Longevity risk is still among the top concerns keeping defined benefit pension plan sponsors up at night. While a 62-year-old person that retired in 2002 had a life expectancy of 21.4 years, that has now increased to 26.2 years, said Darwin Bozek, president and chief executive officer of the Ontario Pension Board, during a panel discussion at […]
The Co-operative Superannuation Society Pension Plan is in the middle of a years-long digital transformation that’s aiming to improve member experience. In addition to introducing a modernized and secure member portal, the CSS (No. 2 on the 2024 Top 50 Defined Contribution Plans report) is planning to start leveraging artificial intelligence, says Tami Dove, the […]
While the Canadian Association of Pension Supervisory Authorities’ updated capital accumulation plan guideline contains several key updates with regard to plan sponsor and member responsibilities, smaller plan sponsors may face administrative challenges in applying the guidance, says Jordan Fremont, a partner at Stikeman Elliott LLP’s pensions and benefits group. “Because [the guideline] is so detailed, I […]
Brianne Collins, age 29, has worked as a senior copywriter at a large Toronto-based advertising agency for just over a year. Collins’ agency supports employee financial wellness in several ways, including a group registered retirement savings plan, financial advice and Financial Literacy Month webinars with sessions covering various financial topics. “In busy day-to-day work, it’s […]
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 […]
Going through a divorce can be an extremely stressful and emotional experience and, unsurprisingly, the impacts can spill into the workplace. “[Employees may be] at work but waiting for that text from the lawyer — they’re distracted on what they’re going to do next in the proceedings,” says Brent Dul, executive vice-president at Randstad Canada. […]
Ontario’s proposed regulatory framework for target-benefit pension plans includes requirements that are more prescriptive than other jurisdictions and could result in additional costs and reduced benefits for plan members, said the Association of Canadian Pension Management. In an open letter, the ACPM noted the inclusion of policies — such as those determining funding and benefits, […]
The Financial Services Regulatory Authority of Ontario has updated its guidance on the roles and responsibilities of pension plan administrators, adding three additional areas for administrators to enhance protection and stability for pension plan beneficiaries. The guidance, which took effect earlier this month, stated an administrator is responsible for all aspects of the administration of the […]
When Phillip Kotanidis took over as chief human resources officer at Toronto’s Michael Garron Hospital in 2018, the financial well-being of staff wasn’t exactly high on his agenda. In such a fast-paced and potentially stressful workplace, money matters naturally took a backseat to the physical and mental health of the hospital’s staff, who are members […]
An article highlighting CGI Group’s initiatives for Mental Health Awareness Month was the most-read story on BenefitsCanada.com this week. Here are the top five human resources, benefits, pension and investment stories of the past week: 1. CGI Group promoting mental-health support through compassion tool, employee recognition 2. Gen Z reports worsened communication skills due to remote working, […]
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