Alcoa Corp. is de-risking roughly US$1 billion in U.S. defined benefit pension obligations and assets with an annuity transfer. The group annuity contracts will be executed by two subsidiaries of Athene Holding Ltd., which will assume payments for roughly 4,400 participants in November, according to a press release. Read: Looking under the hood of jumbo […]
The union representing nearly 800 employees at Calgary and Vancouver airports has ratified a first contract that includes retirement and benefits gains. The contract cements the continuation of the airline’s employee savings plan, which permits contributions to either a cash savings plan, a group registered retirement savings plan or a group tax-free savings account. Employee contributions […]
An article on Public Health Sudbury’s violation of the Ontario Human Rights Code following an employee’s termination over a vaccine refusal was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. Arbitrator finds employer violated Ontario Human Rights Code for termination over vaccine refusal 2. More […]
Dave Muffley thought he had it made when it came to a solid retirement. The Indiana man spent roughly 30 years as a salaried maintenance technician for Delphi Corp. — a subsidiary of General Motors Corp. — and expected to retire with a comfortable income by the time he hit age 62. But when GM […]
While old-age security has permanently increased by 10 per cent for seniors aged 75 and older, employees can maximize this benefit, along with their Canada Pension Plan benefit, by delaying retirement as long as possible, says Bonnie-Jeanne MacDonald, director of financial security research for the National Institute on Ageing at Toronto Metropolitan University. “People need […]
Eight in 10 (81 per cent) U.S. employees with an employer-sponsored retirement savings plan say they’re concerned about inflation impacting their retirement, according to a survey by BlackRock Inc. It found nearly two-thirds (64 per cent) of respondents with a workplace retirement savings plan are worried about their nest egg lasting throughout their lifetime, a […]
The percentage of Canadians participating in an employer-sponsored pension plan continues to rise, with roughly 6.6 million plan members in 2020, up 57,000 from 2019, according to a new report from Statistics Canada. It found more than 4.4 million Canadians were covered by a defined benefit pension plan in 2020, up 1.7 per cent from 2019, noting the majority (72 […]
The union representing 60 employees at the Hilton Garden Inn in Ajax, Ont. has ratified a three-year agreement that includes retirement and benefits gains. The agreement establishes a new group retirement program and adds a fifth week of vacation for members upon reaching 20 years of service. It also includes increases in dental and vision coverage […]
An expert panel about the impact of environmental, social and governance-focused target-date funds on capital accumulation plans was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: Expert panel: How ESG-focused TDFs could impact workplace CAPs CPPIB investing in discount grocery chain, OMERS acquiring infrastructure […]
While more than half (58 per cent) of employees within 10 years of retirement are contributing to retirement savings, only about a third (30 per cent) have established a thorough financial plan, according to a new survey by Age Wave and Edward Jones Canada. The survey, which polled more than 1,000 Canadians aged 45 or […]