While ChatGPT is helping benefits communications become more efficient, detailed and reliable, the risks may outweigh the rewards when it comes to full automation, says Tom Milne, a principal at Normandin Beaudry. The possibilities for generative artificial intelligence in the benefits space are infinite, he says, noting the algorithms are helping expedite the research and […]
An opinion piece on how certain aspects of the Quebec government’s rules and constraints on private drug plans affect pharmacy costs was the most-read story on BenefitsCanada.com this past week. 1. Sounding Board: Why do Quebec’s private drug plans pay higher pharmacy fees? 2. Custodial, maintenance workers at TMU striking over pension contribution increase 3. Half of Canadian benefits providers […]
What’s in a name? A pension by any other name would smell as sweet — or would it? I started writing this month’s Pension Feature as an exercise to sift through some of the terms used by the pension industry to describe the different types of plans, but also to answer the question: Does the […]
Manitoba and Newfoundland and Labrador are signing the 2020 agreement respecting multi-jurisdictional pension plans, effective July 1, 2023. The agreement, which was introduced in June 2020 and replaced the 2016 version, was initially signed by the federal government and the provincial governments of British Columbia, Alberta, Saskatchewan, Ontario, Quebec, New Brunswick and Nova Scotia. Once adopted by all […]
Traditionally, Chinese workers have relied on two pillars of income in retirement — the basic state pension and employer-sponsored plans open to employees in certain sectors. However, in late 2022, the Chinese government poured some concrete into the mould of a third pillar, unveiling the details of a previously announced private pension scheme. Under the […]
While Canadian employers recognize the value of retirement benefits, the current high inflation environment is driving them to favour wage hikes instead, according to a new survey by the Healthcare of Ontario Pension Plan and Angus Reid Group. The survey, which polled nearly 800 business owners and senior leaders, found employers’ leading concerns are greater […]
The first issue of Benefits Canada hit the desks of the country’s human resources, benefits, pension and investment professionals in 1977, four years before I was born. That same year, Canada’s inflation rate was eight per cent, very close to July 2022’s annualized inflation rate of 7.6 per cent. A lot has changed in 45 […]
The Association of Canadian Pension Management is cautioning the Office of the Superintendent of Financial Institutions on a one-size-fits-all approach to risk management across the diverse sectors regulated by the OSFI. In an open letter responding to a consultation by the OSFI, Ric Marrero, chief executive officer of the ACPM, said such an approach has […]
The IWA–Forest Industry pension plan and long-term disability plan are appointing Mark Guiton as chief executive officer. Guiton (pictured left), who has been the organizations’ general counsel since 2017, is replacing outgoing CEO Derrick Johnstone. Prior to joining the IWA, he was director of legal services for the British Columbia Safety Authority for more than nine years. […]
Just 0.9 per cent of 35 million U.S. defined contribution pension plan members ceased making contributions during the first quarter of 2022, according to a report by the Investment Company Institute. While this percentage was slightly higher than in the first quarter of 2021 (0.8 per cent), it was a substantial drop from 2020 (1.4 […]