As many pension plan sponsors are aware, the Board of Directors of any organization or company that sponsors a registered pension plan is ultimately responsible for the operation and administration of the program. A certain level of knowledge and understanding of pension plans is required to effectively fulfill this mandate. 

In order to help companies fulfill this mandate, Cowan has developed a training program to help a Board of Directors or Pension Committee to assist their members in carrying out their duties and making informed recommendations and/or decisions.

Plan sponsors who have established registered pension plans generally outline details of the operations of the plan in a Governance Model document. The Governance Model document details who is responsible for the plan and how those responsibilities are carried out.

Many plan sponsors have established Pension Committees to oversee these operations and ensure the compliance and fiduciary responsibilities are adhered to. One key facet of the Governance Model is for the Plan Sponsor to ensure training is provided to those with the weight of this responsibility.

Our Pension Committee Training Program consists of a number of modules that prepares a Pension Committee member to participate and understand the importance of their role. The training and modules address several issues, including:

• The Canadian retirement system    

                     - Government benefits

• Private pension plan coverage

                     - Types of plans

• The current pension landscape
• What is a fiduciary?
• The legal issues faced by plan sponsors/regulatory environment
• Filing, documentation and disclosure
• Good governance

                    - Governance structure within an organization

                    - Governance process

• Understanding and the importance of adhering to the Canadian Association of Pension Supervisory Association (CAPSA) Governance Guidelines and the Guidelines for Capital Accumulation Plans (CAP)

Training can be customized based on an assessment of the needs of current Pension Committee members.