|
|
Roles & Responsibilities
Board of Trustees
The Board of Trustees is ultimately responsible for the oversight and management of the Fund. It is the legal Administrator of the Fund and has the fiduciary obligation to ensure that the Fund is administered in the best interests of its members and beneficiaries. » more...
As a result, the Board of Trustees has specific duties and responsibilities to the Fund which can include but is not limited to:
- amending the Plan and approving amendments to the Plan
- approve pension benefits changes
- approve the Administrator’s recommendations for appointment or termination of external investment, actuarial, legal and other pension administration providers
- appoint and conduct periodic reviews of the Administrator
- review all financial, actuarial and administrative aspects of the Plan
- receive as information an annual report on the operation of the Plan and performance of the Fund’s assets
Administrator
The Administrator, who is appointed by the Board of Trustees, is responsible for the day-to-day operation and administration of the Plan. As such, the Administrator also has a fiduciary responsibility to act in the best interests of the Fund’s members and beneficiaries. As a result, the Administrator has specific duties and responsibilities to the Fund including, but not limited to: » more...
- acting as a liason between the Board and the Fund and reporting on all aspects of the administration of the pension plan
- providing support and the necessary resources as required to the Board of Trustees in order to assist the Board in its proper operation
- promoting awareness and understanding of the Plan among members, potential members, local unions and other stakeholders
- delegating duties as required to professional consultants, advisors and other pension adminstration providers
- reviewing the performance and making any necessary recommendations regarding external professional consultants, advisors and other pension administration service providers to the Board as required
- ensuring the effective administration of the Plan in accordance with the Rules & Regulations, applicable provincial pension legislation, and the Federal Income Tax Act
- ensuring the effective provision of pensions to members by providing exceptional but cost effective service to its members, beneficiaries and local unions
- ensuring the Fund meets its obligations to members by building effective internal management, pension analyst and accounting teams
- ensuring the management and investment of the Fund’s assets are for long-term growth, with acceptable risk levels to meet the liabilities of both present and future pension payments.
Professional Advisors & Service Providers
The Labourers’ Pension Fund of Central and Eastern Canada will hire external service providers for the purposes of providing expert advice and executing the functions associated with the administration and management of the pension plan. The following chart summarizes the Fund’s professional advisors and service providers and their respective roles and responsibilties. » more...
|
Professional Advisors/
Service Providers
|
Roles and Responsibilities
|
|
Investment Consultant
Towers Watson
|
An investment consultant’s expertise is employed by the Board of Trustees to advise and assist the Board in establishing investment policies and objectives, evaluate types of investment, provide advice on investment benchmarks, and monitor the performance of portfolio managers. The Fund’s investment consultant is Towers Watson. Towers Watson provides the Board with objective advice on investments because they neither sell, nor have a stake in the performance of the Fund’s investments.
|
|
Legal Counsel
Koskie Minsky LLP
Barristers & Solicitors
|
The Fund’s legal counsel provides advice and consultation to the Board, the Administrator and staff as deemed necessary with respect to pension related issues. Koskie Minsky LLP Barristers & Solicitors represent the Fund in all legal matters pertaining to pension benefits.
|
|
Actuary
Buck Consultants
|
The Actuary’s role is recognized under provincial and Federal pension legislation. They have a fiduciary responsibility to make actuarial assumptions and calculations that fund the Plan, and in doing so, must use their best judgment. The Fund’s Actuary is Buck Consultants. Their advice to the Board and the Administrator is critical in ensuring the most appropriate benefits are provided to the Plan’s members. The Actuary also assists the Board and the administrator in preparing filings, such as the Actuarial Valuation Report, required under the Ontario Pension Benefits Act.
|
|
Auditor
Deloitte & Touche LLP
|
The Fund must employ the services of a chartered accountant (accounting firm) to perform an annual audit of the Fund. We are currently employing the services of Deloitte & Touche LLP. Such audits must be performed in accordance with the principles and standards set out in the handbook of the Canadian Institute of Chartered Accountants. In accordance with Ontario’s Pension Benefits Regulations, a fund with at least $3 million in assets is required to file an annual auditor’s report with respect to its financial statements.
|
|
Custodian
Northern Trust
|
The Fund has retained Northern Trust to carry out its custodial duties. The custodian is primarily responsible for holding the trust’s securities and making electronic deliveries for trades, and collecting and receiving interest on dividend payments on equities and bonds.
|
|
|
|
