Postal Service Interruption Retraite Québec has taken the necessary steps to ensure that its clients continue to receive quality services. For more information, consult our information page.
Pension plan administration involves:
in the case of a defined contribution plan in which members make the investment choices, ensuring that at least 3 investment options are offered by the pension plan.
The options must have different degrees of risk and expected rates of return, which will allow the creation of portfolios that are generally well adapted to the members' needs
having the pension fund's financial statements audited by an accountant
Insured plans and simplified pension plans are exempt from an audit. If the administrator so requests at the annual meeting, plans having less than 50 members and beneficiaries and net assets with a market value of less than 1 000 000 $ can also be exempted.
for a defined benefit plan, having the required actuarial valuation prepared by an actuary and filing the actuarial valuation report with Retraite Québec and the Canada Revenue Agency
The purpose of the actuarial valuation is to determine the current service contributions to be paid into the pension fund and the amount of the benefits set forth in the plan on a funding basis (going concern) and on a solvency basis (termination of the plan).
ensuring that plan members and beneficiaries receive the statements and other information provided for under the Supplemental Pension Plans Act depending on whether it is a defined contribution plan, adefined benefit plan or asimplified pension plan
Information and documents can be sent electronically. As a precautionary measure, the administrator should follow the guidelines set out in Electronic Communication in the Pension Industry from the Canadian Association of Pension Supervisory Authorities (CAPSA).
The annual meeting may be held via videoconference or any other means of electronic communication. However, the plan's internal bylaws should indicate as such.
The plan administrator can also recommend amendments to the plan, for example, if some provisions are unclear. It must make any such recommendations to the person empowered to amend the plan, generally the employer.