The first major reform to the U.S. retirement system in a decade, the Setting Every Community Up for Retirement Enhancement Act, contains provisions that could be useful guides for Canadian legislators and regulators. Signed into law by President Donald Trump in December, the act, known as SECURE, is primarily aimed at addressing Americans’ difficulty in […]
The Canada Pension Plan enhancements are a strong start but the country needs to do more to help people prepare for retirement, according to a new report from Ryerson University’s National Institute on Ageing. The paper — authored by Keith Ambachtsheer, director emeritus of the International Centre for Pension Management, and Michael Nicin, executive director of […]
For the first time, defined contribution plan assets are exceeding defined benefit holdings across the world’s six largest pension markets, according to new report by Willis Towers Watson’s Thinking Ahead Institute. The report also found DC plan assets have grown at a faster rate (8.4 per cent per annum) than DB plans (4.8 per cent per annum) […]
While Canadians said they plan to retire, on average, at age 62, 59 per cent said they can’t estimate how much money they’ll need to enjoy a comfortable retirement, according to a new survey by BMO Financial Group. The survey of 1,500 Canadians also found only half of respondents are hopeful they’ll have enough money […]
The Canadian Life and Health Insurance Association is asking the federal government to develop a strategy for access to high-cost drugs and to make flexible annuity options available for a variety of retirement savings vehicles. In its 2020 budget submission to Finance Minister Bill Morneau, the association called for the federal government to work with provincial and territorial governments and […]
While more than half of Canadians agreed tax-free savings accounts (59 per cent) and registered retirement savings plans (57 per cent) are a crucial part of their savings strategy, 27 per cent admitted they don’t know the difference between the two options, according to a new survey by TD Canada Trust. “Many Canadians have both […]
Defined contribution pension plans in Ontario can now offer variable benefits to their plan members. The provincial government passed a series of regulations under the Pension Benefits Act to allow the accounts, bringing it in line with every other jurisdiction in Canada except for New Brunswick and Newfoundland and Labrador. “The important thing is that […]
As Mountain Equipment Co-op makes major changes to remain viable, the Vancouver-based retailer is investing in its frontline employees. MEC converted more than 950 jobs classified as casual, non-permanent roles into full- and part-time positions. Those employees will now receive MEC’s benefits package, which includes extended health and dental coverage, a tuition assistance benefit, a […]
Unifor national president Jerry Dias and 13 other union members were arrested Monday night in Regina after the union blockaded the Federated Co-operatives Ltd. refinery as part of an ongoing conflict over employees’ defined benefit pension plan. The barricades are another escalation in an increasingly tense labour dispute that saw Co-op lock out more than […]
If most defined contribution pension plan members who invest their own money underperform those who invest through professionally managed options, how can plan sponsors encourage more uptake of default options? “By understanding the drivers associated with acceptance of a default investment, plan sponsors and defined contribution plan consultants might have additional success getting more participants […]