Canada’s life and health insurers paid out a record $128 billion in health and retirement benefits last year, up from $114 billion in 2022, according to the Canadian Life and Health Insurance Association’s annual fact book. “The benefits that life and health insurers provide through workplace plans and individual policies contributed significantly to Canadians’ health […]
A third (33 per cent) of North American workers say they’re financially worse off than a year ago and have financial issues that are negatively impacting their lives, according to a new survey by WTW. The global survey, which polled 45,000 employees working for medium- and large-sized private sector organizations in 29 countries and territories, […]
Roughly 200 employees of the Ontario Native Women’s Association are joining the Colleges of Applied Arts and Technology’s DBplus pension plan. The ONWA is a not-for-profit organization that works to empower and support Indigenous women and their families across Ontario, according to a press release. Previously, the employees were enrolled in a group registered retirement […]
International Business Machines Corp. is transferring roughly US$6 billion in defined benefit pension obligations through a group annuity buyout. Prudential Financial Inc. will assume responsibility for making retirement benefit payments to roughly 32,000 retirees and their beneficiaries beginning Jan. 1, 2025. Read: IBM entering US$16BN pension risk transfer The transaction marks the second pension risk […]
With the return of autumn, change is once again in the air. For the last nine months, I’ve lead the editorial team at Benefits Canada while Jennifer Paterson was taking parental leave to welcome the youngest member of her growing family. This month marks the return of our editorial team to full strength — welcome […]
Representatives of family doctors in British Columbia say giving physicians paid sick days, vacation coverage, extended health and dental benefits and a pension plan is one way to help attract more doctors to work in the province. The B.C. College of Family Physicians and B.C. Family Doctors published a series of requests for whichever party […]
Brianne Collins, age 29, has worked as a senior copywriter at a large Toronto-based advertising agency for just over a year. Collins’ agency supports employee financial wellness in several ways, including a group registered retirement savings plan, financial advice and Financial Literacy Month webinars with sessions covering various financial topics. “In busy day-to-day work, it’s […]
From 2016 to 2024, fewer plan members are confident they’ve saved enough for retirement. Indeed, Benefits Canada’s 2024 CAP Member Survey found plan members’ optimism that their retirement is on track declined to 56 per cent from 63 per cent in 2022, while three-quarters (73 per cent) said they’re worried they won’t have enough saved […]
Going through a divorce can be an extremely stressful and emotional experience and, unsurprisingly, the impacts can spill into the workplace. “[Employees may be] at work but waiting for that text from the lawyer — they’re distracted on what they’re going to do next in the proceedings,” says Brent Dul, executive vice-president at Randstad Canada. […]
Bristol-Myers Squibb Co. is being targeted in a lawsuit over a US$2 billion pension risk transfer deal completed in 2019 with Athene Annuity and Life Co. The class action lawsuit, filed by former employee Charles Doherty and which names independent consultant State Street Global Advisors Trust Co. as a defendant, argues the pharmaceutical company is […]