Plans to be supervised by jurisdiction regulator
Effective July 1, 2011, Quebec and Ontario will be subject to the Agreement Respecting Multi-Jurisdictional Pension Plans.
Multi-jurisdictional pension plans will be supervised by the regulator of the jurisdiction (major authority) with the plurality of active plan members. The other jurisdictions governing the plan are referred to as the minor authorities.
In broad terms, the new agreement provides the pension legislation of the major authority would apply to a plan registered with a major authority regarding items that impact the plan as a whole, including:
• plan registration
• funding (with some exceptions)
• investment
• plan records
• certain member disclosure material
• plan administrator duties
Regulatory items related to the benefits accrued by members will continue to be subject to the pension legislation of the minor authorities governing the plan, such as vesting and death benefits spousal requirements.
