With a view to examining the environment for employment pensions, the Financial Services Regulatory Authority of Ontario (FSRA) is launching a new advisory committee.
FSRA issued a call for volunteers to serve on a technical advisory committee that will provide insight on “fostering a vibrant employment-based pension pillar” in the province.
“The main purpose of this committee is to facilitate a discussion between participants representing the pension sector,” the regulator said in a notice.
Among other things, the committee will examine ways to improve regulatory efficiency, review the adequacy of disclosure to plan members, and look at regulatory processes to facilitate pension administration that is cost efficient and “leverages innovative practices.”
To participate on the committee, candidates “must have significant experience dealing with the administration and design of pension plans” and should be representative of various parts of the pension sector, including plan members, plan sponsors, insurers, unions, and trade groups, among others.
FSRA will appoint committee members and aims to have a committee comprising 10 to 14 members. Representatives from the regulator and from the Ministry of Finance will also sit on the committee.
The group’s meetings are slated to start in May.