Canada Life Assurance Co. is introducing a self-directed registered education savings plan to help employers support their employees’ varying financial priorities. Employers can add the RESP to their employee benefits plan at no addition cost, while plan members can choose either the family or individual plan, where they can contribute as much or as little […]
The average Canadian employee will have to accumulate 10.9 times their final pay to maintain the same spendable income once they retire, according to a new report by Aon. The report defines retirement income adequacy as having the same spendable income after retirement as before, taking into account changes in savings, taxes, medical expenses and […]
With financial worries swirling through the minds of many employees as the economic impacts of the pandemic rage, some segments of employee populations may be feeling worse about their finances than others and it’s important for employers to be able to discern who’s struggling the most, according to a new report from U.S.-based think tank Financial […]
During the coronavirus pandemic, employers and employees have seen major changes to their group retirement plans. For example, many employees who were able to continue working during the pandemic have seen employer contributions reduced or fully suspended. And some employees have seen this in addition to a pay cut or reduced hours. Of course, financial wellness has […]
A new paper is evaluating how global retirement systems are faring in the wake of the coronavirus pandemic and what reforms will be required to facilitate the retirements of future generations. The paper, ‘Building better retirement systems in the wake of the global pandemic,’ by Olivia Mitchell, a professor and executive director of the pension research council […]
With many Canadians dealing with financial stress, employers are uniquely positioned to help, but their financial wellness programs must go beyond just literacy. “[Everyone] has heard the term financial literacy, but as we know, it’s not enough,” said Saijal Patel, founder and chief executive officer of Saij Wealth Consulting Inc., during a Canadian Pension and Benefits Institute webinar earlier […]
Defined contribution pension plan sponsors may face workforce planning challenges coming out of the coronavirus pandemic as older plan members whose account balances were hard hit by this year’s market volatility delay their retirements. “We saw a lot of presenteeism coming out of the [global financial crisis] — are we going to see that again?” asks […]
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 […]
As the world changes, so do the workforce and workplaces of today, demanding a new approach to how the industry is helping defined contribution plan members save for retirement. During a session at Benefits Canada‘s 2020 DC Plan Summit in Montreal in February, Maria-José Perea, vice-president, business solutions and marketing for group retirement savings at […]
Wrapping up the 2020 DC Plan Summit with his customary flair, Zaheed Jiwani, principal and leader of the DC consulting group at Eckler Ltd., highlighted the pervasive themes through a selection of songs. With Joe Cocker’s “With a Little Help from My Friends,” he noted how the plan sponsor case studies shared real-life examples of […]