The union representing 350 WestJet employees at Toronto’s Pearson International Airport has ratified a 2.5-year collective agreement that includes pension and benefits gains. The agreement enshrines the airline’s savings plan specifically for this group of workers. The plan permits contributions to either a cash savings plan, a group registered retirement savings plan or a group […]
An article on Bill C-228 receiving royal assent was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. Controversial super-priority pension bill receives royal assent 2. PSAC, government tentative agreement includes new protections around remote work, wage increases 3. FHSA may work best in conjunction with group […]
The new first home savings account may work better in conjunction with a group registered retirement savings plan or group tax-free savings account rather than as a stand-alone product, says Eric Monteiro, senior vice-president of group retirement services at Sun Life Financial Inc. “The [FHSA] limit is kind of low — it’s a $40,000 lifetime maximum […]
Employers can leverage choice and financial education to help close the retirement gap among the Black, Indigenous and people of colour community, says Janice Holman, a principal at Eckler Ltd. A 2021 study by the Canadian Centre for Policy Alternatives, which analyzed data from the 2016 census, found racialized seniors were most reliant on public […]
Matching employer contributions in capital accumulation plans are as close to free money as employees can legally get. “You’re not changing your risk — because the money goes to the same fund it would otherwise — and you’re getting two-times the return,” says Eric Monteiro, senior vice-president of group retirement services at Sun Life Financial […]
Canadian life and health insurers processed nearly $600 million in claims related to mental health in 2021, up 45 per cent since 2020 and 75 per cent since 2019, according to the Canadian Life and Health Insurance Association’s annual fact book. “2021 was a year of recovery and insurers have been proud partners helping employers […]
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 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 […]