Features such as automatic enrolment in 401(k) savings plans are helping U.S. employees become retirement ready, said Mark Iwry, a non-resident senior fellow at the Brookings Institution and a former senior advisor to the U.S. Secretary of the Treasury for national retirement and health policy, during a session at Benefits Canada’s 2024 Defined Contribution Plan […]
More than £50 billion in U.K. pension benefits were at risk of being misplaced in abandoned accounts or scattered across multiple lost pots in 2023, according to a study by the Centre for Economics and Business Research on behalf of PensionBee Ltd. It noted at least 4.8 million U.K. pension pots were considered lost in 2023, […]
The Association of Canadian Pension Management is reiterating its support for fully enabling automatic features in retirement savings plans, including defined contribution pensions, group registered retirement savings plans and group tax-free savings accounts. In a letter to the Ontario government, the association said the province’s employers want to implement automatic features that reduce red tape […]
More than two-fifths (43 per cent) of U.S. defined contribution pension plan sponsors say their plan offers automatic escalation, up from 21 per cent in 2013, according to a new survey by J.P. Morgan Asset Management. The survey, which polled more than 700 employers, found nearly two-thirds (61 per cent) said they take a proactive […]
High inflation and interest rates are having a real impact on people’s finances, according to Benefits Canada‘s 2023 CAP Member Survey, which found 76 per cent of capital accumulation plan members say inflation is negatively impacting their financial situation, while 59 per cent say the same about interest rates. For many people, the day-to-day cost […]
With group retirement plans aimed at helping members avoid risks and achieve their savings goals, defined contribution plan sponsors are uniquely positioned to step up and take a more active role in managing risk, said Christine van Staden, regional vice-president of group customer and national accounts business development at Canada Life, during Benefits Canada‘s 2023 […]
While a third of Canadians are very or extremely confident they’ll be able to retire at the age they want to, around 40 per cent are somewhat confident and a fifth say they don’t think they’ll be able to retire at all, according to MFS Investment Management’s 2022 global retirement survey. “Those stats for the […]
U.S. 401(k) plans that feature automatic enrolment continue to yield higher plan member participation rates (86 per cent) than plans without auto-enrolment (37 per cent), according to a new report by T. Rowe Price Group Inc. The report, which analyzed the firm’s 2022 client data, found the adoption of auto-enrolment by 401(k) plan sponsors rose […]
Three-quarters (76 per cent) of U.S. defined contribution pension plan sponsors say their plan offers automatic enrolment, according to a new survey by investment consulting firm Callan. The survey, which polled roughly 100 DC plan sponsors, found the vast majority used auto-enrolment for new hires, while far fewer offered this feature for current employees. Half […]
A new U.S. law that aims to strengthen retirement support for workers holds valuable lessons for Canada’s retirement system, says one pension consultant. The Secure 2.0 Act of 2022, which was signed into law in December, contains several provisions to enhance the U.S. retirement system and boost retirement savings, including a requirement for plan sponsors to […]