Take the free money. This is my regular mantra for employees in employer-sponsored retirement plans. But many employees don’t enrol in company-sponsored plans or don’t take the maximum amount of free money available. When human resources professionals ask their employees why, their responses include: “I get a better return with my advisor, so I am contributing with her/him.” “The investment […]
Benefits Canada honoured winners across 11 categories at the 2018 Workplace Benefits Awards in Toronto on Thursday. In a room at the Arcadian Loft, more than 100 leaders in the benefits, pension and investment industry gathered to see awards presented to winning employers demonstrating the leading-edge work underway to improve employee’s physical, mental and financial health through tangible workplace programs. […]
While the Canadian Life and Health Insurance Association generally supports the Canadian Association of Pension Supervisory Authorities’ proposed guideline on defined contribution pension plans, certain areas require further clarification. “We recognize that some service providers may require substantial lead time to enhance administrative systems to incorporate functionality, such as capturing and reporting indirect fees, that may not currently exist,” […]
Benefits Canada is proud to announce the list of finalists for the upcoming 2018 Workplace Benefits Awards. Winners across 10 categories will be announced at a luncheon event on Oct. 11 at the Arcadian Loft in Toronto. Buy your tickets today. This year’s finalists are: Absence management: Ontario Power Generation Staples Canada Diversity program: Fidelity Canada Niagara Casinos […]
While there are nuances, I consider a target-benefit plan to be one that determines benefits to members on a defined benefit basis while setting out employer contributions on a defined contribution basis. To allow for that mix, target-benefit plans permit benefit reductions when contributions fall short. My goal is to share what I consider an […]
When employers are making changes, such as introducing a new benefits or pension offering, scaling back health benefits or changing plan design, it’s important to engage employees and give them a chance to share their views. In our day-to-day consumer interactions, we’re constantly asked for feedback. Have you bought a pair of shoes online? Review your purchase. Have you taken an […]
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 […]
Pension plan administrators’ overall satisfaction with the Office of the Superintendent of Financial Institutions is on the rise, according to a new survey. The survey, commissioned by OSFI and conducted by Phoenix Strategic Perspectives Inc., sought perspectives on the regulator, including the usefulness of its guidance, its effectiveness at identifying problems with pension plans, the clarity […]
Pension plan sponsors can save money by ensuring their plan texts and other communications materials are free of mistakes, says Mitch Frazer, a partner and the chair of the pensions and employment practice at Torys LLP. At a pension and benefits fundamentals program held by the Toronto chapter of the International Society of Certified Employee Benefit Specialists […]
May is the perfect time of year to address employees’ financial health, as they’ve just gone through the stress of filing their tax returns. As well, May 7-13 is Mental Health Week in Canada, so employees will be seeing an abundance of resources to support their challenges, encourage new behaviours and improve their situations. Good financial health […]