Dollar cap match formulas could distribute employer contributions to 401(k)s more equitably than other common match formulas, according to a new report by Vanguard Inc. The report analyzed more than 1,300 large employer-sponsored plans that are record-kept by Vanguard between 2013 and 2022. It found among two-thirds of plans, employer contributions exacerbate pay inequity and […]
Online gig economy platform Taskrabbit Inc. is providing U.S. gig workers with retirement benefits through a new initiative. The program, in partnership with financial services firm Robinhood Markets Inc., provides workers with access to a match program for individual retirement account contributions. During the first year of enrolment, workers receive a two per cent match on […]
Nearly two-thirds (63 per cent) of Americans say they worry more about running out of money than death, up from 57 per cent in 2022, according to a new survey by the Allianz Life Insurance Co. of North America. The survey, which polled more than 1,000 employees with $150,000 investable assets, found generation X was […]
Capital accumulation plan members saw a slight uptick in their plan outcome in the first quarter of 2024, as annuity rates rebounded to levels comparable to those from the third quarter of 2023 and gross income replacement ratios remained at multi-year highs, according to a new report by Eckler Ltd. The consultancy’s latest CAP income […]
Canadian companies, especially small- and medium-sized employers, are facing unprecedented challenges in attracting and retaining skilled and motivated talent. According to a recent survey by Robert Half Canada Inc., 42 per cent of Canadian employees have already started searching for a new job or are planning to do so in the first six months of […]
An article on the federal government’s financial sanctions against the Canada Life Assurance Co. following delayed benefits access for public employees was the most-read article on BenefitsCanada.com. Here are the top five human resources, benefits, pension and investment stories of the past week: 1. Canada Life facing gov’t financial sanctions following delayed benefits access for public […]
While a majority of U.S. employees say they’re very confident (39 per cent) or confident (29 per cent) they’re doing a good job preparing for retirement, nearly two-thirds (62 per cent) either strongly or somewhat agree that preparing for retirement makes them feel stressed, according to a new survey by the Employee Benefit Research Institute. […]
PepsiCo Canada is baking flexibility into its retirement savings benefits to support employees’ financial security amid the rising cost of living. To help employees reach their retirement savings goal, the food and beverage company is matching employees’ bonuses up to 3.5 per cent, with the employer contribution automatically directed into their defined contribution pension plan. […]
More than 40 years after Ted Benna conceived of what’s now known as the modern defined contribution pension plan structure, the so-called ‘father of the 401(k)’ is still trying to create a retirement savings plan that’s accessible for employees at all income levels. While working at Johnson Cos. in September 1979, Benna found a way […]
Younger workers in the U.S. are feeling less confident about their financial security compared to those from older generations, according to a report by LIMRA. The report found more millennials (55 per cent) and generation Z (44 per cent) workers were concerned about having enough money saved for a comfortable retirement, compared to generation X […]