Last week’s move by Sears Canada Inc. to file for protection under the Companies’ Creditors Arrangement Act wasn’t a surprise for the company’s retirees, says their lawyer. “The company has been having many challenges for years. Retirees have been engaged with the company for many years,” says Andrew Hatnay of Koskie Minsky LLP, the firm appointed […]
Stelco Inc. employees in Nanticoke and Hamilton have voted in favour of a new collective agreement proposed by potential buyer Bedrock Industries Group LLC. Nanticoke employees, who are part of United Steelworkers Local 8782 and work across two plants, voted 86 per cent and 89 per cent in favour of the new agreement on Friday, […]
Some 323,000 Canadians have inadequate retirement income once the costs of long-term health care are factored in, a figure that could grow to about 815,500 by 2038, according to a new study. The study, which looked at the impact of out-of-pocket health-care expenses on Canadian retirement security, was conducted in three major phases by the Healthcare […]
Baby boomers are saying they plan to work longer. This can be good or bad news. Many companies can benefit from keeping their mature workers (the baby boomers) longer; others will need to ensure these employees are leaving when they need them to. In 2014, Statistics Canada reported boomers currently make up about one-third of […]
Though survey results vary, they generally indicate that employers offering retiree benefits are the minority in Canada. For instance, only 16.3% of participating organizations in the 2015 Mercer Plan Design Database offer some kind of retiree benefits. Additionally, the 2015 Sanofi Healthcare Survey of mostly larger employers shows only 35% still offer benefits to new retirees. In another survey, 17% of respondents in the Toronto Region Board of Trade offered extended health coverage, and 13% offered dental benefits to retirees. By 2014/15, these numbers decreased to 16.5% and 11.9%, respectively.
Retirement is on employers’ minds. Employers are revisiting how they view their retirement programs and how they view their role when active employees become retirees, said Nigel Branker, partner and leader of Morneau Shepell’s DC pension consulting practice in Ontario, at the firm’s Trends in Human Resources event in Toronto.
Worried about your DC plan members outliving their savings? Take a closer look at your decumulation options.
If baby boomers aren’t prepared for retirement, who’s going to pick up the slack?
The Canadian Football League Players’ Association pension plan is looking for hundreds of missing members.
Employers may see the value in offering retiree health benefits, but many feel they can’t afford them, according to a recent Aon Hewitt survey.