Plan’s Funded Status Required To Be Disclosed Under Freedom Of Information Request

Pension plan sponsors may be surprised to learn that information provided to pension regulators pursuant to statutory filing obligations could be more widely disclosed through an "access to information" request. In a recent decision, the B.C. Assistant Information and Privacy Commissioner ordered the B.C. Financial Institutions Commission (FICOM), which regulates B.C. registered pension plans, to disclose information related to benefits paid under and the funded status of various multi-employer pension plans (MEPPs) pursuant to a request under the B.C. Freedom of Information and Protection of Privacy Act (FIPPA).

Overview of the Case

The Independent Contractors and Business Association (ICBA) requested information about certain union MEPPs filed with FICOM. The request was made under FIPPA, which applies to B.C. public bodies. Specifically, ICBA requested: the average annual pension paid; the average accrued monthly pension; the surplus or unfunded liability from