April 2024 Edition

Did you know that each province, with the exception of Prince Edward Island, has different pension rules for registered pension plans, including defined contribution (DC) plans?

That’s why you must inform us each time new plan members who work in a province other than your plan’s registration province join the plan. A new appendix will be added to your plan text and give you the rules specific to the new province of employment of the new members in question.

Example: if your DC plan is registered in Quebec, but new members work in Ontario, you’ll need to inform us if your plan text didn’t include an appendix for that province.

You’ll also have to let us know if you have plan members who are classified under “included employment” so we can add a federal appendix. If your pension plan is federally registered (with OSFI) and you have plan members who aren’t classified under included employment, you’ll need to inform us of their province of employment so that we can include an appendix for that province. Included employment refers to employment in connection with the operation of any work, undertaking or business that is within the legislative authority of the Parliament of Canada, such as the banking, telecommunications and interprovincial transportation sectors.^[Note 1]

Important: You won’t need to inform us of the hiring of other employees who work in a province of employment already included in your plan text.

What you need to do

Please notify your client relationship manager as soon as possible so that the information can be relayed to our teams. They’ll then produce the necessary appendix to your plan text, which will be sent to you, and make changes to your plan rules as necessary.

Complete the required form to designate someone to have access to plan information and plan members’ personal information. You can make sure things go smoothly while you’re away by training your replacement and making sure they know to refer to the administrative guide if they have questions.

1. Complete a request for your backup to have their own user ID

   User IDs can’t be shared with colleagues. For security reasons, if your backup calls us for help, we won’t be able to assist them if they’re not in our system.

How?

Fill out the Request to grant or revoke access to plan information and plan members’ personal information form (PDF, 1.2 MB) External link. Opens in a new window..

You’ll be able to determine the level of access to the Plan Sponsor Services site that your backup will have.

2. Train your backup

To optimize your time, focus your training on these 4 elements:

• Enrolments
• Updates to personal information
• Terminations
• Contribution remittances
3. Refer to the administrative guide

This guide is full of information to help you manage your plan on a daily basis. Your backup can always refer to it.

How?

• Go to dfs.ca/plansponsor External link. Opens in a new window..
• Click Log on.
• Select Group retirement savings.
• Enter your user ID and password.
• Click Guides and procedures.

In line with changes made by Desjardins Investments, the name of all SocieTerra solutions offered on the group retirement savings platform will be changed to Desjardins Sustainable. In French, the solutions will all be taking the name Desjardins SociéTerre^MD. Beginning April 30, 2024, the new names will apply to à la carte funds, portfolios and paths.

The new English name will better reflect the fact that these are responsible investment (RI) funds. This change will therefore provide a better experience by making RI solutions easier to identify.

About Desjardins Sustainable solutions

The Desjardins Sustainable suite of investment solutions is intended for plan members and sponsors who aim to reconcile the implementation of responsible investing principles with the achievement of competitive financial performance. It includes a series of target date paths and target risk portfolios built using a multi-manager approach, from underlying funds that bring to the forefront the integration of environmental, social and governance (ESG) factors into investment selection and management. Desjardins Sustainable solutions also comprise standalone funds that focus on specific sustainable development approaches or objectives.

For more information about this change, don’t hesitate to contact your client relationship manager.

DGAM

On February 6, 2024, the firm announced the departure of Christian Felx, Head of the Responsible Investment Team. Christian, who held various positions with the manager, has been a major contributor and builder of the firm’s responsible investment team. As it embarks on a new strategic cycle, DGAM intends to reflect on its operating methods before appointing a successor, whose interim role will be assumed by Guy Lamontagne, Vice-President and Head of Investment Strategy.

The Desjardins Insurance Group Retirement Savings Investment Solutions team considers this change to have a moderate impact with regards to the various DFS funds for which DGAM acts as underlying manager. We’ll monitor the situation over the coming quarters and provide updates as necessary.

Fiera Real Estate

On February 23, 2024, the firm announced the departure of Peter McFarlane, Executive Vice President, Head of Real Estate Operations. While no replacement has been identified for the role, this function has been transferred to Wenzel Hoberg, Global Head of Real Estate.

The Desjardins Insurance Group Retirement Savings Investment Solutions team sees this change as having a moderate impact with regards to the DFS Fiera Canadian Direct Real Estate Fund and DFS Fiera Canadian Direct Real Estate (Pension Trusts) Fund. We’ll monitor the situation over the coming quarters and provide updates as necessary.

MFS

On March 15, 2024, the firm announced the nomination of Alison O’Neill, currently Co-Chief Investment Officer of Equity, as the firm’s Chief Investment Officer, effective January 1, 2025. She will also join the MFS Management Committee and report to Ted Maloney, who will succeed Michael Roberge as Chief Executive Officer, effective January 1. Alison held various positions at MFS since joining the company in 2005 and has over 20 years of experience.

Until January 1, 2025, Alison will carry on her duties with Jeanine Thomson and Dave Schindler, Co-Chief Investment Officers, Equities, and will also continue to co-manage the MFS U.S. Equity Core Fund with Jude Jason, Investment Officer and Equity Portfolio Manager. Despite these changes, the manager has not yet announced a potential transition to a new co-manager for the MFS U.S. Equity Core Fund.

The Desjardins Insurance Group Retirement Savings Investment Solutions team sees this change as having a moderate impact with regards to the DFS MFS International Equity Fund, DFS MFS Global Equity Fund and DFS MFS Balanced Growth Fund. We’ll monitor the situation over the coming quarters and provide updates as necessary.