Bob Carter is an independent multi-lines consultant representing leading technologies in the fields of life, health, wellness and wealth. These are the views of the author and not necessarily those of Benefits Canada.
Bob Carter is an independent multi-lines consultant representing leading technologies in the fields of life, health, wellness and wealth. These are the views of the author and not necessarily those of Benefits Canada.
Communications must evolve to become more than a pretty poster in a lunch room or piece of ad mail to be sent to and largely ignored by plan members.
Many Canadians travel abroad for vacation, but what about for health reasons?
Plan sponsors need to determine the level of paternalistic concern they will maintain for the people in their employ. We often refer to this as the social contract that exists between the two parties and much has been written about the need to keep the social contract in balance. The balance between providing care and maintaining fiscal responsibility is a key component of the business owner’s basic business survival instinct.
Current pricing practices in the group insurance markets are creating something of a feeding frenzy among carriers looking to maintain existing accounts or win new ones. For some time, market-discounting practices have become the norm where insured rates look more attractive than they might have been in the past.
Today’s plan sponsors and administrators are being pursued more aggressively than ever. Some might feel as if they’ve been painted with some sort of target, given the number of phone calls they receive every day from brokers and telemarketing firms. The offers sound too good to ignore, and, in many cases, one might be tempted to give in. But what happens when a plan administrator or sponsor says yes?
The choice of whether to select an insured group benefits plan versus going the self-insured route depends on a number of variables. Often price plays a role. The challenge is, how do you compare two service models that are on the surface somewhat similar and yet completely different in design?
Encouraging employees to live a healthier lifestyle eventually gives way to the notion that for some, the need for prescription drugs may be largely unavoidable. Plan sponsors must involve all members in an open dialogue which promotes the fact that plan cost containment starts with them. Given that the workforce is aging and utilization rates are rising, plan sustainability depends on the realization that much of the power depends on the purchasing choices of each employee and their extended family members
An executive from a well-known national third-party administrator recently commented how administrative services only (ASO) is hot these days. He further added that several brokers were selling ASO plans as the panacea for all the evils in today’s benefits environment and an instant road to rich discounts of up to 40%. While ASO plans may offer plan sponsors some degree of savings over conventional insured plans, the true benefits may lay elsewhere.
Administrative services only (ASO) contracts have, for the past 10 years, been increasingly recommended to and adopted by smaller companies with as few as 25 employees. Splitting benefits contracts (placing pooled benefits with one supplier and cash flow benefits with another) affords plan sponsors with a customized solution that combines the best-in-class capabilities of two often for less than the price of one.
The notion that generic drugs represent a new and frightening concept has pretty much been struck from our collective consciousness, yet generic utilization rates in drug plans in Canada have not reached the levels observed in the United States and throughout much of Europe.
As 2021 winds down, I have a few predictions of the human resources trends for employers to keep top of mind in 2022. Employers finding…
Words and imagery have the power to connect, evoke emotion and elicit a reaction. They also have the power to be inclusive, or exclusive, and…
It’s often said perception is reality and that’s definitely true when it comes to benefits plans. If employees can’t easily perceive the value in their…
How long is your attention span? Be honest and think back to the last time you received an email about your employee benefits and didn’t…
In a recent case, the Ontario Superior Court found an employee failed to mitigate damages when he refused a return-to-work offer from his employer, with whom he…
Many of the changes that were introduced to Ontario’s Employment Standards Act in January 2018 were short-lived, as the province’s new government elected in June…
With the legalization of recreational cannabis on Oct. 17, 2018, employers have been preparing to answer questions about whether their current benefits plans should provide…
In a recent decision, the Ontario Superior Court of Justice found an employer didn’t constructively dismiss a long-service employee when it provided her with 18 months…
On Oct. 17, 2018, it will be legal to purchase and consume recreational cannabis in Canada. In a recent survey of Mercer’s employer clients and Canadian employees, we found…
Some organizations are unique. Their employees are genuinely excited to be at work and an undercurrent of energy and vitality permeates the air. They’ve transformed the…
While many Canadian organizations continue to search for solutions to rising health-care costs, most are falling short. That’s why they must investigate any opportunity to find…
Macroeconomic trends such as longer lives, a lack of access to pensions and retirement supports, a low-growth environment, and persistent lack of financial literacy and…
Most employees have experienced the powerful impact, whether positive or negative, that a manager can have on their work experience and overall well-being. As conversations…
Taking a break is always a good idea for employees, whether it’s a mid-morning stretch, a walk around the block, a lunch break in the…
Workplace wellness and employee mental health are popular topics of discussion and top priorities for organizations across Canada — and that conversation will continue in…
Storytelling is a fundamental part of being human. It’s how information, culture and ways of living are passed down to the next generation. It’s also…
According to an old adage, the fish rots from the head down. With the chief executive officer being the head of a corporation, are there…
Renowned American businessman and investor Charlie Munger once said, “You have to keep learning if you want to become a great investor. When the world…
What’s the right definition of risk in financial markets? Finding the answer to this question has become even more important because the number of retail…
What’s the value of Bitcoin? Or better, what makes it valuable? Is it because many people think it’s valuable? Is it valuable because it’s cool…
The Canadian Association of Pension Supervisory Authorities’ guideline for risk management provides that plan administrators should create a framework to identify, evaluate, manage and monitor…
