Tag: Act s. 116
After noticing that some plan administrators had failed to file the requisite notice of plan termination as prescribed, the B.C. Financial Institutions Commission recently posted Pension Bulletin 16-007. The Bulletin reminds plan administrators that a copy of the notice needs to be filed with the B.C. Superintendent immediately after the election to terminate, or at least 60 days before the intended effective date of the termination.
Where plan administrators fail to comply, the Superintendent may order . . .
The B.C. Financial Institutions Commission posted "Non-Compliant
Filings Administrative Penalty Guideline (Pensions)". The Guideline sets out the process that the B.C. Superintendent uses when considering whether to administer penalties for late or noncompliant statutory filings.