After a tough couple of years, Canadians continue to face several challenges against an increasingly turbulent economic landscape. While most coronavirus restrictions were lifted in late spring 2022, the seventh wave of the pandemic arrived in July alongside rising inflation, which is compounding prices from the gas pump to the grocery store. Though the 2022 […]
In 2019, Nick Smith graduated with $50,000 worth of debt — $30,000 in student loans and $20,000 with a student line of credit. Low-paying jobs and a high cost of living made it hard for Smith to make a dent on his debt until he got hired as a mechanical technologist in Halifax at Dillon Consulting […]
The uniting theme at the 2022 Defined Contribution Plan Summit was financial wellness, a chief concern for any employer that offers a pension plan to its workforce. In particular, with inflation reaching its highest level in four decades and people facing several competing financial priorities, including simple day-to-day expenses, plan sponsors are bringing flexibility to […]
While the latest stage of the coronavirus pandemic is heralding a gradual return to relative calm, plan sponsors are stepping out of the frying pan and into the fire. The pandemic accelerated the ongoing evolution in the relationship between plan sponsors and plan members, with employees now looking to their employers to help them manage […]
In a panel discussion during Benefits Canada‘s 2022 DC Plan Summit, three defined contribution pension plan sponsors shared how their plans are evolving to ensure retirement savings are flexible, maximize employee engagement and cater to members’ divergent financial needs. During the coronavirus pandemic, Niagara Casinos laid off 96 per cent of employees and its casinos […]
An open dialogue about diversity, equity and inclusion is vital for raising the resilience and overall wealth of pension plan members, said Ryan Weiss, vice-president of group customer national accounts at Canada Life, during a session at Benefits Canada‘s 2022 DC Plan Summit. Also speaking during the session, Elisha Ribeiro, the insurer’s national sales director […]
With the 2015 merger of Kraft Foods and H.J. Heinz Co., Kraft Heinz Canada was left with a “mixed bag” of savings and retirement programs. It’s goal for a new streamlined program was a mandatory base plan and a voluntary component with 100 per cent employee participation. “It was important for us to come together […]
Providing tools to help defined contribution pension plan members make solid financial decisions rather than making the decisions for them was the impetus for Canadian Forest Products Inc.’s multi-year financial wellness program, according to Lisa Weber, the company’s pension and benefits advisor, during a session at Benefits Canada‘s 2022 DC Plan Summit. Since Canfor closed […]
The union representing nearly 800 employees at Calgary and Vancouver airports has ratified a first contract that includes retirement and benefits gains. The contract cements the continuation of the airline’s employee savings plan, which permits contributions to either a cash savings plan, a group registered retirement savings plan or a group tax-free savings account. Employee contributions […]
With the increased focus on integrating environmental, social and governance factors into pension plans, a new approach by BlackRock Inc. could have a significant impact on many Canadian defined contribution pension plans, group registered retirement savings plans and other types of workplace capital accumulation plans. The money manager recently announced it will be adopting an ESG approach […]