British Columbia Pension Plans
The deadline for pension plans registered in British Columbia to file plan amendments to comply with new legislation has been extended to March 31, 2016.
Among the new requirements, plan administrators will need to have a written governance policy and meeting prescribed content requirements in place by the deadline. Alberta pension plans, governed by legislation very much harmonized with the new BC rules, have had to have a written governance policy in place since December 31, 2015.
Most plan administrators in either province have until December 31, 2016 (depending on fiscal year end) to conduct their first triennial administrative review. The review must assess whether the plan is adhering to: the plan’s governance, funding, and investment policies, the plan text and applicable legislation. Further, it must be made available to the regulator on request.
If you would like to find out how Proteus can help your plan, please contact Martin Leclair at firstname.lastname@example.org or by calling (416) 421-3557 ext 224.