For the fourth consecutive year, reviewing fees is the most important step defined contribution plan sponsors are taking to improve their fiduciary positions, with fees identified as the main priority for 2020, according to a new survey by U.S.-based investment consulting firm Callan. “With the amount of fee-related project work we see, it’s not surprising […]
Financial well-being benefits are on the rise in North America, according to a new survey by WorldatWork. Among the companies surveyed, 70 per cent said they currently offer financial well-being benefits, more than half said they intend to expand these benefits and 35 per cent said they’ve increased spending in this area. “Financial benefits play a critical […]
A new law expanding retirement plan options for small businesses may encourage more American companies to offer the benefits to their workers. The Setting Every Community Up for Retirement Enhancement Act, known as the SECURE Act, won final congressional approval in the Senate last month and was signed into law by President Donald Trump. One […]
On Friday, a judge in Norwich, U.K. ruled that ethical veganism qualifies as a philosophical belief under Britain’s Equality Act, in a pension-related case filed by ethical vegan Jordi Casamitjana against his former employer, the League Against Cruel Sports. In late 2018, Casamitjana took his grievance to Britain’s employment tribunal, alleging he was unduly dismissed for raising concerns over the organization’s […]
About a year ago, Benefits Canada introduced a few new columns and features, including our Head to Head, where every month we choose a hot industry question and open up a two-person debate. I’m often tempted to join in the discussion, but ultimately fall on the side of restraint. This month, though, I can’t resist […]
This month’s Head to head considers the merits of both defined benefit and defined contribution plans as the country’s pension landscape becomes an increasingly diverse patchwork. Jerry Dias, president of Unifor National: Let’s cut to the chase. Absent a voice for workers through a union and collective bargaining, there really wouldn’t be much debate around defined […]
The Swedish word “tack” translates to “thank you,” which is precisely what IKEA is saying to employees with its Tack! loyalty program. In Canada, the program operates as a deferred profit-sharing plan and is part of employees’ total rewards package. “The [program] was launched in 2013 based on the wish of IKEA founder Ingvar Kamprad […]
With companies finding themselves strapped for cash in the wake of the coronavirus, are plan sponsors scaling back on the company match in capital accumulation plans? Looking at the bigger picture in the U.S., companies are more focused on keeping their businesses running than on their defined contribution plans, says Peg Knox, chief operating officer […]
Eight hundred unionized employees of Regina-based Co-op Refinery remain locked out after contract negotiations stalled. The refinery, which is part of Federated Co-operatives Ltd., locked out members of Unifor Local 594 on Dec. 5. Unifor said Co-op is demanding major concessions on the employees’ defined benefit pension. Currently, the DB plan is fully funded by Co-op, but […]
As pension regulators move forward with legislation permitting annuity options for certain capital accumulation plans, the Canadian Life and Health Insurance Association is calling on the federal government to make flexible annuities available for registered retirement savings plans, registered retirement income funds and tax-free savings accounts. In March 2019, the federal budget proposed enabling advanced life deferred annuities for […]