The impact of recent Ontario Pension Benefit Act changes

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Management and Retention of Pension Plan Records November 21, 2012 • FSCO Policy A300-200 – Management and Retention of Pension Plan Records by the Administrator which discusses responsibilities of plan administrator (PA) and provides guidance for prudent records management and retention practices • FSCO recommends that PA have a written internal policy • PA has duty and standard of care under OPBA • Complete and accurate records are needed to discharge PAs duty and standard of care under the act • FCSO principle is that records should be kept as long as an entitlement is being paid after which a summary of the individual’s records should be retained 22 2012 Ontario Pension Changes
Management of Inquiries and Complaints from Plan Beneficiaries • FSCO Policy A300-450 – Administrator’s Management of Inquiries and Complaints from Plan Beneficiaries which clarifies the responsibilities of the plan administrator (PA) of a pension plan in responding to inquiries and complaints from plan beneficiaries • FSCO recommends that PA have a written internal policy setting out roles and responsibilities November 21, 2012 • FSCO expects a response to be provided within 30 days. Where services delegated to a 3 rd party, PA is still responsible for ensuring inquiry is dealt with per plan terms, OPBA 23 2012 Ontario Pension Changes
Page 1 and 2: The impact of recent Ontario Pensio
Page 3 and 4: November 21, 2012 How we got here!
Page 5 and 6: November 21, 2012 What are the chan
Page 7 and 8: November 21, 2012 Immediate vesting
Page 9 and 10: November 21, 2012 Grow-in rules for
Page 11 and 12: November 21, 2012 Grow-in ….. Imp
Page 13 and 14: November 21, 2012 Partial wind-up -
Page 15 and 16: November 21, 2012 Small pensions -
Page 17 and 18: November 21, 2012 Electronic transm
Page 19 and 20: November 21, 2012 Defined benefit p
Page 21: November 21, 2012 FSCO-CAPSA activi
Page 25 and 26: November 21, 2012 CAPSA activity Ju
Page 27 and 28: November 21, 2012 Multi-jurisdictio
Page 29 and 30: November 21, 2012 Who has signed th
Page 31 and 32: November 21, 2012 What’s next! 31
Page 33 and 34: November 21, 2012 Plan design innov
Page 35: November 21, 2012 QUESTIONS David B

The impact of recent Ontario Pension Benefit Act changes

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