Changes to Federal Contribution Planner Regulations
If you sponsor a federally regulated pension plan, you should be aware of changes from The Office of the Superintendent of Financial Institutions (OSFI), regarding contributions to pension plans.
The OSFI has implemented a new process for federally regulated businesses to monitor employer and employee contributions to pension plans, similar to that of the Financial Services Commission of Ontario (FSCO) Form 7 – Summary of Contributions.
The plan administrator will need to complete a customized document (provided by their insurance carrier) and submit it to their insurance carrier within 30 days of the plan anniversary date; this document will not be submitted to OSFI.
If for any reason, the contributions remitted by the employer exceed a variance of 10% for any given month, the insurance carrier will require written explanation for the variance. This will be used to satisfy the OSFI’s requirements.