IBM has been ordered to pay more than $23 million to 451 active and retired employees of its plant in Bromont, Que., a decade after its decision to unilaterally amend a clause in its defined benefit pension plan. The case is a warning to employers about the importance of properly documenting and communicating to employees […]
If the defined contribution pension plan currently on the negotiating table for new Canada Post employees who are members of the Canadian Union of Postal Workers is the same as the one brought in for members of the Association of Postal Officials of Canada in 2015, it would have matching employer contributions up to a […]
In a year that witnessed volatile markets and a plummeting Canadian dollar, 92 per cent of the plans on Benefits Canada’s top 100 pension funds list still saw an increase in their total assets in 2015. The total average growth across the list was 8.2 per cent, with the positive increases ranging from the Canadian […]
British Columbia’s Teachers’ Pension Plan is decreasing its employer contributions from July 1 after its most recent valuation results showed the plan is in surplus. The valuation, published in January 2016, showed the plan’s basic account had actuarial assets of $22.9 billion and actuarial liabilities of $22.4 billion as at December 31, 2014, meaning the plan […]
Pensioners of a New Brunswick co-operative have suffered a blow as legal wranglings continue over the fate of pensions at several Canadian companies. In Moncton, N.B., this week, a group of 90 former employees of Co-op Atlantic suffered a setback in a case centred on a 32 per cent reduction to their pension entitlements as […]
The focus on financial literacy took an upswing in 2014 when Canada’s first financial literacy leader, Jane Rooney, met with stakeholders and held consultations across the country as part of efforts to develop a national strategy. The national strategy for financial literacy aims to mobilize the public, private and non-profit sectors to strengthen Canadians’ financial […]
Once Canadians have graduated from high school or postsecondary education, there isn’t really a formal environment that supports and facilitates group learning around issues like managing money. But many employers are stepping into the void to assist employees with financial literacy. In the current environment of high debt and low retirement savings, there’s an obvious […]
The City of Mississauga’s fire and emergency services has piloted a workplace mental-health risk assessment and consulting service as it moves towards implementing a mental-health strategy. The digital assessment, a tool developed by Sun Life, aims to help employers develop a plan to build a more mentally healthy workplace for their employees. The Ontario city’s […]
With the Canada Pension Plan on many people’s minds, how does Canada’s public pension system compare to those of other countries? In light of the debate over the CPP and old-age security, Benefits Canada takes a look at how Canada’s system stacks up against other countries around the world. The Mercer Melbourne Global Pension Index ranks Canada’s retirement income […]
Halifax-based IWK Health Centre has introduced a range of new actions around its 3,200 employees’ mental, physical and financial well-being after winning in the health and wellness program category at Benefits Canada’s 2015 Workplace Benefits Awards. “This win became an incentive to explore other opportunities and target some initiatives to different groups in the health centre,” […]