Some 61 per cent of Ontarians said they have or anticipate having low liquid retirement assets, according to new research by the Canadian Institute of Actuaries. Its research, prepared by Saisai Zhang, Mary Hardy and David Saunders of the University of Waterloo’s department of statistics and actuarial science, looked at the anticipated concerns of those between the ages […]
The Ontario Human Rights Tribunal’s recent ruling that it’s unconstitutional for plan sponsors to discontinue benefits for employees after the age of 65 represents a fundamental shift for employers, according to one labour and employment lawyer. “Previously, the Human Rights Tribunal would not enforce any discrimination issues if employers were to cut off benefits at […]
When Ontario abolished mandatory retirement in 2006, employers could still terminate benefits for workers who turned 65. But in May, the province’s Human Rights Tribunal determined the provision in the Human Rights Code that allowed employers to do so was unconstitutional. Previously, employers often offered benefits to older workers to encourage them to stay and […]
Almost a third (32 per cent) of Canadian millennials cited the lack of a pension plan as one of the concerns of working in the gig economy, according to a new survey by TD Insurance. The survey, which queried more than 6,000 Canadians over the age of 18, also found millennials are concerned about the gig economy’s […]
Hub International Ltd. has acquired yet another benefits brokerage: Quebec-based Les Avantages Sociaux Delta Inc. Based in the Montreal area, Delta provides support and actuarial services for group insurance and retirement plans, as well as human resources and disability management. With the acquisition, Delta will join Hub’s Quebec business. Delta’s founder and chairman, Roger d’Eschambault, […]
A suite of additional features planned for the Canada Pension Plan will mean an extra $900 million in costs by 2050, Canada’s chief actuary is estimating. Earlier this week, chief actuary Jean-Claude Ménard released a new report on the state of the Canada Pension Plan in light of additions agreed to by Canada’s finance ministers […]
Ontario’s move to expand its youth pharmacare program to seniors in 2019 could be a significant win for plan sponsors offering retiree benefits. “A company would see significant balance-sheet reduction and lower accounting expense, as well as lower cash costs,” says Nabil Merali, senior vice-president and Ontario market leader for health and benefits at Aon Hewitt. […]
More than 60 per cent of Canadians are concerned they’ll outlive their retirement savings and 45 per cent don’t feel confident they’ll be able to afford the post-work lifestyle they want, according to a new survey by RBC Insurance Services Inc. The survey, which polled 1,000 Canadians aged 55 to 75, also found respondents use a […]
Alcoa Corp. is freezing its defined benefit pension plan for Canadian and U.S. salaried employees. Effective Jan. 1, 2021, the change affects approximately 800 workers who will move into defined contribution plans. The defined benefit plan will close on Dec. 31, 2020, with benefits earned up to that point protected, according to the bauxite and aluminum producer’s fourth […]
The Co-operators Life Insurance Co. is introducing retiree benefits plans to help its group plan members transition from their company’s health and dental plans upon retirement. Employees covered by a Co-operators’ group benefits plan through their employer are eligible to apply for the individual coverage within 60 days of the end of their group plan. […]