FCNB Outlines Guidelines for Plan Administrators on Performing Retiree and Survivor Audits
August 30, 2022
Performing retiree and survivor audits helps pension plan administrators meet their obligation of maintaining accurate and up-to-date records.
In a recent news alert, the Financial and Consumer Services Commission of New Brunswick (FCNB) outlines guidelines for plan administrators regarding how these types of audits should be performed.
For example, FCNB says that pension benefits cannot be stopped unless there is concrete evidence that a retiree or a survivor is deceased.
“A retiree’s or survivor’s failure to complete a form requested by the plan administrator or respond to a series of letters and phone calls should not be considered sufficient evidence or a reasonable basis to conclude that the retiree or survivor is deceased.”
Click the link below for more details on FCNB’s guidance for performing retiree and survivor audits.
