FSRA Pensions Stakeholder Advisory Committee meeting with the Board of Directors
Summary of the meeting of May 15, 2024
25 Sheppard Avenue West and virtually via Teams
Stakeholder Advisory Committee members present:
Al Kiel – TELUS Health
Alex McKinnon – United Steel Worker/Multi-Employer Benefit Plan Council of Canada (MEBCO)
Anna Zalewski – Ontario Teachers’ Pension Plan (OTPP)
Bill Watson – Mercer
Cameron Hunter – Eckler Ltd.
David Gordon – Colleges of Applied Arts and Technology (CAAT) Pension Plan/Pension Investment Association of Canada (PIAC)
James Pierlot – Blue Pier
Jean-Michel Lavoie – Sun Life
Johanna Lohrenz – University Pension Plan (UPP)
Julie Belair – OPSEU Pension Plan (OPTrust)
Kathryn Bush – Retired from Blake, Cassels & Graydon LLP
Ken Eady – Retiree
Marc Rondeau – Ontario Pension Board (OPB)
Rachel Arbour – Healthcare of Ontario Pension Plan (HOOPP)
Simon Archer – Goldblatt Partners LLP
Stephanie Kalinowski – Torys/Association of Canadian Pension Management (ACPM)
Board members present:
Joanne De Laurentiis – Chair of the Board
Kathyn Bouey – Director
Dexter John – Director
Joseph Iannicelli – Director
Peggy McCallum – Director
Lucie Tedesco – Director
Rob Wellstood – Director
Stewart Lyons – Director
Management members present:
Mark White – Chief Executive Officer
Andrew Fung – Executive Vice President, Pensions
Jordan Solway – Executive Vice President, Legal and Enforcement
Stephen Power – Executive Vice President, Corporate Services
Mehrdad Rastan – Executive Vice President, Credit Union and Insurance Prudential
Huston Loke – Executive Vice President, Market Conduct
Judy Pfeifer – Chief Public Affairs Officer
Dan Padro – Head, Policy – Core Regulatory (A)
Sylvie Charest – Head, Pension Strategic Initiatives
David Bartucci – Head, Pension Plan Operations and Regulatory Effectiveness
James Hoffner – Chief Prudential Supervision Officer, LPSPPs
Lester Wong – Chief Actuary, Pensions
Trevor Cartlidge – Deputy Chief Actuary, Pensions
Rhea Tubigan – Director, Planning and Stakeholder Relations
Tim Thomson – Director, Pension Plan Operations
Paul Martiniello – Director, Prudential Supervision SEPPs & MEPPs
Victoria Lesau – Director, Credit Union, Insurance Prudential, and Pensions Policy
Jesse Heath-Rawlings – Senior Manager, Pensions Policy
Ministry of Finance representatives present:
Nicole Stewart – Assistant Deputy Minister
Susan Ampleford – Director, Broader Public Sector Branch
Jeff Sweeting – Director, Pension Policy Branch
General comments:
The Chair of the Board called the meeting to order and provided introductory remarks around the importance of the Stakeholder Advisory Committee (the Committee) and the feedback it provides. This ensures FSRA improves its regulation of Ontario-registered pension plans and contributes to effective public policy in Ontario. FSRA invited Ministry of Finance (the Ministry) colleagues to be a part of this meeting. The Committee was asked by the Board to comment on the factors or changes in the pension sector that they are actively monitoring, top sector risks and critical success factors for the pension sector.
The Committee discussed pension trends and risks across all plan types. The discussion and topics raised included, but not limited to, economic trends, political trends, pension administration related risks, regulatory risks, member engagement and education, cyber risks, and the use of artificial intelligence. Specific issues related to different parts of the sector (e.g., defined contribution plans, defined benefit multi-employer plans, large public sector plans, and defined benefit single-employer plans) were raised. This included FSRA’s positions on recently released guidance, implementation of principles-based regulation and the federal Pension Protection Act and its impacts to pension plans and the Pension Benefits Guarantee Fund. The Committee also discussed the upcoming target benefit regulations and their impact on defined benefit multi-employer plans and the possibility of variable payment life annuities.
It was noted that FSRA’s Pension Awareness Day 2024 was one of the key drivers for overall engagement in the sector amongst pension plans and their members.
The Chair and EVP, Pensions provided concluding remarks about the role FSRA plays as a regulator, and where FSRA priorities align with the sector’s priorities.