The Ontario government spent up to $70 million on developing the now-abandoned Ontario Retirement Pension Plan, according to new figures released by the province. The costs include $25 million spent by the government itself between 2013 and 2016 in several areas: procurement for services such as legal and actuarial support ($7 million); advertising and market […]
Proposals on the table to revamp DB pension rules.
Eliminating the solvency-funding requirement is among the possibilities as the Ontario government launches consultations on revamping the funding rules for the province’s defined benefit pension plans. In a consultation paper released yesterday, the Ministry of Finance laid out the many options on the table as the government considers what to do about the concerns raised about the […]
During the 2015 federal election campaign, the NDP pushed hard for a federal minimum wage of $15 an hour. The proposal drew understandable criticism in light of the schism between the NDP’s efforts to tout it as a big deal and the fact it would apply only to federally regulated employees. As a result, it […]
OTTAWA — While one business leader took a relatively soft tone towards the Ontario Retirement Pension Plan in remarks at a pension event yesterday, another group took aim at the pension scheme this week as it called for a delay in implementing it while discussions about enhancing the Canada Pension Plan continue. During a session […]
With many Canadians still reluctant to save for retirement, it’s time for plans to get more proactive about communicating the benefits of putting money away and for Canada to consider mandatory solutions, a pension executive told the Canadian Pension & Benefits Institute on Tuesday. “The battle around retirement savings is won and lost at the […]
It’s been a busy season for backtracking on government efforts to rein in the costs of pension and benefits programs. In March, the federal Liberals announced they’d reverse a decision by the previous Conservative government to raise the eligibility for old-age security to age 65. Then in April, the Ontario government said it would backtrack […]
While the Ontario Retirement Pension Plan has provoked some apprehension about a potentially negative impact on defined contribution pension plans, a Benefits Canada survey of plan sponsors suggests many of them are planning to maintain and even enhance their own offerings. In February and March, Benefits Canada, through the Canadian Institutional Investment Network, surveyed plan […]
While at a previous job with a school board, Karla Kochan would often see teachers quickly scale back their retirement plans after they had stopped working. “We would see teachers retire, and three months later, they were on a sub list because they didn’t know what to do with themselves,” says Kochan, who’s now senior […]
While doing more to support employees with mental-health challenges may prompt some apprehension about a potential increase in absenteeism, one advocate says addressing the issue often starts with something as simple as a greater understanding and awareness by their employers. “It has to be the managers,” says the advocate. “They have to know where to […]