Pension plan members should expect to receive information from their employer initially upon enrollment in a plan and subsequently from their plan administrator. A plan administrator has an obligation to provide members with a variety of information relating to their plan, such as an explanation of the provisions of the pension plan that apply to a member, an explanation of the member’s rights or obligations, at least annually a statement on the value of their pension fund account balance or pension benefit and other required information. Members are also entitled to receive a statement upon termination of employment or retirement.
A plan administrator also has, upon request, the obligation to provide a member, former member or other person entitled to benefits under a pension plan with, subject to satisfying certain conditions, the following information:
- the provisions of the current pension plan including any amendments to the plan;
- any documents relating to the plan that are required to be submitted to the Commission;
- provisions of any previous plan where the current plan is a successor to a previous plan;
- applicable provisions that set out the employer’s responsibilities under the plan;
- any document delegating the administration of the plan or pension fund;
- copies of any financial statement or report that is submitted to the Commission; and copies of those parts of an agreement that concern the purchase or sale of a business or the assets of a business and that relate to the pension plan.
A plan administrator shall make those documents and information available and without charge and permit that person to make extracts or to copy them at their own expense or, if a copy is made available by the administrator, upon the payment of such reasonable fee as the administrator may determine.
A person mentioned above may also inspect at the Commission’s office such prescribed documents or extracts relating to the pension plan or pension fund.
