From 2016 to 2024, fewer plan members are confident they’ve saved enough for retirement. Indeed, Benefits Canada’s 2024 CAP Member Survey found plan members’ optimism that their retirement is on track declined to 56 per cent from 63 per cent in 2022, while three-quarters (73 per cent) said they’re worried they won’t have enough saved […]
The union representing more than 1,600 faculty, librarians, archivists and post-doctoral researchers at York University has ratified a three-year collective agreement that includes multiple benefits gains. The agreement includes an increase in coverage for eyeglasses from $850 to $935 every 24 months, as well as an increase for paramedical services from $3,000 to $3,200. In […]
The consolidation of firms within the pension and benefits industries could pose a threat because there’s less choice available in terms of service providers, says Susan G. Seller, a pension and benefits lawyer at Bennett Jones LLP. “I think the evolution of the services they offer . . . poses a particular challenge for employers […]
While lawsuits against Canadian capital accumulation plans are virtually non-existent, U.S. pension litigation holds several lessons for plan sponsors that are based north of the 49th Parallel. “We don’t have these lawsuits occurring [in Canada], but it does help us educate our [plan sponsor] clients in terms of what trends may be because whatever happens […]
The Association of Canadian Pension Management is urging the Ontario government to ensure its proposed amendment to the Succession Law Reform Act doesn’t introduce unintended confusion or ambiguities that would make it challenging for pension plan sponsors, administrators and trustees to carry out their duties. In an open letter, the ACPM said the language of the […]
Businesses that are planning to establish themselves in Quebec by way of expansion or acquisition should be aware of some unique aspects of the province’s pension and benefits laws. Employers are required to make a voluntary retirement savings plan available to their employees. In addition, provincial legislation prohibits ‘orphan’ or ‘grandfathering’ clauses that distinguish pension […]
The union representing employees of the Liquor Control Board of Ontario has ratified a three-year collective agreement that includes multiple benefits gains, ending a two-week strike. The agreement includes increases in coverage for mental-health services for up to 90 per cent of the total cost of the prescribed plan of treatment, to a combined annual […]
Seven in 10 U.S. workers between the ages of 40 and 80 with at least $100,000 in investable assets say they’d be “very” or “somewhat” likely to select an in-plan annuity option if it were available within their employer-sponsored retirement savings plan, according to a new report by LIMRA. It also found younger plan participants […]
Half (51 per cent) of women in the U.S. aged 65 who are entering their peak retirement years have less than $100,000 saved, with the percentage rising (67 per cent) among single women, according to a new survey by Artemis Strategy Group on behalf of non-profit the Alliance for Lifetime Income. The survey, which polled more than 2,500 consumers between […]
Jordan Fremont is joining Stikeman Elliott LLP’s pensions and benefits group as a partner. His practice focuses on pensions, benefits and compensation plan design, as well as compliance, governance, administration, regulatory investigations, disputes and business transactions. Fremont previously practiced at Bennett Jones LLP and prior to that, at Hicks Morley Hamilton Storey Stewart LLP. Read […]