In the group benefits world, the first rumblings of the effects of the coronavirus pandemic came when plan sponsors started asking, as early as January, about their travel insurance provisions. “Clients were worried about their business travellers and expatriate employees, in China mostly, and afterwards for their employees travelling for their winter vacations,” said Daniel […]
Defined contribution pension plan sponsors may face workforce planning challenges coming out of the coronavirus pandemic as older plan members whose account balances were hard hit by this year’s market volatility delay their retirements. “We saw a lot of presenteeism coming out of the [global financial crisis] — are we going to see that again?” asks […]
A retiree whose retirement savings are primarily in a registered savings plan, such as a life income fund or registered retirement income fund, already faces a number of risks and challenges during their retirement years. But a significant financial market correction highlights one of these challenges — how much income should be withdrawn from the […]
The coronavirus pandemic has prompted U.S. employers to make several changes to their health and retirement offerings, according to a new survey by the International Foundation of Employee Benefit Plans. On the health benefits side, nearly all respondents (98 per cent) said they’re offering virtual health services, up 10 per cent from before the pandemic. And nearly half […]
While many Canadians can’t wait to start drawing down Canada Pension Plan benefits when they turn 65, it’s important to consider whether that’s the right move Bonnie-Jeanne MacDonald, director of financial security research at Ryerson University’s National Institute on Ageing Delaying CPP is the safest, most inexpensive approach to receiving more secure retirement income. Yet […]
At PCL Construction Ltd., almost 90 per cent of eligible staff participate in the company’s employee share purchase plan. Offering employees the opportunity to buy shares in their employer is generally seen as a way to boost employee attraction, retention and engagement. Indeed, Mike Olsson, the construction company’s vice-president of human resources and professional development, […]
Canadian pension rules and regulations are in need of reform in order to properly address the reality of the 21st century workplace pension landscape, according to a new report by the C.D. Howe Institute. The report, authored by Bob Baldwin, a pension industry veteran and chair of the C.D. Howe’s pension policy council, argued that the […]
The Office of the Superintendent of Financial Institutions is relaxing its freeze on portability transfers to automatically permit pension plan members who are eligible for early retirement to transfer their commuted values to locked-in savings vehicles, subject to certain conditions. At the end of March, the OSFI introduced a temporary freeze on portability transfers, meaning […]
The union representing 400 Dominion Diamond Mines employees is attempting to guarantee that the company honours its multi-million dollar pension shortfall as it goes through a court-ordered creditor protection process. If the shortfall isn’t prioritized, the Union of Northern Workers said it’s concerned that active members and pensioners would all face reduced pensions. “How much […]
Alongside a struggling global economy, Canadian capital accumulation plan sponsors and members are facing unprecedented challenges. This year, Benefits Canada‘s annual CAP Member Survey fielded its questions between March 30 and April 1, reaching respondents as they were in the midst of coming to grips with the effects of the global coronavirus pandemic. As in […]