Tag: Act s. 20
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Saskatchewan Amends Regulations to Freeze Transfer Payments
Effective April 16, 2020, Saskatchewan amended The Pension Benefits Regulations, 1993 to require administrators to obtain prior written consent from the Superintendent to transfer monies or make payments out of defined benefit plans if, in the Superintendent’s opinion, the transfer or payment would impair the solvency of the pension fund . . .
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B.C. Pension Bulletin re Target Benefit Plan Conversions
The B.C. Financial Institutions Commission posted a Pension Bulletin 16-006, clarifying the requirement for union consent when converting a plan to a target benefit plan provision.
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B.C. Guideline re Plan Conversions
The B.C. Financial Institutions Commission has published a "Guideline for Converting Plans from Defined Benefit to Target Benefit". The Guideline sets out the B.C. Superintendent's expectations, including with respect to:
- information to be included in the initial notice to the Superintendent;
- notice and other communications to be provided to plan members;
- documents to be filed with the Superintendent (e.g., plan amendment . . .
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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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