As a new year begins, many organizations are considering their strategies for benefits plan management in 2018 and beyond. Faced with the challenge of balancing employee needs and wants with changing workplaces and escalating plan costs, employers should prepare for a number of issues in the near future. Here are seven trends to watch in the coming year and beyond: […]
The Ontario Energy Board is ordering Ontario Power Generation Inc. to cut a substantial amount from its pensions and benefits costs by 2021. In a report published last week, the province’s energy regulator said the electricity provider must cut a total of $500 million from its nuclear operations budget over the next five years. While the regulator cited issues such as compensation, corporate and […]
The Canadian Union of Public Employees Local 561 is calling on the Coquitlam, B.C., school district to reverse its decision to cut post-retirement health benefits for all permanent management employees who retire after Dec. 31, 2017. Earlier this year, School District #43 employees received a notice announcing the year-end closure of its post-retirement health and dental benefits […]
While defined benefit pensions often make headlines when a company is struggling, there has traditionally been less of a focus on retiree benefits plans. The issue is paramount, however, in Sears Canada Inc.’s bankruptcy case. After filing for protection under the Companies’ Creditor Arrangement Act in June, Sears sought to suspend payments under its post-retirement […]
While the motion by Sears Canada Inc. retirees to force a windup of the company’s pension plan is in line with a significant body of jurisprudence from the Supreme Court of Canada, that’s not to say there’s any certainty of success. Ultimately, the decision is in the hands of an Ontario Superior Court judge, who enjoys wide discretion. […]
Aon Hewitt is launching a new retiree health exchange aimed at providing retiring workers with benefits tailored to their needs. Due to go live in September 2017 and offered in partnership with La Capital Financial Group Inc., the retiree health exchange is an evolution of Aon’s active health exchange, which offers flexible benefits to current employees. Read: […]
The vast majority (86 per cent) of the Ontario Municipal Employees Retirement System’s pensioners are happy they retired when they did, according to a new survey by the Municipal Retirees Organization Ontario. But almost two-thirds (64 per cent) of respondents said they’d advise future retirees to think more about how to handle their declining health […]
Sears Canada Inc. has reversed course and will continue to make special payments to its defined benefit pension plan and provide post-employment benefits plans until Sept. 30, 2017. Have your say: Does the Sears Canada case signal the need for changes to better protect employees? The agreement, which the company reached with employees and retirees […]
U.S. Steel Canada Inc. has successfully restructured and has exited protection under the Companies’ Creditor Arrangement Act with Bedrock Industries Group LLC as its new owner. The Financial Services Commission of Ontario filed its regulation relating to the U.S. Steel Canada pension plans on June 30, confirming the agreement between the company’s new owner and […]
Former Sears Canada Inc. employees are already feeling the impact of the company’s restructuring proceedings as they receive letters informing them of cuts to severance payments and health benefits along with bad news for those looking at commuting their pensions. In one letter, the company informed an existing employee that “no further payments are going to be […]