When employers are making changes, such as introducing a new benefits or pension offering, scaling back health benefits or changing plan design, it’s important to engage employees and give them a chance to share their views. In our day-to-day consumer interactions, we’re constantly asked for feedback. Have you bought a pair of shoes online? Review your purchase. Have you taken an […]
Plan sponsors often say they’re quite happy with their retirement savings plans. But is that position good enough to ensure an organization’s plan is competitive and benefits its plan members? Some of the trends across Canada, as evident from employee requests, reflect the changing needs of the workplace. They include: Group RRSPs or TFSAs with a […]
Pension plan administrators’ overall satisfaction with the Office of the Superintendent of Financial Institutions is on the rise, according to a new survey. The survey, commissioned by OSFI and conducted by Phoenix Strategic Perspectives Inc., sought perspectives on the regulator, including the usefulness of its guidance, its effectiveness at identifying problems with pension plans, the clarity […]
Pension plan sponsors can save money by ensuring their plan texts and other communications materials are free of mistakes, says Mitch Frazer, a partner and the chair of the pensions and employment practice at Torys LLP. At a pension and benefits fundamentals program held by the Toronto chapter of the International Society of Certified Employee Benefit Specialists […]
May is the perfect time of year to address employees’ financial health, as they’ve just gone through the stress of filing their tax returns. As well, May 7-13 is Mental Health Week in Canada, so employees will be seeing an abundance of resources to support their challenges, encourage new behaviours and improve their situations. Good financial health […]
The Colleges of Applied Arts and Technology pension plan is looking to launch a new defined benefit pension plan that will be available to workplaces in the broader public, private and not-for-profit sectors across Canada. The new plan, called DBplus, is subject to board approval on May 30. The new plan will have a likely […]
More than three-quarters (78 per cent) of North American employees and retirees with pension plans said the availability of those benefits was a major factor in deciding whether to accept a job, according to a new survey by Accenture. Its survey, which polled nearly 3,000 Canadian and U.S. workers, also found that pensions remained a loyalty factor after […]
Most Canadian employers have yet to take action to prepare for the incoming changes to the Canada Pension Plan and Quebec Pension Plan, according to a survey by Aon. The survey found just 17 per cent of the 325 organizations polled have started to make plans to accommodate the changes. More than a third (37 […]
At Benefits Canada’s Defined Contribution Plan Summit in Montreal in February, member engagement and communication were a clear focus of many of the presentations. Case studies presented at the conference provided a number of solutions. Larry Schmidt, director of human resources at U.S.-based Searles Valley Minerals Inc., noted his company used automatic enrolment and escalation […]
Finding ways to leverage the engagement of plan members in order to optimize their experiences, decision-making and outcomes was a recurring theme at Benefits Canada’s Defined Contribution Plan Summit this February. One way to boost outcomes is by considering the growing science of financial attention, according to Jane Henshaw, head of digital research at the […]