Legislation that mandates the transfer of five New Brunswick public sector defined benefit pension plans to a shared-risk model goes into effect today. The Pension Plan Sustainability and Transfer Act, which received royal assent in December, will impact more than 7,800 active members enrolled in five plans serving school board and nursing home employees and […]
Just a fifth (22 per cent) of Albertans say they support the province’s plan to leave the Canada Pension Plan in favour of a provincial plan, down from 27 per cent last October, according to a new survey by Leger Marketing Inc. The survey, which polled more than 1,000 Albertans, found while 40 per cent […]
While the vast majority (91 per cent) of Canadian workers say they’re saving for retirement, just 69 per cent are confident they’re saving enough, according to a survey by LIMRA. The survey, which polled more than 1,500 retirees and employees aged 40 to 85 years old with at least $100,000 in household investable assets, found fewer […]
The impacts of climate change and federal super-priority legislation on Canadian pension plans are among the issues that the Canadian Institute of Actuaries is monitoring in 2024, says Simon Nelson, a principal at Eckler Ltd. and chair of the CIA’s pension practice committee. While climate change is a consideration across all of the CIA’s practice […]
Ontario civil servants are questioning the methodology used in a report that determined how much money Alberta could extract from the Canada Pension Plan if the province were to leave the CPP and launch its own plan, according to reporting by the Edmonton Journal. In a series of briefs, the Ontario Ministry of Finance outlined several inconsistencies […]
More than two-fifths (45 per cent) of U.S. defined contribution pension plan sponsors say they’re considering implementing emergency savings features, according to a survey from MFS Investment Management. The survey, which polled 1,000 DC plan members and more than 140 plan sponsors, found nearly a quarter (23 per cent) of plan sponsors said they’d take […]
An article on how the federal government should ensure its new Canadian Dental Care Plan doesn’t displace existing employer-sponsored dental coverage was the most-read story on BenefitsCanada.com. Here are the top five human resources, benefits, pension and investment stories of the past week: 1. Tax credit could ensure national dental-care plan doesn’t displace employer-sponsored coverage: expert […]
The Pension Investment Association of Canada will concentrate its legislative advocacy efforts on funding reform in 2024, including for an overhaul of long-term, minimum funding regulations for federally regulated defined benefit pension plans, said David Lawson, the PIAC’s new chair. In an emailed statement to Benefits Canada, he said as DB plan sponsors continue to face […]
The skyrocketing cost of living has created increased need for employees to receive additional financial well-being information to meet their retirement savings goals. It’s increasingly difficult for most Canadians to put aside any savings above their monthly expenses, thanks in large part to the squeeze from high inflation and the effects of increased interest rates […]
More than half (53 per cent) of Canadian retirees say they’re receiving, or will receive, less than $50,000 in annual retirement income from their employer-sponsored pension plan, according to a survey by the Ontario Securities Commission. It found just 19 per cent of retirees with employer-sponsored pension plans said they expect to receive between $50,000 […]