Office of the Chief Actuary
The Office of the Chief Actuary (OCA) has unique responsibilities within OSFI. The OCA was created to provide actuarial and other services to the Government of Canada and provincial governments who are Canada Pension Plan (CPP) stakeholders. It was established within OSFI as a separate unit and, while the Chief Actuary reports to the Superintendent, he or she is solely responsible for the content and actuarial opinions in reports prepared by the OCA.
The current environment for the retirement income system puts an additional onus on the Office of the Chief Actuary to be, and be seen to be, fully accountable and professionally independent. The OCA maintains its credibility and the quality of its work by adhering strictly to professional actuarial standards. The Chief Actuary and all Fellows and Associates are members of the Canadian Institute of Actuaries (CIA) and are subject to the CIA Rules of Professional Conduct. The statutory actuarial reports are prepared by OCA Fellows of the CIA and co-signed with the Chief Actuary to enhance the internal quality control process.
Jean-Claude Ménard Chief Actuary
Jean-Claude Ménard was appointed Chief Actuary in August 1999. He is responsible for preparing the actuarial reports of the Canada Pension Plan, the Old Age Security program, the Canada Student Loans Program, and pension and benefits plans for federal public servants, the Canadian Forces, the RCMP, federal judges and members of Parliament. Prior to joining OSFI, Mr. Ménard held progressively senior roles with the Quebec Pension Board, culminating in his appointment as Chief Actuary and Director of Valuation in 1995. From 1992 to 1994, he served as vice-chairman of an Examination Committee of the Society of Actuaries. Since 2002, he has been vice-president of the Technical Commission of Statistical, Actuarial and Financial Studies of the International Social Security Association.
Role and Responsibilities
The federal government, through the Canada Pension Plan in conjunction with the provinces and territories, and through public sector pension arrangements and other social programs, has made commitments to Canadians and is responsible for ensuring the sustainability of these commitments. In the case of the Canada Pension Plan, these commitments have been made in conjunction with the provinces and territories, that are co-stewards of the plan. Some are long-term, and it is important that decision-makers, Parliamentarians and the public understand the inherent risks these commitments present. The Office of the Chief Actuary has a vital and independent role to play in this process. The OCA provides appropriate checks and balances on the future costs of the different pension plans and social programs that fall under the OCA’s responsibilities.
The Office of the Chief Actuary conducts statutory actuarial valuations of the CPP, Old Age Security (OAS) program, and pension and benefit plans covering the federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police (RCMP), federally appointed judges, and Members of Parliament. Since 2001, the OCA has also been responsible for undertaking the actuarial review of the Canada Student Loans Program.
Whenever a bill is introduced before Parliament that has a significant impact on the financial status of a public pension plan or social program falling under the statutory responsibilities of the Chief Actuary, the OCA must submit an actuarial report valuing this impact to the appropriate minister. The Chief Actuary submits these reports to the Ministers of Finance, Human Resources and Social Development, and to the President of the Treasury Board.
The OCA also provides the relevant government departments, including the executive arm of provincial and territorial governments, who are co-stewards of the CPP, with actuarial advice on the design, funding and administration of these plans. OCA clients include Human Resources and Social Development, Finance, Treasury Board Secretariat, Public Works and Government Services, National Defense, Veterans Affairs, the RCMP and Justice Canada.
