A survey by the International Foundation of Employee Benefit Plans finds that 51.4% of Canadian organizations offer a defined contribution(DC)plan.
The most popular DC plans offered are the registered DC or money purchase plan, offered by 70.3% of respondents, according to the firm’s Employee Benefits Survey: U.S. and Canada 2007. The second most common is the group registered retirement savings plan, offered by 54.1%.
“More than half of all Canadian respondents offer at least one capital accumulation plan,” says Julie Stich, senior information/research specialist at the International Foundation. “While CAPs are offered by public employers and multi-employer funds, they’re more likely to offer some type of defined benefit pension(DB)plan.”
Overall, more than 78% of respondents provide a matching contribution to their DC pension plan, however, no multi-employer plans match contributions. The most common maximum match range among respondents is 1% to 9%.
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