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Jan 15, 2022 · “The CAP traditional pre-need plan was conceived in 1980 to provide parents with an inflation-free savings vehicle that guarantees payment to the school of tuition fees due when the beneficiary of the plan enters college,” CAP said on its website, which is now defunct. For a time, the scheme worked.
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Jun 17, 2022 · In 2019, the CAPSA formed a working group of employers, service providers and industry associations to refresh the CAP guidelines. In May, the group released a consultation document with...
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May 30, 2022 · The guidelines proposed in the Consultation Draft (the “Proposed Guidelines”) update the 2004 Guidelines for Capital Accumulations Plans (the “Original Guidelines”) issued by the Joint Forum of Financial Market Regulators. Below we discuss some of the significant changes proposed.
The Canadian Association of Pension Supervisory Authorities (CAPSA), is pleased to release a revised draft of CAPSA Guideline No. 3 – Guidelines for Capital Accumulation Plans (CAPs) for a brief follow-up consultation.
- Governance – A Strategy document.
- Communication and Education
- Process – Plan Maintenance
- Documentation
- Who’s Responsible?
One of the themes of the CAP guidelines is the theme of governance. Generally speaking the plan sponsor or employer is required to outline the criteria for establishing the plan, the service provider and the investments being offered through the plan. The best thing to do is put these criteria in writing as a strategy or governance document. Here a...
Another big component of the CAP guidelines is the requirement for communication and education. This can be a big responsibility for the employer. Here are some things to consider: 1. Although employees or CAP members are responsible for making investment decisions within the plan, the employer is required to provide adequate information on the pla...
The last major theme around the CAP guidelines is the requirement to maintain the plan. In the guidelines, there is quite a bit of information about setting periodic reviews of many aspects of the plan including a review of service providers, review of the plan, review of the investment options. This is where a broker or consultant can really help ...
The bottom line is documentation is so important in the world of regulation. The whole point of regulation is to protect interested parties. Employers need to protect themselves through documentation as does the service provider and event the employee. As part of a good governance structure, anything important must be documented. This includes the ...
While service providers such as fund managers, third-party administrators and record-keepers have been hard at work to ensure compliance from their end, it remains the task of CAP sponsors to review and ensure that the intent of the Guidelines is met by their governance agendas. The CAP Guidelines reflect the expectations of regulators regarding th...
A CAP is a tax assisted investment or savings plan or program that permits its members to make decisions in respect of the investment of their individual accounts among two or more investment options selected by the CAP sponsor.
What will Lockheed Martin do with these projected savings? We do not expect to see any significant cost savings for the company until after 2020. Taking these actions now will help offset the significant pension cost growth being driven by the increased life expectancy of pension plan participants.
