Canadians looking to replace their working income with benefits from capital accumulations plans and the government are facing a grim reality. Indeed, pre-retirement income replacement from those two sources sits at 55 per cent for Canadian women and 57 per cent for men, according to Eckler Ltd. income tracker. Worsening the situation, returns from equity and […]
The Oxford comma strikes again. In a case that turned on a dispute over number rounding and comma placement, an Ontario court has dismissed a class action brought against Bell Canada by the company’s retired employees. On Aug. 12, the Ontario Superior Court of Justice certified a proposed class action brought on behalf of 35,000 […]
In the wise words of George Bernard Shaw, “the single biggest problem with communication is the illusion that it has taken place.” When it comes to employer-provided benefits and pension plans, this phrase rings as true as it does in any other part of life. I believe that communication is the single most important and […]
The complexities of income tax at retirement can come as a shock to pensioners, but most plan sponsors are providing limited assistance in helping their retiring employees deal with these issues. “In our experience, much of the communication and education provided by employers/sponsors or their plan record keeper focuses on basic retirement and investment knowledge, […]
Lululemon Athletica Inc.’s benefits program manager discusses engaging young employees with retirement savings, yoga benefits and riding his motorcycle to Whistler. Q. What top challenges do you face in your role? A. I look after our retirement savings program, so the challenge we have is based on our demographics. All of our retail employees are fairly […]
Globally, the majority (85 per cent) of employees want help with their pension and retirement planning, according to a new survey by Accenture. The report, which surveyed workers in 10 countries in Asia-Pacific, Europe and South America, also found 82 per cent of respondents said they’d like retirement coaching. Millennial workers expressed the most interest […]
A disconnect exists between defined contribution plan sponsors’ intentions and actions when it comes to helping employees with financial wellness, according to a new survey by J.P. Morgan Asset Management. Among more than 800 U.S. DC plan sponsors, 74 per cent said they have a very or somewhat high commitment to employees’ fiscal health, although […]
In preparing for retirement, women have to contend with the salary gap, barriers to career continuity and more limited access to employer-sponsored pension plans, making them more stressed about their financial futures than men, according to a recent report by Invesco Canada Ltd. The report set out three key ways employers can engage on this issue. […]
Benefits Canada is extending the deadline for entering the 2019 Workplace Benefits Awards to Monday, July 15. The annual awards, which will be held in Toronto on Oct. 17, recognize employers and plan sponsors that are leading the industry in their approaches to supporting the mental, physical and financial well-being of their employees. Enter the 2019 Workplace […]
The pension industry has mixed feelings about the language used around retirement and whether it still reflects the needs of today’s workforce. “It’s always been retirement and always will be what we call it,” says Lois Brzak, payroll supervisor for the Agriculture Financial Services Corp. But a conversation is beginning to permeate the industry, with […]