Recommendations from two provincially appointed special mediators have failed to quell the labour dispute between Federated Co-operatives Ltd. and the union representing its refinery employees. On Sunday, Unifor Local 594 said it filed an unfair labour practice complaint with the Saskatchewan Labour Board in early March, alleging that Co-op undertook a “concerted campaign of psychological attacks on union […]
With many people around the world facing layoffs due to business shutdowns caused by the coronavirus, financial stress is pervasive. In Australia, the government is allowing individuals affected by coronavirus to access up to $10,000 of their superannuation savings tax-free in both 2019-20 and 2020-21, subject to restrictions, including that they must be unemployed or […]
With the federal government easing the withdrawal requirements for registered retirement income funds in a bid to alleviate the harm to retirees’ portfolios caused by the coronavirus-spurred market crash, the industry is suggesting similar measures for other retirement arrangements. “Canadians who are about to turn money into income will be faced with the decision of […]
Canadians, like many around the world, have watched from the sidelines as interest rates have plummeted and the markets have dropped significantly over the past couple of weeks, with a devastating toll on both personal retirement savings and employer-sponsored pension and other retirement savings plans. Existing industry concerns about the adequacy of retirement savings in […]
As many employers are forced to temporarily lay off employees due to the impact of the coronavirus pandemic, what does that mean for the provision of benefits and pension plans? Kim Siddall, vice-president and local practice leader at Aon, says eliminating benefits isn’t the route most employers would voluntarily choose, but she acknowledges that where […]
In this time of global pandemic, the coronavirus is shaking up everything, with high market volatility and changing work arrangements. Everyone is worried — not only for their immediate futures, but also for the long term. “It’s pretty hard to watch the market go through the volatility that we’ve seen over the last couple of […]
Sometimes, the best way to explore the unknown is by following in the footsteps of someone who’s been there first. When it comes to in-plan decumulation options from a defined contribution pension, whether the plan was grandfathered into existing legislation or is registered in a province that allows the option, many employers — and their […]
Once again, we’re experiencing volatile markets. During these times, it’s common to hear the following statements: It isn’t time to panic. This has happened before. Make sure the pension plan’s asset mix is correct. While these messages may be good advice for individual investors, defined contribution plan sponsors should be considering how to help their employees. Here are […]
The League Against Cruel Sports is now acknowledging it dismissed an ethical vegan employee after he raised concerns over the organization’s pension plan. The employee, Jordi Casamitjana, told Benefits Canada in 2018 he was upset when he discovered the defined contribution pension provided by his employer meant his contributions were being invested in companies that were misaligned with his ethical […]
The gross income replacement levels for a typical capital accumulation plan have decreased by more than 10 per cent during the past 11-year bull market, according to a report by Eckler Ltd. After the financial crisis in late 2008 the economy rebounded, but more than a decade of strong stock returns weren’t enough to markedly improve the amount of income […]