To say things have changed since I wrote my last editorial is a massive understatement. Of course, the early rumblings of the coronavirus pandemic were already underway in the early weeks of 2020, but they were still very far removed from Canada’s reality. At the time of writing these words in mid-April, worldwide coronavirus cases […]
The United Way Greater Toronto introduced a defined benefit pension plan in 1965 and moved to a hybrid plan in 1990. While the DB side was fully paid by the employer, the defined contribution component allowed employees to contribute up to four per cent of their annual salary with a 50 per cent employer match. […]
Canadian pension rules and regulations are in need of reform in order to properly address the reality of the 21st century workplace pension landscape, according to a new report by the C.D. Howe Institute. The report, authored by Bob Baldwin, a pension industry veteran and chair of the C.D. Howe’s pension policy council, argued that the […]
Alongside a struggling global economy, Canadian capital accumulation plan sponsors and members are facing unprecedented challenges. This year, Benefits Canada‘s annual CAP Member Survey fielded its questions between March 30 and April 1, reaching respondents as they were in the midst of coming to grips with the effects of the global coronavirus pandemic. As in […]
The Canada Revenue Agency is waiving the one per cent minimum required employer contribution on defined contribution pension plans for the remainder of 2020. Registered DC plan sponsors are required to contribute at least one per cent of all active members’ pensionable earnings each year. But in light of the coronavirus pandemic, the Minister of National […]
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 […]