The median 401(k) account balance for women is 65 per cent lower compared to men, according to a new survey by T. Rowe Price. The survey, which polled roughly 3,900 401(k) plan members and more than 1,100 retirees, found the median annual contribution for women was 43 per cent less than men. It also found women are […]
Traditionally, Chinese workers have relied on two pillars of income in retirement — the basic state pension and employer-sponsored plans open to employees in certain sectors. However, in late 2022, the Chinese government poured some concrete into the mould of a third pillar, unveiling the details of a previously announced private pension scheme. Under the […]
Just over half (52 per cent) of Canadian women say they feel financially confident about retiring at their target age, compared to 68 per cent of men, according to a new survey by the Bank of Montreal. The survey, which polled more than 3,400 Canadian adults, found almost three-quarters (73 per cent) of women said […]
Humi is supporting employees with an annual $500 employer match to its group registered retirement savings plan and fertility drug coverage. Andrea Bartlett, the human resources software company’s vice-president of people, says Humi hopes to change the match to a percentage of employees’ contributions in the near future. After announcing the match, the company saw […]
Defined contribution pension plan providers and advisors say plan sponsors should offer and support in-plan decumulation options, according to a new survey by PIMCO Canada Corp. The survey, which polled 12 DC plan providers and advisors, found more than half (53 per cent) of respondents said their plan sponsor clients haven’t considered implementing in-plan decumulation options, […]
Nearly all (98 per cent) U.S. employees believe it’s important for their employer to provide a retirement savings plan, according to a new survey by Vestwell Inc. The survey, which polled roughly 1,300 employees and 250 employers, found nearly three-quarters (72 per cent) of employees said they expect employers to offer a 401(k) or 403(b) […]
Half (51 per cent) of Canadians are planning to contribute to their registered retirement savings plans this year — a substantial increase since last year (18 per cent), according to a new survey by Edward Jones Canada. The survey, which polled more than 1,600 adults, found half (51 per cent) said cost of living is […]
Employers can leverage choice and financial education to help close the retirement gap among the Black, Indigenous and people of colour community, says Janice Holman, a principal at Eckler Ltd. A 2021 study by the Canadian Centre for Policy Alternatives, which analyzed data from the 2016 census, found racialized seniors were most reliant on public […]
Carefor Health & Community Services has joined the Healthcare of Ontario Pension Plan. The Ottawa-based health-care and community support charity previously sponsored its own defined benefit pension plan, which has now merged with the HOOPP. More than 620 employers participate in the HOOPP, which typically adds 20 to 25 new employers every year. Read: HOOPP approves […]
An article on how much money Canadians think they’ll need in retirement was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. Canadians believe they need $1.7 million in savings to retire: survey 2. FSRA promoting retirement planning with Pension Awareness Day 3. Survey finds 59% of […]