The Ontario Medical Association is helping its members save for retirement with a new guaranteed lifetime income annuity. Kayte Fredrickson, vice-president of insurance for the OMA, says the annuity was developed in partnership with Brookfield Annuity Co. and Common Wealth Retirement, the OMA’s retirement plan administrator, to specifically meet the retirement needs of the province’s […]
Last year, Benefits Canada hosted its 2020 CAP Member Survey webinar just a few weeks after the World Health Organization declared the global coronavirus pandemic. It was early days and, as uncertain as we all felt, I don’t think anyone expected we’d still be working from home and struggling through the crisis almost a year […]
The past year and a half has been characterized by marked change. The move to remote work, industry layoffs and the desire for more robust support left plan sponsors and consultants rapidly altering the ways they work together. Certain trends, such as virtual care, mental-health support, changing retirement needs and industry consolidation have slowly been […]
For the past 15 years, Benefits Canada’s CAP Member Survey has taken the pulse of capital accumulation plan members’ retirement readiness, their knowledge, confidence and satisfaction in their employer-provided CAPs and how their financial wellness is affecting their physical and mental health. Tracking sentiments through the 2008/09 financial crisis, its subsequent recession and recovery and […]
The union president for the Canadian Border Services Agency employees is “relieved” after reaching a new tentative agreement that includes retirement benefits and new paid leave programs. Under the four-year agreement, which dates back to 2018, the Treasury Board has committed to working toward the introduction of early retirement benefits for the border employees, along […]
The Canadian Life and Health Insurance Association is calling on the federal government to permit standalone variable payment life annuities to pool participants from all registered retirement plans. In its 2022 federal budget submission, the CLHIA said VPLAs, as enacted, will only be available to members of very large defined contribution pension plans, excluding Canadians […]
The first strike at Vale Canada in more than a decade is drawing to a close after unionized workers at the Sudbury, Ont., mine ratified a collective agreement that includes improved pension and health benefits. Through the agreement — which expires May 31, 2026 — the monthly pre-age 65 defined benefit pension will increase by $50 to […]
Since target-date funds were introduced to the Canadian market in the early 2000s, they’ve become the dominant investment choice for defined contribution pension plan members. The funds, which are balanced with dynamic asset mixes that adjust as members approach retirement, are offered in a series — typically, one fund for each five-year target retirement band — with each fund […]
The Canadian Association of Pension Supervisory Authorities is developing a framework for defined contribution pension plans to offer variable payment life annuities. In developing the framework, the CAPSA said it will address topics such as plan design and conversion options, as well as member disclosure, spousal consent, plan termination, investment rules and regulatory oversight for […]
A majority (72 per cent) of plan sponsors believe their retirement savings plan is meeting its goals this year, up from roughly 66 per cent in 2020, according to a new survey by Fidelity Investments Inc. While 68 per cent said their employees are saving enough for retirement — up from 59 per cent in […]