Essential Skills For Pension Committee Members November 12, 13 & 14, 2008 Toronto

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Conference Agenda

Session 2:

1:30-2:15 - Pension Regulation: What You Need To Know
Lynda Ellis, Senior Manager, Pension Policy, Financial Services Commission Of Ontario

In a rapidly changing regulatory environment it is important for new trustees or pension committee members to have a thorough understanding of the current regulatory landscape as it affects legal requirements for pension plans and administrators. The objective of this session is to provide a clear depiction of the key elements of the legislative and regulatory environment in which pension plans operate.

-The role of federal and provincial Pension Benefits Acts
-The role of the Income Tax Act
-The roles of federal and provincial pension regulators
-National regulatory initiatives and the role of the Canadian Association of Pension Supervisory Authorities (CAPSA)
-CAPSA guidelines as they relate to plan trustees or pension committee members
-Future trends and concerns for plan trustees and pension committee members


2:15-3:00 - Fiduciary Duties
Caroline L. Helbronner, Blake, Cassels & Graydon LLP

Trustees are responsible for the proper running of the pension plan - from collection of contributions to investment of assets and payment of benefits. Plan members look to the trustee to ensure that the plan is well run and that their benefits are secure. As such, the trustee must act independently of the employer in accordance with the trust deed, for the benefit of the plan members. This discussion will detail the key fiduciary duties of the trustee.

-Acting in the best interests of the plan beneficiaries: a definition
-The duty of impartiality: what it means in a trustee context
-Acting in line with the trust deed and rules
-Communicating to members their rights and entitlements
-Ensuring required contributions are remitted to the plan on time, that funds are invested prudently and that benefits paid are correct, timely and in line with plan terms and the law


3:00-3:30 NETWORKING BREAK

3:30-4:15 - Liability And The Trustee
Elizabeth M. Brown, Hicks Morley Hamilton Stewart Storie LLP John Prezioso, Hicks Morley Hamilton Stewart Storie LLP

The legal issues facing trustees today are complex, particularly in light of current concerns over pension short falls, and the consequences of making a mistake can have serious consequences for the plan and the new trustee. This discussion details the legal framework governing the role of trustee.

-Trust law basics
-Liability: what happens when there is a breach of trust?
-Protection from personal liability
-How common law impacts the day-to-day role of trustees
-Legal issues that arise in the daily operations of plans
-Legal requirements for trustee learning


4:15-5:00 - Defined Benefit Pension Plans
Ann Mulvale, Board Member, OMERS Administration Corporation

Ontario Municipal Employee Retirement System (OMERS) is a multi-employer contributory defined benefit pension plan. With approximately $52 billion in assets, OMERS has been one of Canada's largest and most successful pension funds for over 45 years. This presentation will look at how the OMERS Administration Corporation meets the challenge of ensuring the essential skills for Board committee members acting within their fiduciary roles in a large DB public pension plan and the practices that can be applied to private pension plans.

- Defining distinct fiduciary and sponsor roles
- Stakeholder and sponsor relations
- Decision making and accountability protocols
- Flexibility to respond to members' needs
- Weathering change in regulatory and economic environment