auto-enrolment – Benefits Canada.com https://www.benefitscanada.com Canada's most influential pension and benefits publication for decision-makers Thu, 02 May 2024 20:20:47 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.8 U.K. CAP reforms could reduce pension quality, create administrative challenges: expert https://www.benefitscanada.com/pensions/cap/u-k-cap-reforms-could-reduce-pension-quality-create-administrative-challenges-expert/ Wed, 20 Dec 2023 14:00:01 +0000 https://www.benefitscanada.com/?p=149257 A recent development in the U.K. pension market to give British workers a ‘pot for life’ could reduce the quality of retirement plans that are already in place and create administrative challenges, says Adam Bexson, senior corporate pension consultant at Verlingue Ltd. Currently, plan members are automatically enrolled into a retirement plan chosen by their employer, […]

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]]> Majority of U.S. 401(k) plan sponsors making changes by end of year: survey https://www.benefitscanada.com/pensions/cap/majority-of-u-s-401k-plan-sponsors-making-changes-by-end-of-year-survey/ Wed, 30 Aug 2023 19:00:48 +0000 https://www.benefitscanada.com/?p=142723 The majority (95 per cent) of U.S. 401(k) plan sponsors say they intend to change their plan design by the end of the year, according to a new survey by Fidelity Institutional. The survey, which polled more than 1,300 employers, found a quarter said they plan to increase their matching contribution (26 per cent) and […]

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]]> 2023 CAP Member Survey: How CAPs are evolving to address changing financial priorities https://www.benefitscanada.com/archives_/benefits-canada-archive/2023-cap-member-survey-how-caps-are-evolving-to-address-changing-financial-priorities/ Fri, 11 Aug 2023 12:55:33 +0000 https://www.benefitscanada.com/?p=141784 With Canadians’ financial priorities shifting alongside a turbulent economic climate, including inflation levels not seen in decades and a never-ending rise in the cost of living, it isn’t surprising capital accumulation plan members’ commitment to retirement savings is taking a hit. Benefits Canada’s 2023 CAP Member Survey found just 41 per cent of respondents rated […]

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]]> 41% of U.S. employees cashing out 401(k) savings when leaving job: report https://www.benefitscanada.com/news/bencan/41-of-u-s-employees-cashing-out-401k-savings-when-leaving-job-report/ Thu, 27 Jul 2023 19:00:32 +0000 https://www.benefitscanada.com/?p=141517 Two-fifths (41 per cent) of U.S. employees are cashing out their 401(k) plan savings when they leave a job, with 85 per cent draining their entire accounts, according to a new report by the University of British Columbia, Texas State University and the University of Colorado Boulder. The report, which analyzed data from more than […]

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]]> 2023 BPS coverage: Preparing CAP members for retirement in a challenging economic environment https://www.benefitscanada.com/events/conference-coverage/2023-bps-coverage-preparing-cap-members-for-retirement-in-a-challenging-economic-environment/ Wed, 05 Jul 2023 11:59:07 +0000 https://www.benefitscanada.com/?p=140082 High inflation and interest rates are having a real impact on people’s finances, according to Benefits Canada‘s 2023 CAP Member Survey, which found 76 per cent of capital accumulation plan members say inflation is negatively impacting their financial situation, while 59 per cent say the same about interest rates. For many people, the day-to-day cost […]

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]]> 2023 Top 100 Pension Funds Report: How to improve retirement outcomes across diverse plan member groups https://www.benefitscanada.com/archives_/benefits-canada-archive/2023-top-100-pension-funds-report-how-to-improve-retirement-outcomes-across-diverse-plan-member-groups/ Fri, 23 Jun 2023 12:56:55 +0000 https://www.benefitscanada.com/?p=139798 At the beginning of April, the OPSEU Pension Trust made a change to a definition in its plan text that will have meaningful implications for plan members with disabled children who need to continue to rely on their parents into adulthood. The organization expanded the definition of a child eligible for survivor benefits to include […]

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]]> 2023 DC Plan Summit: Helping DC plan members mind the manageable risk gap https://www.benefitscanada.com/events/conference-coverage/2023-dc-plan-summit-helping-dc-plan-members-mind-the-manageable-risk-gap/ Fri, 12 May 2023 12:51:44 +0000 https://www.benefitscanada.com/?p=137518 With group retirement plans aimed at helping members avoid risks and achieve their savings goals, defined contribution plan sponsors are uniquely positioned to step up and take a more active role in managing risk, said Christine van Staden, regional vice-president of group customer and national accounts business development at Canada Life, during Benefits Canada‘s 2023 […]

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]]> New U.S. pension law strengthening retirement savings for workers https://www.benefitscanada.com/pensions/retirement/new-u-s-pension-law-strengthening-retirement-savings-for-workers/ Fri, 13 Jan 2023 14:00:16 +0000 https://www.benefitscanada.com/?p=132425 A new U.S. law that aims to strengthen retirement support for workers holds valuable lessons for Canada’s retirement system, says one pension consultant. The Secure 2.0 Act of 2022, which was signed into law in December, contains several provisions to enhance the U.S. retirement system and boost retirement savings, including a requirement for plan sponsors to […]

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]]> 2022 CAP Suppliers Report: What’s on CAP sponsors’ wish lists for the coming year? https://www.benefitscanada.com/archives_/benefits-canada-archive/2022-cap-suppliers-report-whats-on-cap-sponsors-wish-lists-for-the-coming-year/ Fri, 16 Dec 2022 13:57:05 +0000 https://www.benefitscanada.com/?p=131173 With the coronavirus pandemic and rising inflation causing economic uncertainty, capital accumulation plan sponsors are looking for new ways to help their members feel secure and get the most out of their savings plans. Benefits Canada asked CAP sponsors and other industry experts what’s on their wish lists to make these plans more effective and engaging […]

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]]> Report finds gender, race gaps persist in U.S. workplace retirement plan participation https://www.benefitscanada.com/pensions/cap/report-finds-gender-race-gaps-persist-in-u-s-workplace-retirement-plan-participation/ Fri, 25 Nov 2022 14:00:32 +0000 https://www.benefitscanada.com/?p=130302 Two-fifths (40 per cent) of all U.S. private sector employees don’t have an employer-sponsored retirement plan and non-white workers have the least access to these plans, according to a report by T. Rowe Price Group Inc. It found that, while 58 per cent of white employees had access to workplace retirement plans, this percentage decreased […]

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