The Defined Contribution Institutional Investment Association is calling on the U.S. government to develop flexible emergency savings solutions for employees. The Washington, D.C.-based organization is among 38 signatories calling for the creation of a national financial inclusion strategy. The strategy should reflect several key principles, including automatic enrolment in workplace emergency savings plans that are […]
By underestimating life expectancy, employees risk running out of money in retirement, according to a new survey by analytics firm Club Vita. The survey, which polled 3,000 respondents in Canada, the U.K. and the U.S., found on average, people underestimated their life expectancy by 4.7 years. Women underestimated their longevity by an average of 6.1 […]
With a record number of Canadians nearing retirement, employers can support workers through retirement planning initiatives and education, says one expert. According to a report released last week by Statistics Canada, more than a fifth (22 per cent) of Canadian employees are aged 55 to 64. It also found more Canadians are aged 55 to 64 than young adults […]
More workers may soon be able to stake some of their 401(k) retirement savings to Bitcoin, as cryptocurrencies crack even deeper into the mainstream. Retirement giant Fidelity Investments Inc. has launched a way for employees to put some of their 401(k) savings and contributions — potentially up to 20 per cent — directly in Bitcoin, […]
Almost a third (29 per cent) of Canadians believe their employer-sponsored pension plan will be their primary source of retirement income, while 15 per cent said they’re relying on government pension plans, according to LifeWorks Inc.’s latest financial well-being index. The survey, which polled 3,000 Canadian employees, found the overall financial well-being score decreased slightly […]
Due to inflation, a majority (84 per cent) of U.S. employees believe their money doesn’t go as far as it used to, leaving many to wonder how to prioritize saving for retirement, according to a survey by Voya Financial Inc. The survey, which polled 1,000 adults aged 18 and up, found three-quarters of millennials (73 per […]
A story on a pilot benefits plan program that provides plan members with access to traditional Indigenous medicines and services was the most read article over the past week on BenefitsCanada.com. Here are the five most popular news stories of the week: 1. First Nations community providing Indigenous wellness benefits to plan members 2. Just 52% of Canadians […]
Canadian employers should consider the pros and cons of employee share ownership plans on both sides of the border. Loren Rodgers, executive director of the National Center for Employee Ownership (pictured left) Canada should maintain the current paths by which companies are creating employee ownership, but it should also create a new vehicle that draws […]
Three-quarters (73 per cent) of U.S. employees said their employer needs to offer more resources to help them manage their personal finances, according to a new survey by personal finance platform Ramsey Solutions. The survey, which polled more than 3,000 full-time workers, found only 23 per cent had access to employer-provided financial wellness benefits. Among […]
A new multi-employer pension plan is being created for Canadian incorporated physicians. The Medicus Pension Plan, developed by MD Financial Management Inc. and Scotiabank, will provide physicians with predictable lifetime retirement income based on personal earnings and years of service with their medical corporation, while pooling investments, longevity and economic risks among all plan participants, […]