Consulting Ltd.<br />
DC plans, like DB plans, are intended to provide your employees with<br />
a reasonable standard of living in retirement, when combined with Old<br />
Age Security and the Canada/Québec <strong>Pension</strong> Plan. Unlike DB plans<br />
however, DC plans have outcomes that are difficult to predict, and the<br />
alternatives that are available to members at retirement are not always<br />
well understood. As a committee member it is essential that you understand<br />
your plan design and the outcomes that it is likely to produce.<br />
· Replacement ratios:<br />
· what is a replacement ratio<br />
· what is your replacement ratio target: be<strong>for</strong>e<br />
or after tax, with or without OAS and CPP/QPP<br />
· what assumptions are appropriate in setting your target:<br />
length of career, age at retirement, investment<br />
returns, inflation, final earnings etc.<br />
· Conversion of DC assets to retirement income:<br />
alternatives available to plan members<br />
· Member education: financial planning tools you should<br />
make available to plan members & risks involved<br />
2:45-3:00 NETWORKING BREAK<br />
3:00-3:45<br />
GROUP DECISION MAKING FOR PENSION<br />
AND INVESTMENT COMMITTEE MEMBERS<br />
Clark Steffy, Senior Account Executive, Group Retirement Solutions,<br />
Manulife Financial<br />
Effective versus ineffective decision making by groups, due to behavioural<br />
biases, can have a significant impact on governance decisions<br />
by pension committee members. This session will examine the key<br />
requirements <strong>for</strong> effective group decision making in pension governance.<br />
· Cognitive diversity of the decision group<br />
· Maintaining independence of opinion<br />
· Avoidance of group dynamics traps that lead<br />
to polarization of the groups opinion<br />
· Effective utilization of local and tacit knowledge<br />
3:45-4:30<br />
FIDUCIARY DUTIES<br />
Deron Waldock, Blake, Cassels & Graydon LLP<br />
Trustees are responsible <strong>for</strong> the proper running of the pension plan<br />
- from collection of contributions to investment of assets and payment<br />
of benefits. Plan members, particularly in a time of economic turbulence,<br />
look to the trustee to ensure that the plan is well run and that<br />
their benefits are secure. As such, trustees must act independently of<br />
the employer in accordance with the trust deed, <strong>for</strong> the benefit of the<br />
plan members. This discussion will detail the key fiduciary duties of<br />
trustees.<br />
· Acting in the best interests of the plan beneficiaries: a definition<br />
· The duty of impartiality: what it means in a trustee context<br />
· Acting in line with the trust deed and rules<br />
· Communicating to members their rights and entitlements<br />
· Ensuring required contributions are remitted to the plan on time,<br />
that funds are invested prudently and that benefits paid are<br />
correct, timely and in line with plan terms and the law<br />
Liability and the Trustee<br />
SESSION 4<br />
Tuesday, November 22 nd
OPTIONAL WORKSHOP A Wednesday, November 23 rd - 9:00-noon<br />
RISK MANAGEMENT: THE CORNERSTONE OF PENSION INVESTMENT<br />
Bruce Curwood, Director, Investment Strategy, Russell Investment Group<br />
The root cause of failure in pension risk management is poor governance. Most pension committee members place too much emphasis<br />
on returns and don’t take the time it takes to understand and manage the risks in their funds. Intent on the process of determining a<br />
plan’s asset allocation and manager selection and per<strong>for</strong>mance, they place risk management on the back burner. This hands-on interactive<br />
workshop will break attendees into groups by size, type of fund and role, and demonstrate ways <strong>for</strong> fiduciaries to adopt better risk<br />
management processes.<br />
· The enormity and urgency of the risk management problem<br />
· Paying sufficient attention to behavioural issues<br />
· Accurately diagnosing the risk management deficit<br />
· Understanding the complexity of risk and rethinking risk management<br />
· Pursuing a fund-wide approach to risk: quantitative and qualitative risks<br />
· Nine elements of a risk management framework<br />
Bruce B. Curwood, MBA CFA CIMA, is Director Investment Strategy at the Russell Investment Group. His current responsibilities relate<br />
primarily to research, strategy and client service.<br />
OPTIONAL WORKSHOP B Wednesday, November 23 rd - 1:30-4:30<br />
MANAGING A DB PLAN: FUNDING, REPORTING AND INVESTING FUNDAMENTALS<br />
Cam MacNeish, Vice-President, Group <strong>Pension</strong> and Retirement Savings, Corporate Benefit Analysts<br />
This interactive workshop will provide participants with a fundamental understanding of the key finance and investment management<br />
elements within a single-employer DB pension plan. The handout material and workshop exercises will provide practical insights into<br />
the strategic and tactical aspects of maintaining and reporting the liabilities, assets and funding of a DB plan within today’s current<br />
economic environment. Also, the participants will obtain key in<strong>for</strong>mation about the steps to prepare and implement a plan to transition<br />
from a DB plan to a successor DC retirement plan.<br />
· Long-term retirement program philosophy and goals<br />
· Immediate and medium term financial position and impact of interest rates and market volatility<br />
· Transition alternatives: plan closure to new members, benefit hard and soft freeze, conversion and plan wind-up<br />
· Implementing the best solution to help ensure the organization meets its business objectives<br />
As a practical example, participant groups will be assigned an exercise of developing and presenting case-study recommendations and<br />
action plans to maintain a DB plan or transition the DB plan to a DC savings arrangement to a fictitious pension committee or board.<br />
Cam MacNeish is currently Vice-President, Group <strong>Pension</strong> and Retirement Savings with Corporate Benefit Analysts, CBA, a mid-sized<br />
pension and benefit consulting firm based in Ontario. Cam started his career in 1984 as an internal consultant on industrial and business<br />
productivity with a focus on pension and retirement savings. He has developed a breadth of experience within insurance companies and<br />
well-known consulting firms with practical experience in pension plan governance and design, DB actuarial and third-party administration,<br />
investment consulting and program compliance. Cam has his Bachelor of Applied Science (Engineering) from the University of Toronto. Cam<br />
is also a Certified Financial Planner, a Fellow of the Life Management Institute and has taken the Level 1 Canadian Securities Course. Cam<br />
is past National Board Member of the Canadian <strong>Pension</strong> & Benefits Institute and is active with the local Grand Valley chapter of HRPA.
METROPOLITAN HOTEL, 108 CHESTNUT STREET, TORONTO, ONTARIO, M5G 1R3<br />
TO REGISTER FOR ESSENTIAL SKILLS FOR PENSION COMMITTEE MEMBERS<br />
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¨ Conference + all w orkshops $ 2795 $ 2895 $ 2995<br />
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¨ Conference + CD-ROM ($150) $ 1925 $ 2025 $ 2125<br />
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* Breakfasts, luncheons, morning and afternoon coffee breaks are included in the registration fees.<br />
Please add 13% HST to all prices. / PBN#101755163PG0001<br />
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November 21, 22 & 23, 2011, Toronto<br />
<strong>Skills</strong> <strong>for</strong> <strong>Pension</strong><br />
<strong>Committee</strong> <strong>Members</strong><br />
Develop your skills as a trustee or pension committee member<br />
in an era of economic uncertainty and pension shortfalls<br />
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If you have registered <strong>for</strong> a similar or simultaneous<br />
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<strong>Federated</strong> <strong>Press</strong> event instead, we are so<br />
sure that you will find this conference of<br />
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info@federatedpress.com<br />
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