The Healthcare of Ontario Pension Plan is increasing its lifetime pension for all active plan members effective Jan. 1, 2023. As an example, under the latest increase, members working full time with average earnings of $60,000 and 10 years of service in the plan before 2023 will receive an extra $1,310 per year from their lifetime pension once they retire. Members […]
While there’s broad interest in environmental, social and governance factors, the majority of U.S. defined contribution pension plan consultants said their plan sponsor clients are looking for further clarity on the Department of Labor’s proposed guidelines before incorporating ESG into their investment options, according to a new survey by the Schaus Group and T. Rowe […]
Retirees with defined benefit pension plans are less likely to draw down their savings to cover their spending than those with a defined contribution plan, according to a new report by the University of Michigan. It found while most employees born between 1920 and 1940 had access to a DB plan, this percentage dropped dramatically […]
Scotiabank is supporting its employees’ financial well-being with a week of information sessions in June. Ayman Alvi, director of global benefits at Scotiabank, says the sessions taking place the week of June 20 will focus on all aspects of financial well-being, including the bank’s pension plan and other financial benefits available to employees. “These events have […]
Pension and retirement plan members in Saskatchewan can now designate beneficiaries through electronic means. The provincial government recently passed a series of amendments regarding the electronic handling of legal matters. Bill 56 specifically allows individuals to name beneficiaries electronically for certain types of plans including an employee pension, retirement, welfare or profit-sharing fund or plan, […]
An article on how employers can create health benefits and retirement plans for gig workers was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. Expert panel: How employers can design health benefits, retirement plans for gig workers 2. Hitachi, Unifor agreement includes DB, DC pension […]
While U.S. employees say it takes $1.1 million in savings, on average, to retire comfortably, 56 per cent expect to have less than $500,000 saved, according to a new survey by Schroders. It found 36 per cent of respondents expect to save less than $250,000 and only 24 per cent expect to save $1 million […]
Whether they’re delivering takeout, chauffeuring passengers, or fixing leaky sinks, most gig workers in Canada don’t get benefits. Classified as independent contractors rather than employees, they’re excluded from employer contributions to Canada Pension Plan and Employment Insurance, they may not be protected under worker’s compensation and they can’t participate in tax-advantaged benefits programs like registered […]
An article on the potential future of pension plans in the private sector was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. Expert panel: Are private sector employers heading toward a pension renaissance? 2. A third of Canadian employees retiring sooner than planned: survey 3. Mental-health […]
As employers increasingly customize their human resources, benefits and pension communications campaigns, how are these methods connecting with employees? Long gone are the days of chunky tomes of group benefits and pension information. Once the norm, those pages and pages of minutiae have gradually been replaced by more personalized and targeted communications. “Direct communication is […]