Pension Legislation Provides More Protection and Transparency for Members

HRinfodesk---Canadian Payroll and Employment Law, March/April 2005

Introduced in the Legislature March 23rd, Bill 35, the Employment Pension Plans Amendment Act, will give private sector pension plan members better access to information such as the financial status of their pension plans to ensure improved transparency and accountability.

In addition, the proposed amendments update the Act to better reflect the changing needs of plan members, administrators and the industry as a whole. Changes include:

* Giving the Superintendent more effective ways of monitoring the funding of pension plans by requiring more information about the plan's financial status, and strengthening his enforcement powers;

* Updating legislation to better reflect current practice in the pension industry;

* Responding to plan administrator and family lawyer requests for greater flexibility in the provisions for dividing pension benefits on marriage breakdown; and

* Allowing for the administrators of terminating pension plans to turn over funds to the Public Trustee on behalf of plan members who can't be located, for safekeeping until missing plan members or their beneficiaries claim them.

For additional information, read the full-text of Bill 35 on the Legislative Assembly of Alberta website.

By Yosie Saint-Cyr, Editor at HRinfodesk

Published on HRinfodesk---Canadian Payroll and Employment Law

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