New guideline to help administrators provide tools, information to plan members
The Canadian Association of Pension Supervisory Authorities (CAPSA) has released draft guidelines for defined contribution (DC) pension plans and is seeking comment and review from industry stakeholders.
This consultation is part of CAPSA’s strategic initiative to review current approaches to regulating and supervising DC pension plans to identify areas where clearer distinctions between DC and defined benefit (DB) plans may be appropriate, and to consider alternative approaches to regulating and supervising DC plans based on those distinctions, said CAPSA
This draft guideline builds on guidelines and documents previously released by CAPSA which contain guidance related to DC pension plans.
The draft Defined Contribution Pension Plans Guideline is intended to supplement these CAPSA guidelines related to DC pension plans by:
•outlining and clarifying the rights and responsibilities of plan administrators, employers, plan sponsors, members, service providers and fund holders with respect to DC pension plans
•providing DC pension plan administrators with guidance regarding tools and information to provide to members, including information around retirement options
•clarifying what constitutes an adverse amendment for DC pension plans.
The draft guideline is available at the CAPSA website.
Comments on the guideline can be submitted to Andrew Schrumm, acting policy manager at [email protected].
Comments are due by Nov. 1.
