danaxburger.blogg.se - Status of pension accountability act s 2147

The service providers may be insurance or trust companies, employees of the administrator, or pension specialists who are hired to assume certain aspects of plan management and administration (e.g., actuaries, accountants, pension consultants, investment managers, fund custodians, brokers, etc.). The administrator may delegate some or all of its responsibilities for administering the pension plan and administering and investing the pension fund to various service providers.

Responding to inquiries or complaints from plan beneficiaries.ĭelegation of the Administrator’s Responsibilities.

Making payments to former spouses of plan beneficiaries with respect to their share of the plan beneficiaries’ pension benefits (in accordance with the PBA and regulations, and court documents that are filed with the administrator).

Making payments to plan beneficiaries when they are due.

Determining plan beneficiaries’ entitlements under the pension plan.

Providing plan beneficiaries information and documents that are required to be disclosed under the PBA and regulations.

Providing plan beneficiaries information about their rights and responsibilities in respect to the pension plan.

Enrolling employees in the pension plan.

Ensuring that certain plan information is available to those who are entitled to receive it, and that the information is accurate and complete, and provided within the timeframe specified in the PBA and regulations.The administrator’s responsibilities to plan beneficiaries include, but are not limited to, the following: The administrator is ultimately accountable to all participants of the pension plan (e.g., plan beneficiaries, plan sponsors and regulatory authorities). The administrator must ensure that the pension plan and pension fund are administered in accordance with the Pension Benefits Act (PBA) and regulations, and the terms of the pension plan.

The administrator has a duty of care and owes fiduciary duties to plan beneficiaries. However, the administrator may also be: a board of trustees (e.g., for multi-employer pension plans where at least half of the trustees are member representatives) a pension committee (composed of member representatives) an insurance company (if it guarantees all benefits of the pension plan) or a group that is authorized by an Act of the Legislature. The administrator is usually the employer that established the pension plan. Each pension plan must have a pension plan administrator (administrator) - the person(s) or entity that is/are ultimately responsible for the oversight, management and administration of the pension plan, and the administration and investment of the pension fund.