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Pensions Division |
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Plan Administration |
The administrator is the
person responsible for the pension plan. Frequently, the administrator is the employer who
established the plan. However, the administrator also may be a board of trustees or
similar body.
The administrator must ensure that the pension plan and
fund are administered in accordance with the law and the provisions of the plan. The
administrator sets overall direction for the plan. Therefore, even where the administrator
delegates the management of the plan to professionals, the administrator retains
responsibility for supervising their work and ensuring that the desired results are
achieved. Among other things, the administrator is responsible for:
- filing documents with the Pensions
Division including
the plan text, amendments to the plan, actuarial valuations, and annual information
returns
- providing information to plan members
- responding to member questions about the plan
The administrator stands in a fiduciary relationship to
plan members, retirees and other persons entitled to benefits under the plan. The
administrator must act in good faith and in the best interests of plan members.
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