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Update - Vendor of Record Arrangement, Administrator Appointments for Defined Benefit Plans of Insolvent Employers
Pursuant to the announcement in the January 2005 Pension Bulletin (see Volume 14, Issue 1, page 4 ), FSCO established a new Vendor of Record arrangement for appointing administrators for defined benefit pension plans of insolvent employers. Through the Government of Ontario's Request for Proposals (RFP) process, an invitation for proposals was issued April 1, 2005 through MERXJ to establish the arrangement under which “the services of qualified firms (vendors) who are able to act as administrators of pension plans are available to the Superintendent, at the option of the Superintendent, and on short notice.”
After meeting the mandatory requirements and achieving a pre-determined valuation threshold with respect to specific, rated criteria, the following three firms were successful in being selected as Vendors of Record, the arrangement becoming effective August 12, 2005. The Superintendent's agreements with the selected Vendors of Record will expire after four years, at which time the RFP invitational process will be repeated. The Superintendent of Financial Services has the option of extending the agreements by one year, however, and also reserves the right to make specific plan appointments outside of the Vendor of Record arrangement where necessary.The selected Vendors of Record are:
Mercer Human Resource Consulting
Morneau Sobeco Limited Partnership
PricewaterhouseCoopers Inc
Financial Services Commission of Ontario