The pension industry has mixed feelings about the language used around retirement and whether it still reflects the needs of today’s workforce. “It’s always been retirement and always will be what we call it,” says Lois Brzak, payroll supervisor for the Agriculture Financial Services Corp. But a conversation is beginning to permeate the industry, with […]
Whether operating in Canada or the United States, defined contribution plan sponsors are facing the same challenges around demographics, plan design and their employees’ retirement readiness. On the demographics front, more baby boomers are retiring and taking their pension balances with them. As DC plans lose members, plan sponsors may see a rise in costs […]
In May 2018, more than 76,500 Ontario public service employees received emails from their employer encouraging them to use the federal government’s retirement income calculator. The emails were the same, but the subject lines were different. Each one targeted a different way of thinking: emphasizing the simplicity of retirement planning, playing up its immediate benefits […]
While defined contribution plan members want to know they’ll have stable income through retirement with flexibility around accessing their funds, the Canadian market needs to evolve to include a broader range of retirement products to accommodate that. According to a Mercer survey of 1,000 Australians over the age of 55, DC plan members most want an […]
More than two-thirds (70 per cent) of Canadian pre-retirees said they expect they’ll be working in retirement, according to Fidelity Investments Canada’s annual retirement survey. The survey, which polled nearly 2,000 Canadians aged 45 and older, also found 46 per cent said they expect to carry debt into their retirement. And a majority (87 per […]
Many Canadians are looking forward to retiring someday, but with the rising cost of living and increasing life expectancy, many are also uncertain whether retirement will arrive anywhere near the age they expect. When employees are worried about funding retirement, they delay it. In turn, employers face mounting costs, either from pay differentials with younger replacement workers […]
The OPSEU Pension Trust is partnering with James Evans & Associates Ltd. to launch an online services portal for its members. The OPTrust selected the Canadian pension software company’s member portal for the experience it will offer plan members and employers, noted a press release. The OPTrust is a minority shareholder in JEA. Read: OPTrust Select welcomes first members […]
Hub International Ltd. is acquiring Porchlight Financial. Located in Vancouver, Porchlight Financial has been offering group retirement plan consulting for 25 years. It specializes in plan member advisory services, financial wellness programs, retirement lifestyle and income planning. “With the addition of Porchlight Financial, Hub continues to create a robust Canadian benefits and pension solution for our clients,” said Dave Terry, president and […]
The majority of small U.S. employers currently offer at least one health benefit to their employees, according to a new report by business research organization LIMRA. This is a rise of 11 percentage points compared to the last survey results in 2012. Much of these increases can be attributed to a stronger economy and record-low unemployment, noted […]
The federal government’s proposals around advanced life deferred annuities and variable payment life annuities represent significant enhancements in decumulation options for Canadian capital accumulation plan members, according to a letter from the Pension Investment Association of Canada. In the association’s feedback to the government, it encouraged the facilitation of the broadest potential access for Canadian savers in […]