FSRA issues NOID to make order revoking registration of pension plan for non-compliance
October 26, 2023
The CEO of the Financial Services Regulatory Authority of Ontario (FSRA) has issued a Notice of Intended Decision (NOID) to make an order revoking the registration of the Pension Plan for Presidents of 1479888 Ontario Inc. (Plan).
Following an investigation of suspected fraud involving Plan funds, FSRA found a discrepancy between the Plan’s pension fund financial statements and the account balance reported by the pension fund custodian. In addition, the company failed to make contributions to the Plan, and required Plan filings have been delinquent since 2016 (including annual information returns, actuarial valuation reports, pension fund financial statements, and statement of investment policies and procedures) despite several FSRA compliance letters requesting the required filings.
On this basis, the CEO of FSRA found that the Plan does not comply with the Pension Benefits Act (Act) and the Plan is not being administered in accordance with the Act.
Click on more information below for more on the reasons for FSRA's NOID:
