The ongoing management of your pension plan can be complex. A pension plan administrator’s role is to ensure the management of the pension fund, as well as the day-to-day administration.
In order to be effective, the administrator must:
- Take the necessary steps to protect the benefits of the plan’s members and beneficiaries
- Conserve and enhance pension fund assets
- Ensure that a number of duties are carried out, such as the payment of contributions to the pension fund and membership of eligible employees in the plan
Comparable to the role of a company’s board of directors, a pension plan administrator must make strategic decisions about the plan and its administration, as well as perform supervisory and risk-control activities.
The role of the administrator is different from that of the employer. Generally, the employer or the employer and the union have the power to amend or terminate the plan. The employer is also responsible for the funding of a defined benefit plan.
In carrying out their duties, the administrator must respect the relevant laws and the pension plan’s provisions. Like all those who manage other people’s property, administrators of pension plans have the legal obligation to apply the prudence, diligence and skill any reasonable individual would exercise in similar circumstances.
When you don’t have the time to spend on the day-to-day administration of pension plans – Mondelis does.
- Plan, design and review, documents and amendments
- Prepare statements of investment policies and procedures (SIP&P)
- Monitor compliance with reporting requirements such as PA, PAR, PSPA reporting, AIR, PBGF assessments, IIS, etc.
- Perform benefit calculations and member option forms
- Present value reports related to pension accruals of pension plan members for Family Law Act purposes
- Attend pension committee meetings
- And more
At Mondelis you can count on our skilled team of actuaries and administrators to act with honesty, loyalty and always in the best interest of both members and beneficiaries.
Contact us today to learn how we can work with your existing administrators to obtain optimal results, or how you can partner with Mondelis for your complete Actuarial and Administrative needs.