Tag: Act s. 9

  • Status Update: OSFI Actuarial Guide

    OSFI has posted an updated the Instruction Guide for the Preparation of Actuarial Reports for Defined Benefit Pension Plans. (The Guide was last updated in October 2016 - see my earlier post.)

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  • B.C. Pension Bulletin re Transfer Options for Lump Sum

    The B.C. Financial Institutions Commission posted Pension Bulletin 17- 001 Transfer Options for Lump Sum Payment, which outlines the transfer options that a plan administrator must offer to the members who qualify for a lump sum payment under the B.C. Pension Benefits Standards Act (PBSA).  In particular, the Bulletin clarifies that plan administrators must offer both locked-in and non locked-in options to members . . .

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  • OSFI InfoPensions #16

    OSFI published InfoPensions #16, which provides an update on the following:

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  • Federal Bill C-27 re Target Benefit Plans & Annuities

    On October 19, 2016, the federal government introduced Bill C-27, An Act to amend the Pension Benefits Standards Act, 1985, for first reading.  If passed, the Bill will amend the federal Pension Benefits Standards Act (PBSA) to establish a framework enabling federally regulated employers to set up target benefit plans (TBP).  The Bill will also amend the PBSA to permit pension plan administrators to purchase immediate or deferred life annuities for former members or survivors in satisfaction of defined benefit (DB) plan obligations.

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  • OSFI Instruction Guide re Actuarial Reports

    OSFI has posted an updated the Instruction Guide for the Preparation of Actuarial Reports for Defined Benefit Pension Plans.  The Guide provides information on reporting/filing requirements and content of actuarial reports. It has been updated to reflect the following:

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  • OSFI Guidance Note re Negotiated Contribution Plans

    OSFI has published "Guidance Note: Administration of Negotiated Contribution Plans".  The Note sets out OSFI's expectations regarding the enhanced disclosure requirements of Negotiated Contribution Plans (NCPs), coming into effect on July 1, 2016.  

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  • FSCO Policy re Administrator Role and Responsibilities

    While not new, FSCO has posted a helpful policy regarding Administrator Roles and Responsibilities, which consolidates and replaces two older FSCO policies on the topic.  The policy provides an overview of the key responsibilities of a pension plan administrator, including:

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