For generations, the concept of retirement centred around a one-time event: you worked to age 65, then your employer sent you off with a gold watch and your DB pension. But just as DB pension plans have begun to fall out of favour in recent years, so, too, has the concept of retirement changed.
The days of golf and gardening seem to be passé for the new age of retirees. Working in retirement, or “phased retirement,” as it’s been dubbed, is not a passing fad. But is this change one of choice or need? And, how is it impacting employers?
Since Jan. 1, 2008, the Income Tax Act (ITA) has allowed the payment of a pension to a plan member who continues to accrue pension benefits while still working. This type of arrangement has been officially termed a phased retirement program. Following this, a series of provincial and federal pension legislations have also been changed […]
Baby boomers on the cusp of retirement have been asked what it will take to keep them in the workforce, and their response is clear. Companies looking to retain older employees will have to sweeten the pot, including flexible hours and shorter workweeks, according to a recent workplace survey from RBC. Conducted by Ipsos Reid,The […]
With experts predicting an impending labour shortage due to the mass retirement of baby boomers, Quebec’s provincial government has introduced a bill aimed at smoothing the way for phased retirement. Bill 68 is an amendment to Quebec’s Supplemental Pension Plans Act (SPPA), allowing employees to receive a retirement pension (from a defined benefits pension plan) […]