The union representing roughly 300 employees at American Airlines in Toronto and Montreal has ratified a new two-year agreement that includes pension and benefits improvements. The agreement includes a 0.5 per cent increase to the matching formula for the defined contribution pension plan — from 5.5 per cent to six per cent — plus an […]
Since employers play a key role in supporting pension growth, policy-makers should consider their involvement when implementing pension reforms, according to a new report by the Organisation for Economic Co-operation and Development. The report found OECD member countries can optimize employer involvement by reducing financial and administrative barriers that prevent employers from establishing pension plans, […]
Slightly more than a third (35 per cent) of U.S. institutional investors are incorporating environmental, social and governance factors into investment decisions, down from a high of 49 per cent in 2021, according to a new survey by investment consulting firm Callan. The survey, which polled more than 100 institutional investors, found 50 per cent […]
The Association of Canadian Pension Management is calling on the federal government and capital accumulation plan sponsors to support members’ financial wellness by focusing on decumulation. In a new white paper, the ACPM proposed the creation of a “retirement dashboard” that informs retirees of their available sources of retirement income — including government retirement benefits, […]
The Saskatchewan government is introducing amendments to its pension legislation that provide additional flexibility for plan sponsors and introduce new decumulation options for members of defined contribution plans. The bill, which passed first reading in provincial parliament last week, includes provisions for DC plan sponsors to offer advanced life deferred annuities and variable payment lifetime […]
Two-fifths (40 per cent) of all U.S. private sector employees don’t have an employer-sponsored retirement plan and non-white workers have the least access to these plans, according to a report by T. Rowe Price Group Inc. It found that, while 58 per cent of white employees had access to workplace retirement plans, this percentage decreased […]
Two-fifths (41 per cent) of U.S. women say they expect to retire at age 70 or older or don’t plan to retire at all, according to a survey by the Harris Poll on behalf of the Transamerica Center for Retirement Studies. Among women who plan to work past age 65 or who don’t plan to retire, […]
A recent Ontario Divisional Court ruling serves as a caution that employers’ prior conduct may prohibit them from amending pension plans even when the collective agreement clearly allows them to do so. “The takeaway from the decision is that employers’ discretion to amend plans will always be subject to labour law principles in cases that […]
The FIRE concept — financial independence and retiring early — is gaining traction among younger workers, but as appealing as early retirement may be, it isn’t very realistic given the current economic conditions, according to experts. Bonnie-Jeanne MacDonald, director of financial security research for the National Institute on Ageing at Toronto Metropolitan University, notes the population […]
Every day, it seems the news includes a story or two about the economy and whether or not a recession is coming. At the same time, with interest rates, inflation and day-to-day costs rising, employees may already be feeling anxious about their ability to meet their financial obligations. Some employees will be feeling concerned about […]