Governance

Mission Statement

The mission of GSI is to manage effectively the Pension and Benefits Plans on behalf of the Members, ELCIC and the employing congregations.

This is accomplished by:

a) Establishing a sound strategic direction and operational framework to manage the Plans in compliance with contractual, legislative and regulatory requirements as well as ethical standards.

b) Providing accurate, timely and friendly administrative services plus effective ongoing communication that meet the needs of Members and employers in a cost-efficient manner.

c) Ensuring the Pension Plan investments are managed prudently to maximize long-term returns within acceptable risk levels and the Plan's investment policies and objectives.

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Governing Legislation

The ELCIC Pension Plan is registered with Canada Revenue Agency and with the Financial Services Commission of Ontario.

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Responsibilities

General responsibilities of the pension plan administrator are to ensure that:

1. the plan is administered in accordance with the terms of the plan and the requirements of the Act;
2. all filing and disclosure requirements under the Act are met;
3. plan provisions include and are consistent with the required contractual provision in the Act;
4. investments conform to the requirements of the Act;
5. a statement of investment policies and procedures is developed and maintained;
6. where a plan has been terminated, the termination and winding up are done in accordance with this Act; and
7. if the plan contains a Defined Benefit provision, the plan is reviewed in accordance with the Regulation and the results of the review are set out in the form of an actuarial valuation report and a cost certificate.

 

The administrator in its fiduciary role in relation to plan members must always act in the interest of and for the benefit of all the plan members and others entitled to benefits from the plan.

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Retention of Records

One of the chief fiduciary responsibilities of the administrator is maintaining proper records of members and other entitled to benefits, and of the funds flowing into and out of the pension plan fund.  A part of that responsibility includes retaining records for certain minimum periods.

In the case of records affecting a person who received a benefit, the records must be kept at least 3 years after the benefit was paid, or where it is a continuing benefit, 3 years after the last payment.  If the benefit is transferred out of the plan the records must be retained for 3 years after the transfer was made.

In the case of records not directly dealing with an individual’s entitlements, the records must be retained until at least 3 years.

Administrators of defined contribution plans are not required to maintain historical records of regular account statements provided to the member.

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Disclosure Requirements

The administrator must provide:

1. each employee with a written explanation of the plan;
2. an explanation, with the next annual statement, of any amendment to the plan that do not adversely affect benefits or contributions to members;
3. an explanation within 45 days prior to the effective date, of any amendment that does adversely affect benefits or contributions to members;
4. annual statements to members within 180 days after the fiscal year end of the plan;
5. relevant statements within specified time limits after termination, retirement or death, or upon request in a marriage breakdown situation.

 

Persons entitled to benefits may ask to review:

1. the plan text;
2. the 3 most recent audited financial statements filed by the plan;
3. the 3 most recent information returns filed by the plan;
4. the 2 most recent cost certificates filed by the plan.

The current pension plan text is attached in the members’ section of this website.  Requests for other records must be made in writing to the office of the administrator.  Documents will be provided at no charge within 30 days of receiving the request. As legislation, corporate governance and industry trends and standards evolve it becomes increasingly difficult to understand, interpret and put into context any reports and decisions that were made in prior years; more so as years pass in our rapidly changing environment.  In the interests of efficient and effective management of information and resources and in the interests of fair and consistent disclosure to all members, ELCIC Group Services adheres strictly to the policy set out in legislation.

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Access to Information

ELCIC Group Services as pension plan administrator respects the fact that plan members want and have the right to certain information and reports regarding the ELCIC Pension Plan. We ensure that we meet all the legal and regulatory requirements for providing such information to members.

We are also cognizant of the fact that we need to act in the best interests of all the plan members. We have a responsibility to ensure not only that we respond to legitimate requests from members in relation to their entitlements under the plan, for example, but also that the plan does not incur undue costs in retrieving and providing information that is likely to be of limited usefulness, such as technical reports that are difficult to read and interpret without actuarial or other specialized expertise.

It is our desire to provide information whenever reasonable and to balance that with administering the plan in a cost effective and efficient manner.

We may ask you to indicate the reason for your request or provide information in a different format than requested in order to further these objectives.

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Code of Conduct

The Board and staff of ELCIC Group Services Inc. endeavour to act with integrity, honesty, in good faith and with fairness.  Standards have been set to address:

• conflict of interest;
• compliance with laws;
• confidentiality of information;
• fair dealing with all stakeholders;
• protection and proper use of corporate assets; and
• reporting of illegal or unethical behavior.

All Board members are independent in that there is no direct or indirect material relationship with ELCIC Group Services Inc or the ELCIC Pension Plan.  All new directors receive a comprehensive orientation regarding both the operations of the organization and the duties of a director.  Continuing professional development is encouraged and opportunities are provided. 

In accordance with the by-laws, two out of eight board members are ELCIC Pension Plan members: one Rostered and one non-Rostered (as of Convention 2011).

The Board regularly assesses its own effectiveness and the effectiveness and contribution of each board committee and individual director. 

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Feedback, Questions or Concerns

Any feedback, questions or concerns should be made directly to ELCIC Group Services Inc.  Communications can be addressed to the Executive Director or to the Chair of the Board and can be expressed by phone, e-mail or letter.  Toll-free telephone numbers and addresses are available in the ‘contact us’ section. 

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