Lululemon Athletica Inc.’s extensive financial wellness offerings led to a win at Benefits Canada‘s 2023 Workplace Benefits Awards on Oct. 20. The apparel company won in the Financial wellness category for its Fund Your Future program, which offers financial benefits and resources to support employees in making informed decisions no matter where they are in their financial journey. […]
The Saskatchewan Pension Plan is expanding its variable benefit option to all retiring plan members across Canada. The option, which was previously only available to Saskatchewan-based plan members, allows for continued investment choice and income flexibility, according to a press release, which noted members who opt for the variable benefit can consolidate funds by transferring […]
Nearly two-thirds (60 per cent) of global defined contribution pension plan members say they’re thinking differently about retirement amid rising inflation, according to a new survey by MFS Investment Management. The survey, which polled roughly 4,000 global DC plan members, found workers younger than age 45 were more likely to say they’ll need to save more […]
Canada’s retirement system ranks No. 12 out of 47 countries but has room for improvement amid a challenging economy and ageing population, according to a new report by Mercer and the CFA Institute. The report analyzed retirement systems based on adequacy, sustainability and integrity. It ranked the Netherlands with the highest score (85.1 out of 100), […]
While U.S. generation Z workers want to retire at age 61, 99 per cent of these employees say they’re facing obstacles to saving for a comfortable retirement, a nine per cent increase from 2022, according to a new survey by Charles Schwab & Co. Inc. The survey, which polled 1,000 401(k) plan participants, found the […]
While U.S. auto workers would like to see their pension plans converted from defined contribution to defined benefit, it may be more challenging than it was for their Canadian colleagues. The recent contract agreements for Unifor members at Ford of Canada and General Motors will see DC plan members move into the Colleges of Applied […]
Whether it’s in the magazine, on the website or at our various defined contribution pension plan events, Benefits Canada is regularly writing about how DC plans are evolving. The pension industry has come a very long way in the last few decades. When my parents began their working lives in the early 1970s, they both had defined […]
The Financial Services Regulatory Authority of Ontario’s proposed guidance on pension plan administrator roles and responsibilities requires more clarity and consistency, according to the Association of Canadian Pension Management. In an open letter, the ACPM recommended greater clarity regarding the distinction between statutory guidance and general commentary, particularly in the sections on records retention and […]
General Motors and the union representing Canadian auto workers reached a tentative contract agreement Tuesday, ending a strike that began just after midnight. About 4,300 striking workers at two GM factories and a parts warehouse returned to work Tuesday afternoon and will vote on the three-year deal later. The tentative agreement with GM follows the pattern […]
As Canadians struggle to save amid the rising cost of living, employers play a crucial role in facilitating savings options for their employees, says Doug Crowe, vice-president of RBC Group Advantage, the Royal Bank of Canada’s group retirement division. “The first important step employers can make is deciding to sponsor a group savings plan for employees, which […]