Last October, Ontario’s pay equity office reported Canadian women received an average of 18 per cent less retirement income than men in 2020, which is three per cent higher than the gap observed in 1976, the earliest year for which data is available. How has progress moved backwards in the past 44 years, even though women are […]
The union representing roughly 300 employees at American Airlines in Toronto and Montreal has ratified a new two-year agreement that includes pension and benefits improvements. The agreement includes a 0.5 per cent increase to the matching formula for the defined contribution pension plan — from 5.5 per cent to six per cent — plus an […]
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 […]
The union representing more than 60 employees at Right Time Call Centre in St. Catharines, Ont. has ratified a three-year collective agreement that includes bereavement leave enhancements. The agreement will allow employees to use their three paid days of bereavement leave for the death of a stepfather, stepmother or foster parent, as well as the parent […]
The union representing employees at automobile manufacturing company Stellantis’ assembly plants in Windsor, Ont. and Brampton, Ont. has ratified a three-year collective agreement that includes pension and retiree benefits improvements. The agreement will add $1 per hour to the current company pension contribution. Employees earning the current maximum wage rate will see the pension contribution converted […]
Alongside the steady decline of defined benefit pension coverage in Canada, defined contribution plans have seen a massive growth — “a secular shift of responsibility onto the individual when it comes to retirement security in Canada,” according to Preet Banerjee, a personal finance expert, during Benefits Canada’s 2022 DC Investment Forum in late September. He called […]
Canada’s gender pension gap is growing as Canadian women received an average of 18 per cent less retirement income than men in 2020, according to a report by Ontario’s pay equity office. It found the gap is more pronounced among women in visible minority groups (37 per cent), among sources of private retirement income (28 per […]
Defined contribution pension plan members in the U.S. are committed to saving and investing, as only two per cent stopped contributing to their plan in the first half of 2022, according to a report by the Investment Company Institute. The report, based on record-keeper data covering more than 40 million DC plan members, noted one per cent […]
The Financial Services Regulatory Authority of Ontario is seeking feedback on its proposed guidance on requirements for pension plans to take certain actions to avoid de-registration under the Income Tax Act. The proposed guidelines would provide an overview of the documents and information required by the FSRA and the Canadian Revenue Agency for pension plans […]
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 […]