Regulatory Alerts2022-11-25
Added · Updated
Breakdown of Industry Comments for Chapter 5 Retirement Funds
The document records industry feedback on proposed amendments to Standard RF.S.5.11 regarding retirement benefit payment options, Standard RF.R.5.8 concerning late payment interest calculations, and Standard RF.S.5.26 governing retirement fund boards. Accepted changes include limiting trustee tenure to three consecutive three-year terms, setting auditor rotation at six years with a three-year cooling-off period, and adjusting the prescribed late payment interest rate to the Repo rate plus 4%. Rejected proposals involve maintaining lump sum withdrawal options, removing annuity restrictions, and altering penalty structures for late contribution payments.
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