In 2016, the Government of Canada reached an agreement with the provinces that provides for significant enhancements to the Canada Pension Plan, with an announcement of similar changes to the Quebec Pension Plan following in 2017. When the changes were announced, employers took note of the pending increases in the target benefit and contribution rates under the […]
In the midst of financial literacy month, what does education look like in a defined benefit world where plan members don’t have to actively make investment choices? And how much do members need to understand about investments? While financial literacy is important, DB plans allow members to prepare for retirement without being financial experts themselves, says […]
It’s a constant challenge for employers to ensure their plan members understand and appreciate the pension and benefits programs available to them. It isn’t easy, but employers stand a better chance of success when the information is meaningful and relevant. The marketing and retail industries have been doing it for ages, to the point where personalization isn’t […]
The Canadian Association of Pension Supervisory Authorities has released a draft revision of its guideline No. 2, which looks at electronic communication in the pension industry. The guideline was initially set out in February 2002 to help pension plan administrators and members apply new electronic commerce legislation to communications required under pension legislation. In the CAPSA’s initial consultations to develop […]
These days, peace of mind is hard to come by, but the employers at the 2018 Workplace Benefits Awards roundtable centred their discussion around the many ways they can positively contribute towards their workforces’ mental, physical and financial health, particularly when it comes to absenteeism and improving return-to-work processes. “We know that if people are […]
Niagara Casinos’ multi-pronged approach and leveraging of company resources to promote financial literacy among employees contributed to its award for financial wellness at Benefits Canada’s 2018 Workplace Benefits Awards in Toronto on Oct. 11. The organization’s financial wellness program includes an employee intranet, which is available at work and from employee’s home computers. The network features graphics […]
Coca-Cola Refreshments Canada learned the key to communication is using a medium and message that employees will understand, a lesson that secured the organization’s win for best pension communications at Benefits Canada’s 2018 Workplace Benefits Awards in Toronto on Oct. 11. Whether using a high-tech channel like an online message or a low-tech method like a face-to-face meeting, the company […]
Take the free money. This is my regular mantra for employees in employer-sponsored retirement plans. But many employees don’t enrol in company-sponsored plans or don’t take the maximum amount of free money available. When human resources professionals ask their employees why, their responses include: “I get a better return with my advisor, so I am contributing with her/him.” “The investment […]
Benefits Canada honoured winners across 11 categories at the 2018 Workplace Benefits Awards in Toronto on Thursday. In a room at the Arcadian Loft, more than 100 leaders in the benefits, pension and investment industry gathered to see awards presented to winning employers demonstrating the leading-edge work underway to improve employee’s physical, mental and financial health through tangible workplace programs. […]
While the Canadian Life and Health Insurance Association generally supports the Canadian Association of Pension Supervisory Authorities’ proposed guideline on defined contribution pension plans, certain areas require further clarification. “We recognize that some service providers may require substantial lead time to enhance administrative systems to incorporate functionality, such as capturing and reporting indirect fees, that may not currently exist,” […]