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FCAA is Saskatchewan’s financial and consumer marketplace regulator.
Pursuant to The Pension Benefits Act, 1992 (the Act), a pension plan administrator (Administrator) of a pension plan (plan) registered under the Act must file amendments made to the plan and plan documents (the Submission) with the Superintendent of Pensions, no later than 60 days after the decision to amend was made. Required documents must accompany the Submission.
If an amendment affects the cost of benefits provided by the plan, creates an unfunded liability or otherwise affects the solvency or funding of the plan, revisions must be made to the most recent actuarial valuation and cost certificate, or a new actuarial valuation and cost certificate must be prepared and filed. The new or revised actuarial valuation and cost certificate must be filed within 120 days after the amendment is made.
Within 90 days of the amendment being registered, the plan administrator must provide each plan member with an explanation or summary of any amendment to a plan that relates to the member's entitlements and obligations.