David Bartucci joins Rahim Peera and Carolyne Eagan for a significant update in Group Retirement. The episode covers the significance of the updated CAPSA guidelines, which have been in the making for 20 years. The guidelines aim to provide a framework for administering capital accumulation plans (CAP) effectively.
Show Notes:
- What CAP Stands For: CAP stands for Capital Accumulation Plan, which includes retirement vehicles like defined contribution pension plans and group RRSPs. The guidelines outline leading practices in administering CAP plans, covering governance, member communications, and plan value accumulation.
- Primary Changes from 2004 Guidelines: The updated guidelines focus on sponsor and member responsibilities, emphasizing fiduciary duties and improved member communications. They aim to enhance plan governance and member understanding, encouraging active participation and maximizing plan benefits.
- Education and Complexity Considerations: Enhancements in education guidelines stress ongoing member education and responsibility for retirement outcomes. The guidelines also address complexity, emphasizing proportionality in governance frameworks and risk management based on plan size and complexity.
- Implementation Guidance: For first-time plan implementers, the guidelines recommend starting with a clear purpose for the plan and seeking expert advice to navigate plan setup and ongoing management. The guidelines provide a recipe for success, tailored to the needs and goals of the plan sponsor.
- Legal Implications and Risk Management: While adherence to the guidelines is not legally binding, they reflect industry best practices and may be considered in legal contexts. The risk management guideline, though focused on defined benefit plans, offers insights applicable to all registered pension plans.
- Resources: Check out the comparison tool developed by Benefits Alliance, to help understand the changes and how they impact your CAP plan. Get it here.
On this Episode:
- Carolyne Eagan, Benefits Alliance
- Rahim Peera, Penmore
- David Bartucci, FSRA
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