An article on British Columbia’s updated pension standards, including the introduction of auto-escalation for defined contribution pension plans, was the most-read article on BenefitsCanada.com this past week. Here are the top five human resources, benefits, pension and investment stories of the last week: B.C. amending pension legislation, including auto-escalation for DC plans Ontario pension plan assets […]
The Ontario Pension Board is communicating its long-term strategic plan to members through a new interactive online page. The platform, dubbed ‘On the Horizon’, is designed to engage plan members on the strategic direction of the organization and features three three-year horizons that balance long-term goals with immediate action, including enhancing plan sustainability, efficiency and […]
In its sophomore year under its new branding, the Employee Savings Survey (previously known as the CAP Member Survey) reflects the changing landscape of workplace savings programs as plan members face competing financial priorities and employers step up to expand their offerings. Going even further, some of this year’s results were broken down into different […]
Retirement advice and personalization are becoming foundational expectations for employees, not optional enhancements, said Rachel Weker, retirement strategist at T. Rowe Price Group Inc., during a recent webinar by the organization. “We anticipate this is going to happen for three main reasons. One is that retirement plan participants are facing increasingly complicated financial backdrops . […]
Former employees of the now-shuttered Northern Pulp mill in Pictou, N.S., will see their pension fund made whole and fully wound up due to the recent purchase of the company’s woodland assets. The assets secured a buyer at auction for $235 million, which includes enough money to repay the $37 million owed to the union […]
The Association of Canadian Pension Management is recommending a few amendments to the Pension Benefits Standards Act, including the required disclosure to spouses and electronic communications with plan beneficiaries. In a letter to the Department of Finance, the ACPM noted the PBSA currently requires information that’s provided to a plan member or former member — […]
An independent review of the Ontario Municipal Employees’ Retirement System will examine the unique governance structure of the investment organization. The current structure of the investment organization designates two separate entities with different duties and responsibilities, notes Jordan Fremont, a partner in the pensions and benefits group at Stikeman Elliott LLP. The OMERS Sponsors Corporation […]
The Ontario Municipal Employees’ Retirement System recently launched a new hub on its member website dedicated to retirement income sources. The new webpage is designed to support the OMERS’ members on their retirement savings and planning journey, emphasizing the importance of a secure and stable income foundation in retirement. This includes interactive tools to illustrate the […]
Capital accumulation plan members continued to see an uptick in their plan outcome for the second quarter of 2024, as gross income replacement ratios remained at multi-year highs, according to a new report by Eckler Ltd. The consultancy’s latest CAP income tracker found a typical male member retiring at the end of June 2024 achieved […]
Retirement plan members who engage with their plan digitally have an average retirement account balance 230 per cent higher than those who weren’t engaged ($123,800 versus $51,800), according to a new report by Sun Life Financial Inc. The report, which analyzed data from 1.45 million Sun Life group retirement plan members, found employees who were were digitally engaged are also more […]