Standing technical advisory committee for Multi-Employer Defined Benefit Pension Plans

Meeting summary

Date: Thursday, June 3, 2021
Time: 10:00 a.m. to 11:30 a.m.
Location: Videoconference

This summary sets out the key points discussed at the June 3, 2021 meeting.

MEPP leading practices benchmarking

The Committee reviewed FSRA’s pilot benchmarking initiative for DB MEPPs. This is a three-year pilot program that is aligned with the eight DB MEPP Leading Practices Guidance issued in March 2021 and will lead to an industry summary report to be published by Spring 2024.  The use of benchmarking with DB MEPPs will result in more unified governance, risk management, operational and communication practices across MEPPs, enhanced risk profiles, and improved focus on regulatory efficiency and effectiveness. 

FSRA consumer office initiative on cross-sector complaints resolution framework

The Committee heard from the FSRA Consumer Office about a possible cross-sectoral policy framework for complaints resolution.  The Consumer Office shared draft principles developed through best practice research that could serve as the basis for any framework.

Digital transformation

The Committee heard about FSRA’s digital transformation project that will modernize FSRA’s IT systems for the pension sector as well as across FSRA’s other sectors.  Improvements have recently been made to the Pension Services Portal (PSP) which allows 14 additional items to be filed through the PSP.  Members were invited to participate in a separate stakeholder consultation session in July related to Pension digital transformation.  The purpose of this meeting is to solicit stakeholder feedback on the PSP functionality, identify any pain points and ensure that FSRA understands the sector’s needs for a future system.

Policy updates

  • Final guidance on missing members, asset transfers, and family law (members) has been published.  Draft guidance on family law (administrators) was posted for consultation and will be finalized and published later this year.
  • Draft guidance on Administrator Roles and Responsibilities has been published for comment.
  • The FSRA website has been relaunched, and the website’s approach to new pension guidance, as well as guidance inherited from FSCO, was discussed.

Next meeting

The next meeting of the Committee will be scheduled for the Fall of 2021.

Attendance record

Invited/Attended

Company Name

Attendance Status
(A)ttended; (R)egrets; (S)ubstitute; (VC)Videoconference

Paul Martiniello

FSRA –Director, Relationship Management and Special Pension Services and Committee Co-Chair

VC

Susan Bird

Multi-Employer Benefit Plan Council of Canada and Committee Co-Chair

VC

Alain Malaket

InBenefits

R

Alex McKinnon

United Steelworkers

VC

Bob Tangney

N/A

VC

Cameron McNeill

Segal

VC

Domenic Barbiero

Eckler Ltd.

VC

Doug LeFaive

GoldBlatt Partners

VC

James Pierlot

Blue Pier

R

Joan Tanaka

Prudent Benefits Administration Services Inc.

VC

Kim MacPherson

TEIBAS

VC

Kimberly Houston

The McAteer Group of Companies

VC

Laura Brownell

CUPE

VC

Lindsay McLeod

Blake, Cassels & Graydon LLP

VC

Luc Girard

Mercer

VC

Michael Mazzuca

Koskie Minsky

VC

Mike Neheli

Manion, Wilkins & Associates Ltd.

VC

Andrew Fung, Anne Slivinskas, Jennifer Rook, Joey Shiner, Lynn Barron, Mark Eagles, Michael Palozzi, Patrick Rettig, Sylvie Charest, Taryn Pimento

FSRA

VC

Alex Killoch, Anna Strathy

MOF

VC

Available in French upon request.