As membership in traditional defined benefit pension plans continues to decline, it’s becoming more common to see “contingent” plans — including target-benefit, shared-risk, multi-employer and jointly sponsored — which require members to take on at least some of the risk that benefits may or may not meet expectations. At the same time, the term “sustainability” is […]
While 80 per cent of employees said they want some type of financial education in the workplace, just 58 per cent of employers said they offer it and 25 per cent said they plan to offer it in the next two years, according to a new survey by Eckler Ltd. More than half (54 per […]
The 2008 financial crisis is an event that defined benefit plan sponsors won’t soon forget. Roller-coaster markets exposed gaps in their investment strategies, while de-risking appeared on pension committee agendas as they assessed the damage and focused on the road to fully funded statuses. Back in 2008, few tools were available to de-risk pension plans. […]
Since Telus Communication Inc.’s journey from defined benefit pension plans to defined contribution began in 1996, it’s come a long way, but it’s far from over. During a session at the Association of Canadian Pension Management’s annual conference on Wednesday, Carol Craig, Telus’s director of benefits and pensions, and Dave Lawson, vice-president of investment management, noted the DC […]
Benefits Canada is proud to announce the finalists of the 2019 Workplace Benefits Awards. This year’s entries set records in many categories, with a total of nearly 100 nominations. The winners will be announced at a luncheon event on Oct. 17 at the Arcadian Loft in Toronto. Buy your tickets to this not-to-miss event today. This year’s finalists […]
Canadians looking to replace their working income with benefits from capital accumulations plans and the government are facing a grim reality. Indeed, pre-retirement income replacement from those two sources sits at 55 per cent for Canadian women and 57 per cent for men, according to Eckler Ltd. income tracker. Worsening the situation, returns from equity and […]
The Oxford comma strikes again. In a case that turned on a dispute over number rounding and comma placement, an Ontario court has dismissed a class action brought against Bell Canada by the company’s retired employees. On Aug. 12, the Ontario Superior Court of Justice certified a proposed class action brought on behalf of 35,000 […]
In the wise words of George Bernard Shaw, “the single biggest problem with communication is the illusion that it has taken place.” When it comes to employer-provided benefits and pension plans, this phrase rings as true as it does in any other part of life. I believe that communication is the single most important and […]
The complexities of income tax at retirement can come as a shock to pensioners, but most plan sponsors are providing limited assistance in helping their retiring employees deal with these issues. “In our experience, much of the communication and education provided by employers/sponsors or their plan record keeper focuses on basic retirement and investment knowledge, […]
Lululemon Athletica Inc.’s benefits program manager discusses engaging young employees with retirement savings, yoga benefits and riding his motorcycle to Whistler. Q. What top challenges do you face in your role? A. I look after our retirement savings program, so the challenge we have is based on our demographics. All of our retail employees are fairly […]