A third (33 per cent) of recently retired Canadians said they retired sooner than they planned and 30 per cent of pre-retirees intend to change their retirement date because of the coronavirus pandemic, according to a new survey by RBC Insurance. It found Canadians are still largely relying on traditional retirement savings tools, such as […]
Pension coverage in the public sector is high, with the vast majority of public sector employees covered by a defined benefit pension plan. However, the story is very different in the private sector as pension coverage is much lower and is trending downwards. Only 22 per cent of private sector employees participated in a registered […]
The Pension Investment Association of Canada is urging the federal government to allow for tax-free mergers of maturing target-date funds. In a letter to the Department of Finance Canada, the PIAC said current tax rules don’t permit tax-free mergers of a target-date fund series into a terminal fund — where a target-date fund provider will […]
More workers may soon be able to stake some of their 401(k) retirement savings to Bitcoin, as cryptocurrencies crack even deeper into the mainstream. Retirement giant Fidelity Investments Inc. has launched a way for employees to put some of their 401(k) savings and contributions — potentially up to 20 per cent — directly in Bitcoin, […]
Earlier this year, I received an email from a Canadian National Railway Co. employee who had recently learned their defined benefit pension plan was winding up and they’d be moved into a defined contribution plan. According to the plan member — who will remain anonymous — CN closed the DB plan to new hires more […]
The economic impact of the pandemic has been unevenly distributed across various industries, with travel and transportation among the hardest-hit sectors. However, while travel restrictions and subsequent employee layoffs in these industries made headlines throughout 2020 and 2021, the pension plans provided by these employers have largely weathered any economic fallout. The impact on air […]
Rio Tinto Group is making parental leave more accessible for employees by removing the distinction between primary and secondary caregivers. The policy change — which takes effect in Canada in June and will be implemented worldwide by the end of 2023 — provides all new parents with 18 weeks of 100 per cent paid parental […]
While the majority (79 per cent) of U.S. employees remain confident they’ll be able to retire when and how they want, a quarter are less confident than they were before the coronavirus pandemic, according to a new survey by Fidelity Investments Inc. The survey, which polled 2,600 workers, also found 71 per cent said they’re […]
Almost two-thirds (62 per cent) of U.S. defined benefit plan sponsors are seeking to exit their plans, while 33 per cent are looking to achieve self-sufficiency and just five per cent are planning to keep their plans open, according to a survey by State Street Corp. Among DB plan sponsors eyeing an exit, the survey […]
With today marking the second anniversary of the coronavirus pandemic, it isn’t surprising that a pair of articles on the pandemic’s lasting impact were among the most read stories over the past week on BenefitsCanada.com. Here are the five most popular news stories of the week: 1. Two years later: Canada’s DB, DC pension plans weathering the […]