FSRA and OSFI establishing defined contribution plan committee
The Financial Services Regulatory Authority of Ontario (FSRA) and the Office of the Superintendent of Financial Institutions (OSFI) announced Oct. 14 that they are establishing a special purpose committee to review regulatory approaches to supervising defined contribution (DC) plans and find opportunities for regulatory harmonization.
In a statement, the regulators said that through this collaboration, “FSRA and OSFI will work towards improving outcomes for plan members. The committee will also focus on enhancing regulatory efficiency and effectiveness for DC plans.”
The regulators added that they are looking for members for this special purpose committee who have deep expertise in dealing with DC plans. Selections will be made jointly by FSRA and OSFI and will be based on the individual's experience, the area of the pension sector that they represent, and other relevant factors.
Special purpose committees focus on one topic: they meet frequently over a four to six-month period. Once they have completed their work, they are dissolved.
The deadline to apply to be a member of the DC plan committee is Nov. 4, 2020. To learn more, consult the committee’s terms of reference here.
The new committee will begin its work on Dec. 11, 2020.