When the Regulator Comes Knocking: Are you Ready?
1. Copies of Minutes of any meetings held by the Pension Committee, Board of Trustees, Board of Directors, or other agency which has authority to make amendments to the [pension plan] during the last two years. Are prior copies available for examination?
2. Copies of your pension plan Policies and Procedures manual including, but not limited to: Written procedures for ensuring accuracy of employers and/or members contributions; written procedures for ensuring accuracy of members’ data used in the calculation of benefits; and written procedures for the collection of any contribution arrears.Written procedures for pension records retention and written procedures for selecting a Third Party Administration or fund custodian.
3. Copy of any documented process outlining the criteria for selecting service providers.
4. Copy of Statement of Investment Policies and Procedures (SIP&P). Do you have proof it has been reviewed annually?
5. Investment Fund Performance Reports and Letter of Certification (certification of in compliance with SIP&P and Federal Investment Rules, generally issued quarterly) in the last two years.
6. Copy of any documented process for selecting investment funds and ongoing review of investment funds, and providing investment options to the DC members.
Would you be prepared?To better understand where you stand and the steps your organization would need to undertake, or to inquire about our governance consulting services, please contact Gord Lewis. 416-421-3557 x 212 email@example.com