decumulation – Benefits Canada.com https://www.benefitscanada.com Canada's most influential pension and benefits publication for decision-makers Wed, 08 May 2024 19:00:28 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.8 Employer matching key to supporting young workers’ retirement readiness: report https://www.benefitscanada.com/pensions/retirement/employer-matching-key-to-supporting-young-workers-retirement-readiness-report/ Thu, 11 Apr 2024 13:00:24 +0000 https://www.benefitscanada.com/?p=154158 Employer-sponsored retirement plans that offer matching contributions can help younger workers retire earlier and with more money, according to a new report by Mercer Canada. The report based its findings on a sample worker aged 30 earning $70,000 and with $30,000 of personal debt, using five per cent of their income to either pay down […]

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]]> Expert panel: How DC plan members can hedge longevity risk for more effective decumulation https://www.benefitscanada.com/pensions/cap/expert-panel-how-dc-plan-members-can-hedge-longevity-risk-for-more-effective-decumulation/ Tue, 05 Mar 2024 14:00:59 +0000 https://www.benefitscanada.com/?p=152555 Retiring baby boomers are in an era of decumulation anxiety, as they convert their pension assets into income that they fear won’t hold up over the entirety of their retirement. The decumulation problem is complex for defined contribution pension plan sponsors because it involves transferring lump sum pension assets to retirees who may lack investment […]

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]]> Black, Hispanic American workers’ contributions to employer-sponsored retirement plans 40% lower than white workers’: study https://www.benefitscanada.com/pensions/retirement/black-hispanic-american-workers-contributions-to-employer-sponsored-retirement-plans-40-lower-than-white-workers-study/ Wed, 21 Feb 2024 14:00:29 +0000 https://www.benefitscanada.com/?p=152150 The average rate of contribution by U.S. Black and Hispanic workers to employer-sponsored retirement plans is roughly 40 per cent lower than that of white workers, according to a new working paper by the Massachusetts Institute of Technology’s Sloan School of Management. The paper examined responses from more than 12 million respondents aged 24 to […]

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]]> Fewer than 40% of Black Americans say they’ve saved enough for retirement: survey https://www.benefitscanada.com/pensions/retirement/fewer-than-40-of-black-americans-say-theyve-saved-enough-for-retirement-survey/ Fri, 16 Feb 2024 14:00:38 +0000 https://www.benefitscanada.com/?p=152051 Fewer than four in 10 Black Americans say they’ve saved or are saving enough for retirement according to a new survey by LIMRA. The survey, which polled 3,000 employees, also found Black Americans were less likely than the general population to have invested in a workplace retirement account (37 per cent compared to 46 per […]

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]]> Quebec’s amendment to unlocking rule for VBAs, LIFs providing retirees 55+ with financial flexibility: expert https://www.benefitscanada.com/pensions/retirement/quebecs-amendment-to-unlocking-rule-for-vbas-lifs-providing-retirees-55-with-financial-flexibility-expert/ Fri, 09 Feb 2024 14:00:14 +0000 https://www.benefitscanada.com/?p=151714 The Quebec government’s removal of the maximum annual amount that can be paid to people aged 55 and older with a variable benefit account tied to a defined contribution pension plan or with a life income fund is part of a broader push to provide retirees with more flexibility to draw on their locked-in retirement savings […]

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]]> What are the issues for savings when mental health becomes a burden in retirement? https://www.benefitscanada.com/archives_/benefits-canada-archive/what-are-the-issues-for-savings-when-mental-health-becomes-a-burden-in-retirement/ Fri, 09 Feb 2024 13:56:03 +0000 https://www.benefitscanada.com/?p=151405 Since decreased cognition can impact retirees’ ability to make sound decisions, the Canadian Union of Public Employees urges its members to discuss financial matters with their families long before exiting the workforce. “If we wait until we’re in distress, we either make very bad decisions or we don’t make any decisions at all, which can […]

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]]> Halifax Port ILA/HEA assessing past, future of DB pension plans https://www.benefitscanada.com/archives_/benefits-canada-archive/halifax-port-ila-hea-assessing-past-future-of-db-pension-plans/ Fri, 09 Feb 2024 13:55:44 +0000 https://www.benefitscanada.com/?p=151622 While Blair Richards understands why the industry is moving away from defined benefit pension plans, he worries about what may be lost in the process. When Richards — the chief investment officer at the Halifax Port ILA/HEA pension plan — joined the institutional investor 40 years ago, DB plans were an attractive hiring and retention […]

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]]> Top 5 HR, benefits, pension and investment stories of the week https://www.benefitscanada.com/news/bencan/top-5-hr-benefits-pension-and-investment-stories-of-the-week-71/ Fri, 02 Feb 2024 14:00:43 +0000 https://www.benefitscanada.com/?p=151473 An article on the Canadian Life and Health Insurance Association’s priorities for the coming year was the most-read story on BenefitsCanada.com this past week. Here are the top five human resources, benefits, pension and investment stories of the week: 1. CLHIA focusing on improving pharmacare, rare disease drug coverage in 2024 2. Majority of Canadian employers expecting […]

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]]> ACPM focusing on VPLA policy, ESG investment standards in 2024 https://www.benefitscanada.com/pensions/governance-law/acpm-focusing-on-vpla-policy-esg-investment-standards-in-2024/ Wed, 31 Jan 2024 14:00:23 +0000 https://www.benefitscanada.com/?p=150020 In the coming year, the Association of Canadian Pension Management is looking forward to the possibility of participating in final consultations on policies and legislation determining variable payment life annuities, says Todd Saulnier, a principal at Mercer and president of the ACPM board. The 2023 federal budget proposed amendments to the Pension Benefits Standards Act, 1985 […]

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]]> Climate change, pension super-priority law among CIA’s priorities for 2024 https://www.benefitscanada.com/pensions/governance-law/climate-change-pension-super-priority-law-among-cias-priorities-for-2024/ Thu, 25 Jan 2024 14:00:16 +0000 https://www.benefitscanada.com/?p=151103 The impacts of climate change and federal super-priority legislation on Canadian pension plans are among the issues that the Canadian Institute of Actuaries is monitoring in 2024, says Simon Nelson, a principal at Eckler Ltd. and chair of the CIA’s pension practice committee. While climate change is a consideration across all of the CIA’s practice […]

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