From social media to mobile apps, there are many emerging communication channels for CAP sponsors. But if you build it, will your plan members come?
The good news is that CAP members generally appreciate the role they play in attaining adequate retirement income. The bad news? Most just aren’t there yet.
Rising drug plan costs, tighter restrictions on government-paid medical coverage, more employees working past age 65—all of these factors will play a role in driving up benefits plan costs in the next few years.
The reality that Canadians are not saving enough for retirement has sparked the idea of reforming the pension system. Speakers at the 2012 DC Plan Summit discussed the recently proposed pooled registered pension plan (PRPP), changing the lifetime contribution limit and the need for increased financial literacy as strategies to encourage people to be better prepared for their post-work years.
Earlier this week, Desjardins Financial Security announced it was suspending sales of “version 2” of its Helios GMWB product, effective April 27, 2012. DFS had already announced higher fees, effective April 1, 2012, and the termination of deposits to version 1 plans effective Dec. 30, 2011.
Canadians can no longer disregard their concerns about saving for retirement.
“PRPPs have helped to change the pension conversation because they’ve created conversation,” says Sue Reibel, senior vice-president and general manager, group retirement solutions, with Manulife Financial.
Assumption Life has announced it will join 22 other group insurance providers in the new drug pooling framework put forth last week by the Canadian Life and Health Insurance Association (CLHIA).
A group of 23 Canadian insurance companies has come up with a plan to share the cost of high-priced drug treatments—a move they say will protect Canadians from the risk of losing their employer-sponsored coverage due to a big claim.
Corporate wellness initiatives have moved beyond simply providing discounts to gyms and offering healthy options in the cafeteria.