Changes to the calculation of commuted pension values in Canada are making it more challenging for defined benefit pension plan members to determine an optimal day to quit their job and receive the maximum payout, says one actuary. Peter Gorham, an actuary at JDM Actuarial Expert Services Inc., says while he used to point plan […]
Empower Retirement, the U.S. subsidiary of Great-West Lifeco Inc., has completed the previously announced acquisition of Prudential Financial Inc.’s full-service retirement business. With the completed acquisition, Empower’s reach in the U.S. is expanded to more than 17.1 million retirement plan participants and assets under administration to US$1.4 trillion on behalf of about 71,000 workplace savings plans, according to […]
While 84 per cent of U.S. employees believe their employer should be responsible for their financial well-being, only 55 per cent feel their company is concerned about their financial wellness, according to a new survey by SoFi at Work and Workplace Intelligence. The survey, which polled 800 full-time employees and 800 human resources leaders, found three-quarters (75 […]
In 2020, more than 6.2 million Canadians put aside a total of $50.1 billion for their retirement by making contributions to their registered retirement savings plan, according to new data from Statistics Canada. Compared with a year earlier, contributions increased 13 per cent in 2020, while the number of contributors increased 4.9 per cent. In current dollars, the median RRSP contribution […]
More than two-thirds (71 per cent) of small- and mid-sized U.S. employers said offering more employee benefits helps improve retention, while 70 per cent said benefits help with recruitment efforts, according to a new survey by Principal Financial Services Inc. The survey, which polled more than 1,000 employers, found two-thirds (67 per cent) said employee […]
Remote work is considered the second most important element to compensation and benefits packages, ranked only behind salary, according to a new survey by job search site FlexJobs. The survey, which polled more than 1,200 employees, found 77 per cent cited remote work options, compared to 83 per cent of respondents who cited salary. More […]
Ahead of the upcoming provincial election, Ontario Liberal Leader Steven Del Duca is promising several benefits for employees and employers in his economic platform. The platform, announced ahead of the 2022 election campaign, includes providing all Ontario workers with portable drug, dental and mental-health services; matching up to $1,000 in annual retirement savings for long-income earners, […]
While many employees say they’re open to using employer-provided financial wellness assistance, some are hesitant, citing lack of trust and a need for employers to be transparent, according to a new study by the U.S.-based Defined Contribution Institutional Investment Association. The DCIIA’s Retirement Research Center, which conducted focus groups that explored low- and moderate-income workers’ […]
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 […]
While the majority (79 per cent) of U.S. employees remain confident they’ll be able to retire when and how they want, a quarter are less confident than they were before the coronavirus pandemic, according to a new survey by Fidelity Investments Inc. The survey, which polled 2,600 workers, also found 71 per cent said they’re […]