The Financial Services Commission of Ontario (FSCO) recently held a Webinar on the Plan Administrator’s Obligations on Termination of Employment.
If you are a plan administrator, you are responsible for ensuring that you are aware of the requirements of the Pension Benefits Act (PBA) and the amendments that came into effect on July 1, 2012. These changes affect plan members’ benefit entitlements when their employment is terminated, and require additional disclosure items in plan members’ annual and termination statements. In addition, you need to ensure that plan members are provided the required information and the benefits they are entitled to receive.
To ensure you have a clear understanding of your obligations regarding plan members’ benefit entitlements when their employment is terminated, we recommend that you review the following resources:
- webinar recording
- presentation slides with speakers’ notes
- web page on legislative changes that became effective July 1, 2012
FSCO would like to thank all webinar attendees for their suggestions and feedback. The information is being used to develop future webinars. Stay tuned for more information.