While Canadians continue to use registered retirement savings plans for retirement planning, knowledge about RRSPs has declined over the past five years, according to a new survey by BMO Global Asset Management. It found 56 per cent of respondents know how much they can contribute to the account, a six per cent decrease since 2016. […]
Higher investment fees in capital accumulation plans can potentially set an individual’s retirement date back by four years, according to Mercer’s latest retirement readiness barometer. The analysis found a person paying the median retail fee (1.9 per cent) would be retirement ready at age 70. On the other hand, someone paying the median fee available […]
A retirement community operator is allowing employees to access their pay at any time as part of a wider financial wellness strategy. In May, Seasons Retirement Communities is incorporating a new app into its payroll system, which allows employees to receive up to 50 per cent of their daily pay instantly. Jessica Poling, senior director […]
More than a third (38 per cent) of U.S. employees increased their 401(k) contributions by an average of three per cent in 2021, according to a new survey by Fidelity Investments Inc. By the end of 2021, 83 per cent of workers with a 401(k) received a contribution from their employer, with the average employer […]
Almost two in five (39 per cent) Canadians are confident in their retirement plan, according to a survey conducted by Pollara Strategic Insights for the Bank of Montreal Financial Group. The survey, which polled 1,500 adult Canadians, found while respondents said they need $1.6 million to retire securely, just under half (44 per cent) were […]
While 70 per cent of benefits-eligible U.S. workers said they’re more likely to work for an employer that offers employee-paid voluntary benefits, just 49 per cent said they’ve taken advantage of these offerings, according to a new survey by Voya Financial Inc. The survey, which polled around 1,000 respondents, found 31 per cent don’t fully […]
Community Living York South is joining the Colleges of Applied Arts and Technology pension plan’s DBplus. “After much research and consultation, we felt it was the right move for our organization at this time,” said Steven Klein, acting executive director of the non-profit organization serving the southern part of York Region, in a press release. […]
Canadian Forest Products Ltd.’s new financial wellness program may have originated as the brainchild of its defined contribution pension plan committee, but it’s just as applicable to its defined benefit plan members — and the organization chose to roll it out for all employees. When you have broad financial wellness topics, it’s fine, but when […]
The Saskatchewan Pension Plan is increasing its 2022 contribution limit to $7,000. Plan members can now qualify to save the tax on up to $7,000 in income from the previous year. In a press release, the multi-employer defined contribution pension plan sponsor said the limit increase makes it an increasingly attractive option for employers looking […]
A thousand members of the Anglican Church of Canada’s defined contribution pension plan are joining the General Synod pension plan, effective Jan. 1, 2022. The Church-wide Lay employee pension system’s transition into the multi-employer pension plan is part of an expansion strategy to offer more Canadians better financial security in retirement, according to a press […]