Many Canadians are looking forward to retiring someday, but with the rising cost of living and increasing life expectancy, many are also uncertain whether retirement will arrive anywhere near the age they expect. When employees are worried about funding retirement, they delay it. In turn, employers face mounting costs, either from pay differentials with younger replacement workers […]
The Canadian Association of Pension Supervisory Authorities has outlined its priorities for April 2019 to March 2022 in its new strategic plan, which included initiatives like focusing on defined contribution plan decumulation and cyber security. Jason Vary, president at Actuarial Solutions Inc., notes while all the identified priorities were worthwhile, some are more important than […]
The total number of active registered pension plan members in Canada rose nine per cent between 2006 and 2016, from 5.8 million to 6.3 million, according to a new notice from the Office of the Superintendent of Financial Institutions. The percentage of active registered members participating in a contributory plan also increased during this period, rising from […]
Hourly workers at Compass Minerals International Inc.’s mine in Goderich, Ont. have voted in favour of a new collective agreement that allows them to maintain their previous pension and benefits. The vote, by members of Unifor Local 16-O, has put an end to a 12-week strike at the salt mine. The three-year deal also includes a 2.5 […]
Plan sponsors often say they’re quite happy with their retirement savings plans. But is that position good enough to ensure an organization’s plan is competitive and benefits its plan members? Some of the trends across Canada, as evident from employee requests, reflect the changing needs of the workplace. They include: Group RRSPs or TFSAs with a […]
After nearly two months of strike action, Compass Minerals International Inc. and hourly workers at its mine in Goderich, Ont., remain at a stalemate in contract negotiations over proposed cuts to employees’ pensions. The latest contract offering from the company includes the removal of the deferred profit-sharing portion of the plan along with the elimination of its early retirement […]
Employers in search of simpler retirement products for their workers are looking to group registered retirement savings plans and deferred profit-sharing plans as a solution, say experts at capital accumulation plan providers. Benefits Canada’s 2017 CAP Suppliers Report shows that the number of plan sponsors offering DPSPs has ballooned by 112 per cent over the past decade, from 3,539 […]