ROLES AND RESPONSIBILITIES - Manulife
Governance Chart
Note: Use this chart and the Roles and Responsibilities table to assist you in establishing and documenting a governance framework, and defining duties and accountabilities within the governance process.
ROLES AND RESPONSIBILITIES
|Task |Board of Directors|VP Finance/ |Pension Committee |Human Resources |Plan Advisor |Manulife Financial|Investment |Record Retention |
| | |CFO | | | | |Manager/ | |
| | | | | | | |iWatch | |
|Plan Design: | | | | | | | | |
|Determination of overall Plan Design |Approves |Recommends | |Completes Task |Provides Input | | |Human Resources |
|Group RRSP/DPSP vs. RPP | | | | | | | | |
|Periodic review and confirmation | | |Reviews and |Completes Task |Provides Input | | | |
|Comparison against stated plan objectives | | |Recommends | | | | | |
|Competitive market review | | | | | | | | |
|Comparison against survey data | | | | | | | | |
|Confirmation on number of investment option choices | | | | | | | | |
|Recommendations for Plan Design changes |Approves |Recommends |Reviews |Completes Task |Provides Input | | | |
|Plan Amendments | | | | | | | | |
|Day to Day Member Administration: | | | | | | | | |
|Information to New Employees | | |Reviews |Reviews and Approves| |Provides | |Human Resources |
|Enrolment information and application | | | | | | | | |
|Purpose of the plan | | | | | | | | |
|Payroll/deduction information | | | | | | | | |
|Member booklet | | | | | | | | |
|Current Plan Members | | |Oversees | | |Provides | | |
|Information updates | | | | | | | | |
|Benefit payouts, option statements | | | | | | | | |
|Member statements | | | | | | | | |
|Communication of the purpose of the plan | | | | | | | | |
|Tax Reporting | | |Oversees |Completes Task | |Completes Task | |Human Resources |
|Pension Adjustment and Pension Adjustment Reversal | | | | | | | | |
|Member level benefit tax reporting | | | |Oversees | | | |Manulife Financial |
|Contribution receipts | | | | | | | | |
|Plan Level Administration: | | | | | | | | |
|Regulatory Required Administration Accountabilities: | | | |Completes Task | |Provides Input | | |
|Annual Information Return (AIR) | | | | | | | | |
|Plan Registration | | | | | | | | |
|Plan Amendment | | | | | | | | |
|Contribution Summary (Eg. Ontario Form 7) | | | | | | | | |
|Cost Certificate | | | | | | | | |
|Plan Financials: | |Completes Task | |Provides Input | | | |Finance |
|Review of Plan Sponsor financial statements | | | | | | | | |
|Consistency with corporate planning | | | | | | | | |
|Investments: | | |Reviews and | |Provides Input |Provides Input |Provides Input |Human Resources |
|Statement of Investment Policies and Procedures | | |Recommends | | | | | |
|Compare to stated investment objective | | | | | | | | |
|Market review | | | | | | | | |
|Peer comparison | | | | | | | | |
|Qualified investments | | | | | | | | |
|Investment option review/default investment review | | | | | | | | |
|Member level investment advice | | | | | | | | |
Employee Engagements:
|Employee feedback | | |Reviews and |Completes Task |Provides Input |Provides Input | | |
|Use of retirement planning tools | | |Recommends | | | | | |
|Investment diversity | | | | | | | | |
|Employee meetings/member education | | | | | | | | |
|Employee communication strategy | | | | | | | | |
-----------------------
Board of Directors
▪ Ensure appropriate knowledge and skill on Pension Committee
Stakeholders
▪ Members of pension plan
Pension Committee (including Plan Administrator)
▪ Oversees and is responsible for the plan
▪ Delegates tasks
▪ Is ultimately responsible and accountable
Manulife Financial and , Human Resources
Administrative and Compliance Function
▪ Benefit Administration
▪ Plan Documentation
▪ Regulatory Filings
▪ Monitoring pf Providers
Manulife Financial, , and Plan Advisor
Investment Function
▪ Statement of investment policies & procedures
▪ Manager selection
▪ Fund selection process and review
▪ Monitoring, communication, specialized services
, Human Resources and Finance
Benefit Function
▪ Plan Design
▪ Plan Policy
▪ Communication and Education Plan
▪ Funding of plan contribution formula
▪ Cost effective delivery
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