When is the best time to tell your employees about how good your pension plan is? “Before someone else tells them about theirs,” said Keith Baker, payroll and benefits manager at the U.K. arm of Starr Companies, during a session at Benefits Canada‘s 2020 DC Plan Summit in Montreal in February. Sharing his organization’s overhaul […]
Wrapping up the 2020 DC Plan Summit with his customary flair, Zaheed Jiwani, principal and leader of the DC consulting group at Eckler Ltd., highlighted the pervasive themes through a selection of songs. With Joe Cocker’s “With a Little Help from My Friends,” he noted how the plan sponsor case studies shared real-life examples of […]
Anxiety is running high for many Canadians who are feeling the immediate financial impact of the coronavirus pandemic due to job losses, reduced work hours and significant declines in investment portfolios. But some may also feel unease if they can’t access money from specific funds within their defined contribution pension plan. “Right now, we’re aware […]
Financial hardship is hitting employers across Canada and they’re starting to make difficult choices around cost-cutting measures within their businesses. “Some plan sponsors may be considering changes to their plan design to address these cost concerns during these turbulent times,” said Jana Steele, partner and department chair of the pension and benefits team at Osler, Hoskin […]
The coronavirus pandemic has hit us all hard, and pensions and benefits are no exception. The pandemic has implications for out-of-country emergency travel insurance, disability benefits and even day-to-day health-care claims, since plan members aren’t able to access many of their usual practitioners and may be looking for virtual alternatives. From a pension standpoint, the recent […]
In the midst of an unusual or unsettling situation, such as the coronavirus pandemic, pension plan sponsors should remember that both defined benefit and capital accumulation plan arrangements are intended to be managed for the long term. The negative impact of the coronavirus on global economies and on businesses is a concern, particularly with respect to […]
In this time of global pandemic, the coronavirus is shaking up everything, with high market volatility and changing work arrangements. Everyone is worried — not only for their immediate futures, but also for the long term. “It’s pretty hard to watch the market go through the volatility that we’ve seen over the last couple of […]
Sometimes, the best way to explore the unknown is by following in the footsteps of someone who’s been there first. When it comes to in-plan decumulation options from a defined contribution pension, whether the plan was grandfathered into existing legislation or is registered in a province that allows the option, many employers — and their […]
Once again, we’re experiencing volatile markets. During these times, it’s common to hear the following statements: It isn’t time to panic. This has happened before. Make sure the pension plan’s asset mix is correct. While these messages may be good advice for individual investors, defined contribution plan sponsors should be considering how to help their employees. Here are […]
Back in 1709, the poet Alexander Pope wrote that a little learning is a dangerous thing and a new study of defined contribution pension plan members finds this proverb still holds true today. The Invesco study, which compiled responses from 110 U.S. plan sponsors and more than 2,000 DC plan members, found that, while some DC plan members were […]