OSFI Draft Disclosure Guideline for Defined Contribution Pension Plans
The Office of the Superintendent of Financial Institutions (OSFI) has issued a Draft Disclosure Guideline for Defined Contribution Pension Plans.
According to OSFI the guideline aims to “inform the pension industry of the general principles as well as more detailed requirements that OSFI will expect to be disclosed to plan members, eligible employees, and spouses as required by the Pension Benefits Standards Act, 1985 and the Pension Benefits Standards Regulations, 1985.”
Proteus is currently reviewing this document to provide commentary to OSFI by the December 31, 2009 deadline for feedback on the proposed Disclosure Guidelines.
As a reminder, at this point these draft guidelines would only impact federally regulated pension plans. Most pension plans are regulated by provincial bodies.