One of the many consequences of the coronavirus pandemic was an unprecedented interest in the life expectancy of Canadians. While the increased focus on life…
With the arrival of the new year, there are three topics that will be important for pension plan sponsors, members and other industry stakeholders in…
Interest rate levels are critically important to the financial health of defined benefit pension plans. Many DB plans are in their best financial positions in…
The total portfolio approach is gaining interest as a new investing strategy for pension funds and other asset owners, but its novel status may be…
Driven by the net-zero pledge towards green investments, institutional investors are finding themselves uncomfortably wedged between a rock and a hard place. If they invest…
Retiring baby boomers are in an era of decumulation anxiety, as they convert their pension assets into income that they fear won’t hold up over…
An altering macroeconomic environment means that cost management requires continual attention by pension plans and other institutional investors. Today, as inflation and higher-for-longer rates exert…
Even though it has been two years since the U.S. Federal Reserve started rapidly hiking interest rates, hedge fund managers aren’t more likely to have…
It should come as no surprise that asset owner sentiment is currently dominated by late-cycle tensions. Among pension plans and other institutional investors, this has…
Most employers look to get feedback from their employees on a variety of topics that touch on the worker experience. Valuable information can be found…
Canadian employers have taken important steps forward on a range of diversity, equity and inclusion matters. That work continues, particularly in the context of neurodiversity,…
Between 2000 and 2022, the average retirement age among Canadians climbed from 61.6 to 64.6, the highest it’s been since 1982, according to data from…
The documentation of formal diversity, equity and inclusion policies and approaches is one of the most significant changes to the Canadian workplace over the last…
The recent pressure put on Canadian pensions plans from private managers and governments to re-discover an investment home bias has been met with little enthusiasm,…
Severe inflation is on the horizon and plan sponsors should be prepared.
The decision by the Canada Pension Plan Investment Board this month to reduce 10 per cent of its China equity team based in Hong Kong…
Reports that a leading asset manager is delaying the launch of a Chinese bond fund indefinitely are a clear sign that the facade around Chinese…
With the repatriation of Canadians Michael Kovrig and Michael Spavor following their three-year incarceration in China, relations between Ottawa and Beijing are to be reset.…
It’s a welcome development that so many pension fund managers are increasingly preoccupied with the ethical implications of their investments and incorporating data to ensure…
With 2024 well underway, it’s important for employers to adapt their strategies in the ever-evolving landscape of employee benefits. Employee expectations continue to evolve and…
While it’s impossible to predict exactly how pension case law will evolve in future, one can offer an educated guess at some legislative developments and…
A recent court decision in Ontario illustrates the potential danger for employers that attempt to rely on pension plan terms to refute claims for pension-related…
In January, the Canadian Association of Pension Supervisory Authorities established a new committee with a mandate to develop a risk management guidance. In the CAPSA’s…
The importance of risk management isn’t new for the majority of defined benefit pension plan sponsors and administrators. The impact of long-term interest rates, market…
Canada’s most recent census found there are 59,460 Canadians aged 15 or older who identify as transgender and 41,355 who identified as non-binary. However, these individuals…
The concept of employee benefits was established on a foundation built decades ago, when employees worked full time and long term with one employer. Those…
Amid an ongoing labour shortage, employers of all sizes and sectors are increasingly embracing diversity, equity and inclusion. A recent Statistics Canada report found, as…
Microaggressions — everyone has heard them or may have even used them. Defined as everyday verbal and behavioural slights against a person or group that…
Diversity, equity, and inclusion are esteemed values held by many employers and are table stakes in the value proposition for employees and customers. However, in…
In Canada, the coronavirus pandemic is entering a new phase — vaccines are widely available, travel restrictions are gradually lifting and people are returning to…
For most Canadians, it’s been well over a year since most of the country went into its first lockdown due to the coronavirus pandemic. I…
In December 2022, the Supreme Court of Justice of Colombia released an unexpected decision: two men, who had been in a polyamorous relationship with a…
While pension plan administrators know about their plan members’ employment history and salaries, they may not expect to learn much about their personal lives, including how…
Whether they’re delivering takeout, chauffeuring passengers, or fixing leaky sinks, most gig workers in Canada don’t get benefits. Classified as independent contractors rather than employees,…
In August, the Canadian Broadcasting Corp. reported that the U.K. Department for Works and Pensions cut off state pension payments to several expatriate pensioners living…
With the increased focus on integrating environmental, social and governance factors into pension plans, a new approach by BlackRock Inc. could have a significant impact on…
At the start of every new year, many employees resolve to improve their fitness — emotionally, financially and/or physically. One pretty easy way that employers…
The modern economy is highly uncertain, with inflation and rising interest rates cutting into bottom lines everywhere. Employers are nervous as the cost of capital…
We are now in Month 14 of the coronavirus pandemic. For institutional investors like pension plans, this pandemic and its consequences highlight the reality of…
Pension plan sponsors can’t ignore the financial risks of climate change or respond to them with half-baked approaches that allow companies to continue pumping out pollution.…
The possible legal ramifications of publicity placing a current or past employee in a false light is an issue employers should keep in mind in…
On the heels of the World Health Organization declaring the novel coronavirus a global pandemic on March 11, 2020, Canada’s federal government rolled out several…
In June, the Supreme Court of Canada released its decision in Uber Technologies Inc. v Heller, dismissing an appeal of a decision by the Ontario…
The COVID-19 pandemic has created many complicated issues for employers. Prudent employers should ensure they’re aware of the resources that may be available during this…