Human Resources Legislative Update
Ontario Proposes Plan Administrator Disclosure Obligations, Proclamation Dates
Date: May 14, 2012
On May 14, 2012, the Ontario government published additional draft amendments to General regulation 909 under the Pension Benefits Act (“Act”), and further proposed a proclamation date of July 1, 2012 in respect of certain amendments to the Act.
The regulatory amendments would specifically outline the information plan administrators are required to disclose, including:
- “prescribed records” for the purposes of subsection 29(5) of the Act (relating to requests for the most recent plan documents to be mailed or sent by electronic means);
- prescribed documents that “specified persons” are entitled to inspect at the office of the Superintendent of Financial Services for the purposes of paragraph 2 of subsection 30(1) of the Act; and
- investment information summary filing obligations of plan administrators, where the plan provides defined benefits.