While more than three-quarters (79 per cent) of U.S. employees say they’re satisfied with their employer-sponsored pension plan, 76 per cent say they’re concerned about their capacity to save for retirement due to economic volatility, according to a new survey by Arthur J. Gallagher & Co. The survey, which polled more than 300 employees and […]
More than 5,600 Ford of Canada workers have voted in favour of ratifying a three-year collective agreement that includes improvements to the defined contribution and defined benefit pension plans. The agreement “fundamentally transforms pension plans,” said Lana Payne, Unifor national president, in a press release. Under the agreement, the DB plan’s basic monthly benefit rate […]
The majority (95 per cent) of U.S. 401(k) plan sponsors say they intend to change their plan design by the end of the year, according to a new survey by Fidelity Institutional. The survey, which polled more than 1,300 employers, found a quarter said they plan to increase their matching contribution (26 per cent) and […]
B.C. Transit’s Fraser Valley bus drivers are joining the Colleges of Applied Arts and Technology’s DBplus pension plan. After a strike action that lasted 124 days earlier this year, the Canadian Union of Public Employees Local 561 secured a new six-year contract agreement for its 213 members who work in the communities of Abbotsford, Agassiz-Harrison, […]
The union representing employees at Community Support Centre-Northwest in Dryden, Ont. has ratified a three-year agreement that includes retirement savings and benefits gains. The agreement includes a new group registered retirement savings plan with a 100 per cent employer match when employees contribute up to four per cent to the plan. It also includes four […]
With Canadians’ financial priorities shifting alongside a turbulent economic climate, including inflation levels not seen in decades and a never-ending rise in the cost of living, it isn’t surprising capital accumulation plan members’ commitment to retirement savings is taking a hit. Benefits Canada’s 2023 CAP Member Survey found just 41 per cent of respondents rated […]
PepsiCo Canada’s enhanced defined contribution pension plan is supporting the retirement goals of a very diverse employee population. The company, which employs roughly 11,000 people across its food and beverage divisions, has a wide range of roles, from drivers and warehouse workers to sales employees. While the organization offers multiple pension plans, the majority of […]
The union representing 350 WestJet employees at Toronto’s Pearson International Airport has ratified a 2.5-year collective agreement that includes pension and benefits gains. The agreement enshrines the airline’s savings plan specifically for this group of workers. The plan permits contributions to either a cash savings plan, a group registered retirement savings plan or a group […]
Three-quarters (76 per cent) of U.S. defined contribution pension plan sponsors say their plan offers automatic enrolment, according to a new survey by investment consulting firm Callan. The survey, which polled roughly 100 DC plan sponsors, found the vast majority used auto-enrolment for new hires, while far fewer offered this feature for current employees. Half […]
After reaching a near 40-year high over the past year, headline inflation started to cool in the final months of 2022 following a series of aggressive interest rate hikes by the Bank of Canada. According to Statistics Canada, the consumer price index was up 6.3 per cent year over year in December, down from a […]