To help you avoid potential penalties, we wanted to inform you of processes the Financial Services Regulatory Authority of Ontario (FSRA) will be enforcing. FSRA is expected to recommence its processes of sending out administrative monetary penalties (AMPs) for late filings: this includes annual information return (AIR) and financial statement filings. It’s extremely important that Plan Administrators complete their filings on time to avoid facing financial penalizations. Filing is the responsibility of the plan administrator/plan sponsor, Sun Life does not handle this.
FSRA is noticing that the most common reason plan administrators/plan sponsors don’t file is that there is a change in the primary contact and the new contact is unaware that they’re required to handle these filings. It’s important to let FSRA know if the contact person at your organization, or their email, has changed. If there has been a change in the contact person, email firstname.lastname@example.org and include the individual’s contact information (mailing address, email address and phone number). To update contact information on FSRA Pension Services Portal, follow the instructions at this link.
Click here to read more about what to do when a contact person has changed.
We also encourage you to subscribe to the FSRA newsletter.
Please contact your Group Retirement Services representative.