Does your organization’s benefits or pension plan communications deserve recognition? Are you leading the way when it comes to supporting your employees’ mental health? Is your company’s financial wellness program award-worthy? Benefits Canada’s annual Workplace Benefits Awards is officially open for nominations. Submit your entries here. As in previous years, the 2020 awards will continue to honour the achievements of […]
The Financial Services Regulatory Authority of Ontario has confirmed it will permit a suspension of employer contributions to defined contribution pension plans on a temporary basis. However, any change to either employer or employee contributions can only be on a go-forward basis and must be supported by an amendment to the plan text, said the […]
North American employers are attempting to strike a balance between supporting employees and reducing costs during the coronavirus pandemic, according to a new survey by Aon. The survey, which polled more than 1,400 North American companies, found 70 per cent said they’re giving their working parents additional flexibility around their schedules, while 57 per cent said they’re […]
In this time of pandemic, a lot has been shared about the woes of defined benefit pension plans, but members of capital accumulation plans are also feeling the impact, even though few have even noticed. Fortunately, target-date funds and lifecycle portfolios have really helped. But the government and provincial regulators need to help as well. Once […]
Telus Communications Inc.’s director of pension and benefits talks about plan member choice, honouring diversity and local walks. Q. What top challenges do you face in your role? A. Providing personalized, meaningful benefits to our team members, while at the same time ensuring the sustainability of the program through prudent cost management — it can be a […]
A new report by the C.D. Howe Institute is urging the federal government to suspend taxes on registered retirement savings plan withdrawals during the coronavirus pandemic. The report said the current financial assistance measures are an excellent start, but may still leave certain individuals and households with immediate cash-flow problems. Indeed, even for those to whom government assistance […]
While a flurry of capital accumulation plan member activity might indicate their anxiety amid an economic crisis, not many are choosing to make changes to their investments right now. In meeting with record keepers, Rosalind Gilbert, associate partner in the retirement and investment consulting group at Aon, says plan sponsors are more eager than usual for […]
George & Bell Consulting Inc. is calling on the federal government to allow non-punitive withdrawals from registered retirement savings plans for Canadians to meet their short-term financial needs. Currently, Canadians can withdraw assets from their RRSPs at any time, but the treatment on withdrawal is generally punitive, with withdrawals resulting in personal income tax on […]
In normal circumstances, pension plan members don’t respond well to being inundated with information about their plans. Typically, a deluge of content can turn off plan members, says Jillian Kennedy, leader of defined contribution and financial wellness at Mercer Canada. But today’s circumstances are far from ordinary. “Right now, you can’t over communicate.” In 2008, the financial […]
In the midst of an unusual or unsettling situation, such as the coronavirus pandemic, pension plan sponsors should remember that both defined benefit and capital accumulation plan arrangements are intended to be managed for the long term. The negative impact of the coronavirus on global economies and on businesses is a concern, particularly with respect to […]