Manitoba - Requirement to report pension committee member namesQ1 - 2011
As we reported last year, the province of Manitoba made changes to the Manitoba Pension Benefits Act and Regulations that took effect (in most cases) on May 31, 2010. These changes affected pension plans that are registered in Manitoba as well as members employed in Manitoba, whether in a plan registered with Manitoba or elsewhere (excluding federal PBSA plans). There were also changes to the Locked-In Retirement Accounts (LIRAs), Life Income Funds (LIFs) and Locked-In Retirement Income Funds (LRIFs).
At that time, we informed you that you had until May 31, 2011, to establish a pension committee if your pension plan has 50 members or more. Although May 31, 2011, is the effective date of this requirement, you actually have up to 120 days after that date, which is September 28, 2011, to establish a pension committee.
The Regulations require that the names of the pension committee members be disclosed on annual member statements. Sun Life Financial will need you to provide this information when known and keep us updated so that we can include this on the annual statements for your plan members.
Please contact your Sun Life Financial Group Retirement Services representative to arrange for your pension committee announcement, or for additional information.