May 2015
The long awaited implementation of B.C.’s new pension legislation and accompanying regulations will occur on September 30, 2015.Major changes brought in by this legislation include:
- new target benefit plan design and associated funding requirements for both future and past service
- all plans must adopt a governance policy
- defined benefit plans and target benefit plans must adopt a funding policy
- all plans must adopt a records retention policy
- all plans must comply with new disclosure requirements including pension statements to retirees
- all plans must complete a triennial assessment of its plan administration
Some key compliance dates are as follows:
- plan administration must comply as of and from September 30, 2015
- plan amendments must be filed by December 31, 2015
- governance policies must be in place by January 1, 2016
- funding policies for defined benefit and target benefit plans must be in place by January 1, 2016
- records retention policy must be in effect by the beginning of the fiscal year following the year in which September 30, 2015 falls
- new disclosure requirements are in effect as of and from September 30, 2015
- the first triennial assessment of plan administration must occur no later than the last day of the fiscal year which follows the fiscal year in which September 30, 2015 falls
The full text of the new act and regulations is available at http://www.bclaws.ca.
Further guidance is available from the Superintendent of Pensions at http://www.fic.gov.bc.ca/index.aspx?p=pension_plans/index. There you will find a series of bulletins outlining key changes and requirements.
For legal assistance please contact Shawn Hatch at shawn@hatchlaw.ca or call 604-250-4676.
