Late last week, the Ontario government released another
round of draft regulations. This time the focus is on
disclosure of plan related documents to plan members, former
members, retired members, and their spouses, as well as other
specified persons. They include amendments with respect to the
plan records to be made available on request by the plan
administrator for inspection;
plan records which can be provided by the plan administrator
via mail or electronically and the fees which may be
plan records which may be inspected at the offices of the
Superintendent or provided by the Superintendent via mail or
electronically upon the payment of a fee; and
a requirement that the administrator of a defined benefit plan
file an investment information summary.
These new regulations update the list of documents specified
persons can require be provided, to include the actuarial
information summary and the investment information summary.
Otherwise much of the information to be provided is the same as it
was before. Also, while there is currently no legislative or
regulatory requirement to file an investment information summary,
the Financial Services Commission of Ontario (FSCO) has been
requiring administrators of defined benefit pension plans to file
such a summary (see Form 8) for some time. This regulation will
provide the authority backstopping this requirement.
Perhaps most curious is that while FSCO charges plan members 50
cents per page for copies of documents made at its offices, the
government has determined that plan administrators may only charge
25 cents per page for paper copies of plan documents.
Similar to the other draft regulations posted late last month
April 30, 2012 post) comments on the regulations are due by
June 1, 2012.
Tony Devir practises exclusively in the pension
and employee benefits law area where he provides advice to the
sponsor employers of, and administrators of, private sector
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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