Ontario’s Ministry of Labour released a report today that makes 173 recommendations on provincial workplace standards, including employees’ entitlements to benefits. The report suggests numerous changes that would affect employers, says Craig Rix, a partner and employment lawyer at Hicks Morley Hamilton Stewart Storie LLP in Toronto. “Employers will have to start thinking about how they can […]
A year ago, the Association of Ontario Midwives Benefits Trust received its highest drug claim ever at $55,000 for a 12-week treatment of Harvoni, which treats hepatitis C. The plan deliberated whether it would fund the drug but it ultimately decided not to. “It was a very difficult decision,” says Nicole Mellin, executive director at […]
In 2010, David Styles moved to Alberta from Ontario to work as vice-president of relationship investments for the Alberta Investment Management Corp. While the decision to uproot his life wasn’t easy, Styles says the opportunity to earn a sizeable compensation, if he performed well, was a big draw. The majority would come from AIMCo’s long-term […]
The number of high-cost drugs and patients with multiple chronic conditions continues to rise, according to Express Scripts Canada’s drug trend report for 2016. While some plan sponsors have addressed increasing costs with measures such as generic pricing or limiting access to some drugs, the report suggested they should focus on providing certain plan members […]
The Ontario government is moving to allow for variable benefits from defined contribution pension plans, according to the 2017 budget tabled yesterday. “I think it’s positive the Ontario government gets that [addressing] decumulation is a rising need for capital accumulation plans,” says Joe Nunes, president of Actuarial Solutions Inc. But he cautions that the proposed solution, […]
The majority of salaried retirees and employees, along with unsecured creditors, voted in favour of Stelco Inc.’s restructuring plan in meetings on Thursday afternoon. Under the plan, Stelco will no longer be responsible for administering the salaried group’s pension plans and other post-employment benefits. The company taking over Stelco, Bedrock Industries Group LLC., will contribute […]
Canadians face a significant gap in access to coverage for obesity-related treatments, a new report suggests. In a survey of Canadians with private drug insurance, only 8.8 per cent reported having access to anti-obesity medications, according to a new report from the Canadian Obesity Network. It also found public and private plans don’t tend to cover the cost of […]
How are different countries tackling decumulation?
When it comes to mental-health challenges in the workplace, the focus is shifting to prevention and early intervention rather than diagnosis and treatment, according to the head of Ontario’s Workplace Safety and Insurance Board. Employers and benefits providers will have to start to “rethink their model of dealing with claims,” Thomas Teahen, president and chief executive officer […]
The Public Employees Benefits Agency, which administers the pension plan for public sector employees in Saskatchewan, has been looking at how to support members around decumulation for several years. “It’s a big issue. If you think about it, many people in a defined contribution plan go into a default fund and stay there forever. So […]