pension plan design – Benefits Canada.com

N.S. legislation allowing private employers to transfer pensions into PSSP

Sadie Janes — Thu, 23 Nov 2023 14:00:16 +0000

Nova Scotia-based private employers can now transfer their pension plans into the Public Service Superannuation Plan. The Private Sector Pension Plan Transfer Act, which received royal assent on Nov. 9, provides all employers based in the province with the option of offering or continuing to offer a defined benefit pension plan with a prescribed funding […]

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Majority of U.S. 401(k) plan sponsors making changes by end of year: survey

bwolfe — Wed, 30 Aug 2023 19:00:48 +0000

The majority (95 per cent) of U.S. 401(k) plan sponsors say they intend to change their plan design by the end of the year, according to a new survey by Fidelity Institutional. The survey, which polled more than 1,300 employers, found a quarter said they plan to increase their matching contribution (26 per cent) and […]

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2023 DC Plan Summit: DC industry’s objectives shifting from retirement to financial wellness

Jennifer Paterson — Fri, 12 May 2023 12:50:43 +0000

The traditional aim for the defined contribution pension industry has been helping plan members save for retirement, but as the nature of employment, plan design, investment choice and member engagement evolves, that objective is changing to financial wellness. “The world has changed significantly since the defined contribution business emerged,” said Marc-Antoine Morin, assistant vice-president of […]

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76% of U.S. DC pension plan sponsors offering auto-enrolment: survey

bwolfe — Fri, 31 Mar 2023 13:00:38 +0000

Three-quarters (76 per cent) of U.S. defined contribution pension plan sponsors say their plan offers automatic enrolment, according to a new survey by investment consulting firm Callan. The survey, which polled roughly 100 DC plan sponsors, found the vast majority used auto-enrolment for new hires, while far fewer offered this feature for current employees. Half […]

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OECD report urging policy-makers to consider role of employers in supporting pension growth

bwolfe — Fri, 02 Dec 2022 14:00:56 +0000

Since employers play a key role in supporting pension growth, policy-makers should consider their involvement when implementing pension reforms, according to a new report by the Organisation for Economic Co-operation and Development. The report found OECD member countries can optimize employer involvement by reducing financial and administrative barriers that prevent employers from establishing pension plans, […]

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2022 Top 50 DC Plans Report: How are DC pension plans evolving?

bwolfe — Fri, 14 Oct 2022 12:55:41 +0000

While defined contribution pension plans currently outnumber defined benefit pension plans, this wasn’t always the case, recalls Bita Jenab, a principal at RetirementWorks Services Inc. DC plans began to gain popularity in the mid-1980s, due to a combination of legislative and economic changes, she adds. “This period marks the introduction of pension accounting rules under […]

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2022 DC Plan Summit: Tracing the roots of dynamic pension pools across history, geographies

Jennifer Paterson — Fri, 12 Aug 2022 12:49:02 +0000

Dynamic pension pools can have a significant and positive impact on retirement outcomes if they’re supported by the appropriate legislative changes, said Barbara Sanders, associate professor in statistics and actuarial science at Simon Fraser University, during a session at Benefits Canada‘s 2022 DC Plan Summit. The University of British Columbia has a dynamic pension pool […]

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2022 Top 100 Pension Funds Report: Pension plan sponsors incorporating DEI into plan philosophy, design and communications

bwolfe — Fri, 24 Jun 2022 12:55:59 +0000

Diversity, equity and inclusion initiatives aren’t a new concept for employers — just ask any human resources professional. However, in a changing world marked by growing calls for social justice, many plan sponsors are extending these initiatives beyond workplace conduct and employee benefits into retirement planning, merging diversity with their pension plans’ designs and communications […]

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Expert panel: Are private sector employers heading toward a pension renaissance?

bwolfe — Tue, 10 May 2022 13:05:23 +0000

Pension coverage in the public sector is high, with the vast majority of public sector employees covered by a defined benefit pension plan. However, the story is very different in the private sector as pension coverage is much lower and is trending downwards. Only 22 per cent of private sector employees participated in a registered […]

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Editorial: Modern pension plan design isn’t black and white

Jennifer Paterson — Thu, 14 Apr 2022 13:00:33 +0000

Earlier this year, I received an email from a Canadian National Railway Co. employee who had recently learned their defined benefit pension plan was winding up and they’d be moved into a defined contribution plan. According to the plan member — who will remain anonymous — CN closed the DB plan to new hires more […]

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