The Quebec Court of Appeal has ruled the province’s Bill 15, which substantially modified municipal sector pension plans, is unconstitutional with respect to retirees but justified for active plan members. The legislation, which was passed in 2014, adopted a cost-sharing formula for plans and plan deficits, established a shared-cost stabilization fund and put an end […]
Nearly half (47 per cent) of Canadian employees say they’re very worried about running out of money in retirement, according to a new survey by the Canadian Public Pension Leadership Council. The survey, which polled more than 2,000 employees, found women (53 per cent) were more likely to be concerned about running out of money […]
While U.S. workers believe they’ll need roughly $1.27 million in savings to retire comfortably, employees have, on average, just $89,300 in retirement savings, according to a new survey by Northwestern Mutual. The survey, which polled more than 2,700 employees, found 52 per cent said they expect to be financially prepared for retirement when the time […]
An article on Canadians’ retirement readiness was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. Survey finds 44% of Canadian pre-retirees have less than $5,000 in savings 2. PwC Canada promoting inclusive work environment with three new employee resource groups 3. How employers can support LGBTQ2S+ […]
Changes to tax rules can improve Canadians’ retirement security and make the retirement system more equitable, according to a new report by the C.D. Howe Institute. The report argued in favour of key changes to the accumulation phase, such as more equitable tax-deferred registered wealth accumulation limits, changes to the tax recognition of administrative expenses […]
At the beginning of April, the OPSEU Pension Trust made a change to a definition in its plan text that will have meaningful implications for plan members with disabled children who need to continue to rely on their parents into adulthood. The organization expanded the definition of a child eligible for survivor benefits to include […]
Generation Z (28 per cent), millennial (25 per cent) and generation X (21 per cent) 401(k) members rank a lack of emergency savings as one of the most common factors causing financial stress, according to Cerulli Associates’ latest survey. In light of the provisions related to emergency savings accounts and student debt under the U.S.’s […]
Two-thirds (65 per cent) of younger U.S. workers say paid time off is the No. 1 employer benefit that influences their job search, followed by a flexible work schedule (58 per cent), according to a new survey by the Bank of America and Georgetown University’s McDonough School of Business. The survey, which polled more than […]
Three-quarters (75 per cent) of Canadian adults aged 55 to 64 have $100,000 or less in savings and 44 per cent have less than $5,000, according to a new survey by the Healthcare of Ontario Pension Plan. The survey, which polled 2,000 Canadian employees, found 44 per cent haven’t set aside any money for retirement […]
More than half (58 per cent) of U.S. employees say outliving their assets is their greatest fear in retirement, according to a new survey by Cerulli Associates. While the percentage is even higher for near-retiree and retiree generations (generation X and baby boomers), longevity risk is the greatest concern across all generations. As a result, […]