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ARTICLE · 04 JUNE 2024

The Perils Of Poor Pension Plan Governance

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Similar to corporate governance, good retirement plan governance is designed to ensure that the retirement plan is operating well and paying the benefits it promised to its members.

CanadaEmployment and HR
Stephanie Kalinowski
Stephanie Kalinowski
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Similar to corporate governance, good retirement plan governance is designed to ensure that the retirement plan is operating well and paying the benefits it promised to its members. An important part of operating well is fulfilling regulatory compliance requirements, including making all prescribed filings on time.

Running the risk of penalties and regulatory complaints

Recently, Ontario's pension regulator, the Financial Services Regulator Authority of Ontario (FSRA), began imposing Summary Administrative Monetary Penalties (AMPs) on registered pension plans for late filings. According to FSRA's December 31, 2023, Pensions Sector Overview and Activities Report, Summary AMPs were applied to nine pension plans in amounts ranging from $25,000 to $100,000—all for late filings. In most cases, AMPs cannot be paid from the pension fund, meaning that they must be directly paid by the sponsoring employer. Well-governed plans may take some comfort in knowing that FSRA

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