Saskatchewan’s Public Employees Benefits Agency is transitioning to a not-for-profit corporation. The PEBA began pursuing the transition in 2021 at the request of the trustees of the two largest pension plans it administers — the Public Employees Pension Plan and the Municipal Employees Pension Plan. The not-for-profit will begin operations on Jan. 1, 2024 under the […]
Recent amendments to the Quebec Pension Plan to encourage people to work past age 65 offer more flexibility on contributions and retirement age, says Bonnie-Jeanne MacDonald, director of financial security research for the National Institute on Ageing at Toronto Metropolitan University. “If people are accumulating a pension, working longer could potentially increase their pension,” says MacDonald, who […]
McCarthy Tétrault LLP is appointing Susan Nickerson as partner and head of its pensions, benefits and executive compensation group. Prior to joining McCarthy Tétrault, she was a partner in Torys LLP’s pension and employee benefits law division for nearly 10 years. She’s also a past chair of the Association of Canadian Pension Management and its […]
The union representing 70 employees at Northern Transformer in Vaughan, Ont. has ratified a four-year collective agreement that includes pension and benefits gains. The agreement introduces a group registered retirement savings plan and a deferred profit-sharing plan in which the company will provide a matching contribution of three per cent of regular earnings, capped at […]
Arthur J. Gallagher & Co. has completed its acquisition of BCHR Holdings — also known as Buck — for US$660 million. Through the agreement, Gallagher will expand its retirement, benefits and human resources consulting services in Canada, the U.S. and the U.K., according to a press release. Buck’s team of 2,300 employees will operate under the direction […]
The median 401(k) account balance for women is 65 per cent lower compared to men, according to a new survey by T. Rowe Price. The survey, which polled roughly 3,900 401(k) plan members and more than 1,100 retirees, found the median annual contribution for women was 43 per cent less than men. It also found women are […]
The union representing around 150 employees at West Fraser Timber in Fort Frances, Ont. has ratified a four-year collective agreement that includes multiple benefits gains. The new contract, which is retroactive to Aug. 1, 2022, includes a new maternity leave top-up program that provides new mothers with additional financial support. During the first eight weeks […]
Carefor Health & Community Services has joined the Healthcare of Ontario Pension Plan. The Ottawa-based health-care and community support charity previously sponsored its own defined benefit pension plan, which has now merged with the HOOPP. More than 620 employers participate in the HOOPP, which typically adds 20 to 25 new employers every year. Read: HOOPP approves […]
The majority (81 per cent) of U.S. public sector employees worry whether they’ll have enough money to last them through retirement, according to a new survey by MissionSquare Research Institute. The annual survey, conducted alongside the International Public Management Association for Human Resources and the National Association of State Personnel Executives, also found just 41 per […]
More than half (59 per cent) of generation Z workers and a third (31 per cent) of millennials say they have yet to start saving for retirement, according to a new survey by IG Wealth Management. The survey, which polled more than 1,500 Canadian workers, found 63 per cent of respondents believe $1 million in […]