At the 2021 Defined Contribution Plan Summit, which was hosted virtually on Oct. 6, delegates heard about several pressing issues facing DC plan sponsors and members, including an ageing demographic, decumulation, education around investment options and required legislative updates. Here’s what you missed: CPP/QPP delay a simple solution to improving retirement readiness Using DC investments […]
Managing and drawing down retirement savings is an “impossible task” with contributing factors including the trend away from workplace pension plans, historically low interest rates and high life expectancies. In the keynote address at Benefits Canada‘s 2021 DC Plan Summit, Bonnie-Jeanne MacDonald (pictured), director of financial security research at Ryerson University’s National Institute on Ageing, […]
Low financial literacy and the slow pace of legislative frameworks are among the challenges hindering Canadian DC plans from offering in-plan decumulation options, according to a panel discussion at the event. Speaking during a panel discussion at Benefits Canada‘s 2021 DC Plan Summit, Michael Dodd (pictured, far left), associate vice-president of pensions, treasury and shareholder […]
While target-date funds are highly prevalent in defined contribution pension plans’ investment portfolios, gaining space as the default of choice, areas of improvement exist in terms of educating plan members about the option. During Benefits Canada‘s 2021 DC Plan Summit, Jessica Sclafani (pictured), director and DC strategist in the investment solutions group at MFS Investment Management, […]
Among all the legal issues facing DC plan sponsors and administrators, questions around contribution errors is top of mind. “The industry has been speaking with [the Department of] Finance Canada on the tax side to see what can be done to help support us in fixing these errors,” said Susan Nickerson (pictured, left), a partner […]
One, as Harry Nillson crooned in his classic breakup song, can feel like the loneliest number. At the end of working life, many retirees with defined contribution pension plans can be left feeling alone and confused — cut off from their plan sponsors and pension administrators and sent out with their savings accounts into the […]
To celebrate Financial Literacy Month, a consortium of public sector defined benefit pension plan sponsors are releasing an informational video designed to educate their plan members about the risks associated with taking the commuted value out of their pension. The animated video was produced by the British Columbia’s college, municipal and public service, WorkSafeBC, the Colleges of […]
The Association of Canadian Pension Management is calling on Retraite Québec to review its draft amendment of a regulation governing supplemental pension plans. In a letter to the pension plan administrator, the ACPM said that a section of the amendment — stating that recovery measures in the event of insufficient contributions to a target-benefit pension […]
More than 19 months into the coronavirus pandemic, employers are focusing on enhanced mental-health offerings and streamlined communications for their benefits and pension plans. During a virtual roundtable on Oct. 14, the 2021 Workplace Benefits Awards finalists discussed the changes brought about by the pandemic and how they’ve adapted their benefits and pensions offerings, while looking […]
A story looking at the award-winning strategy behind Canadian Forest Products Ltd.’s ongoing support for employees’ savings and retirement goals took the top spot over the past week on BenefitsCanada.com. Here are the five most popular news stories of the week: 1. Canfor wins award for educating employees on retirement savings 2. Ontario introducing right-to-disconnect legislation 3. Unvaccinated employees may […]