The Ontario Teachers’ Pension Plan is appointing Mabel Wong as its chief financial officer, effective immediately. She officially enters the role after serving as acting CFO following the departure of Tim Deacon in April. Her responsibilities include financial management and reporting, valuation, risk analytics, financial operations and strategic finance initiatives. Read: Tim Deacon leaving Ontario Teachers’ for Sun Life […]
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 […]
Working grandparents who are providing financial support to children and/or grandchildren are risking their own plans for retirement, says Craig Bannon, director of financial planning centre of expertise at the Royal Bank of Canada. “[They might need to] delay their retirement to extend their earning years or continue to work on a part-time basis in […]
The federal government’s move to introduce legislation extending pension eligibility to frontline public safety and law enforcement workers after 25 years of service could help manage room for new hires and ensure stable plan maturity, says James Fu, partner and national leader of pensions and benefits law at Borden Ladner Gervais LLP. Hundreds of frontline workers […]
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 […]
The federal government recently announced plans to introduce legislation in the fall that will expand pension eligibility to frontline public safety and law enforcement workers in Canada. The legislation is welcomed by the Public Service Alliance of Canada and the Customs and Immigration Union after they’ve advocated for more than a decade for equitable retirement […]
Six in 10 (59 per cent) Canadians with an employer-sponsored pension plan say they feel somewhat or very well prepared for retirement, compared to only 34 per cent of respondents without a workplace pension plan, according to a new survey by the Healthcare of Ontario Pension Plan. The survey, which polled 2,000 Canadian employees, found fewer than […]
The Financial Services Regulatory Authority of Ontario has updated its guidance on the roles and responsibilities of pension plan administrators, adding three additional areas for administrators to enhance protection and stability for pension plan beneficiaries. The guidance, which took effect earlier this month, stated an administrator is responsible for all aspects of the administration of the […]
The union representing more than 460 employees at Nestlé in Toronto has ratified a three-year collective agreement that includes pension and benefits gains, ending a strike that began on May 5. The agreement includes a $1 increase each year in the defined benefit pension plan for non-skilled trades and $2 each year for skilled trades. […]
In anticipation of 25 per cent to 35 per cent growth in Canada by the end of 2024, restaurant chain Chipotle Mexican Grill Inc. is making staff development a key part of its attraction and retention strategy. This focus on employee development has contributed to an internal promotion rate of 87 per cent and has led […]