Filing Plan Amendments

In PBSA Update 27 (June 2007), OSFI reminded plan administrators of the requirement of subsection 10.1(1) of the PBSA to file any amendment to the plan or any supporting document within 60 days of making that amendment. The amendment must also be accompanied by the Declaration of Compliance (OSFI 522) and the Addendum (OSFI 521). In some instances, plan administrators have delayed filing the amendment with OSFI for many months after the amendment was made to the plan.

OSFI considers a plan administrator to have made an amendment to a plan once the decision regarding an amendment to the plan is properly adopted by the plan administrator in accordance with the appropriate governance procedures for that plan such as a board resolution agreeing to the amendment. OSFI expects the amendment to be filed within 60 days of the date the plan administrator adopted the amendment.