Update on guidance from the FSRA

September 03, 2024

On June 4, 2024, the Financial Services Regulatory Authority (FSRA) of Ontario released guidance regarding retroactive adverse amendments.

FSRA will generally consider an amendment to be a retroactive adverse amendment if:

  • it may negatively affect members' or beneficiaries' rights and/or benefits, and
  • purports to be effective on a date before the amendment is filed with FSRA. We encourage you to review the guidance on FSRA's website.

In most cases, FSRA will reject a retroactive adverse amendment. Following this guidance will help prevent amendments from being rejected by FSRA. FSRA states that its intent is to protect plan beneficiaries, encourage timely filing of amendments and promote good plan administration.

It’s important to consider the possible effects to your plan membership when you’re looking to make amendments to your plan. Plan amendments are required to be filed with FSRA for registration. The timeframe for filing an amendment application is within 60 days after the plan is amended. The amendment isn’t effective until it’s filed.

Sun Life has reviewed the guidance and is here to help provide clarity on FSRA’s approach to retroactive adverse amendments.

Questions? We’re here to help.

Please contact your Group Retirement Services Representative.