Once again, we’re experiencing volatile markets. During these times, it’s common to hear the following statements: It isn’t time to panic. This has happened before. Make sure the pension plan’s asset mix is correct. While these messages may be good advice for individual investors, defined contribution plan sponsors should be considering how to help their employees. Here are […]
Historically, Epcor Utilities Inc. provided employees with $1,000 in annual coverage for each paramedical service, ranging from massage therapists, physiotherapists and chiropractors to speech therapists, naturopaths and dieticians. But in 2018, the Edmonton-based utilities company looked at its annual paramedical costs and found its massage therapy spend had ballooned to nearly match the cost of […]
As social media becomes increasingly pervasive, employers should consider adding the tool to their communications arsenal. Indeed, David McArthur, principal and creative director at Morello Communications Inc., says it’s too big a phenomenon for plan sponsors to ignore. “It’s something we’re certainly seeing a lot more of,” notes Cameron McNeill, senior vice-president and Canadian business […]
Defined contribution plan sponsors have to stay aware of plan design developments to improve their benefits offerings for their specific workforces, according to a new report by Callan. As workplace demographics shift, it’s important for plan sponsors to make sure their DC plan features are keeping up with those changes to ensure the benefits they’re providing are most effective […]
Canadians looking to replace their working income with benefits from capital accumulations plans and the government are facing a grim reality. Indeed, pre-retirement income replacement from those two sources sits at 55 per cent for Canadian women and 57 per cent for men, according to Eckler Ltd. income tracker. Worsening the situation, returns from equity and […]
A new report looking at four U.S. states that moved new employees from defined benefit to defined contribution or cash balance pension plans found the changes resulted in higher taxpayer costs and no meaningful improvements to the plans’ funding and liabilities. The report, by the National Institute on Retirement Security, looked at Alaska, Kentucky, Michigan and West Virginia — […]
A disconnect exists between defined contribution plan sponsors’ intentions and actions when it comes to helping employees with financial wellness, according to a new survey by J.P. Morgan Asset Management. Among more than 800 U.S. DC plan sponsors, 74 per cent said they have a very or somewhat high commitment to employees’ fiscal health, although […]
When trying to engage pension members in retirement planning, some words are better than others. Rob Kochel, vice-president at Invesco Ltd., advised employers at Benefits Canada’s 2019 Benefits and Pension Summit to do away with the financial industry jargon they use to explain retirement concepts to their plan members. “It’s not what you say, it’s what people […]
Health Solutions by Shoppers Drug Mart is launching a health coaching program for plan sponsors to include in their benefits plans. Aimed at employees with chronic diseases, particularly diabetes, heart disease and obesity, the coaching program will connect plan members with nurses, pharmacists or dietitians through phone or video chat. These specialists will help create […]
While user experience is a major focus in the technology world, it’s time to start looking at retirement from the end-user experience as well, said Mike Tuira, vice-president of defined contribution at Invesco Canada Ltd., during Benefits Canada’s 2019 DC Plan Summit in Banff, Alta. in February. The four elements leading to retirement success are […]