A new report by the C.D. Howe Institute is urging the federal government to suspend taxes on registered retirement savings plan withdrawals during the coronavirus pandemic. The report said the current financial assistance measures are an excellent start, but may still leave certain individuals and households with immediate cash-flow problems. Indeed, even for those to whom government assistance […]
While a flurry of capital accumulation plan member activity might indicate their anxiety amid an economic crisis, not many are choosing to make changes to their investments right now. In meeting with record keepers, Rosalind Gilbert, associate partner in the retirement and investment consulting group at Aon, says plan sponsors are more eager than usual for […]
An arbitrator has ruled in favour of the Winnipeg Police Association in its dispute with the City of Winnipeg over the police pension plan. The association filed the grievance in November 2019 after the City attempted to make alterations to the defined benefit pension plan. The changes included increasing employee contributions from eight per cent to 11.5 […]
In the midst of an unusual or unsettling situation, such as the coronavirus pandemic, pension plan sponsors should remember that both defined benefit and capital accumulation plan arrangements are intended to be managed for the long term. The negative impact of the coronavirus on global economies and on businesses is a concern, particularly with respect to […]
It’s the only story around these days. COVID-19 — the coronavirus — has broken out all over the world, leading to strain on health-care resources, uncertainty in capital markets and strict social distancing and lockdown measures from governments. The pandemic is naturally causing fear, anxiety and uncertainty, both among employees and among managers. But here’s […]
With many people around the world facing layoffs due to business shutdowns caused by the coronavirus, financial stress is pervasive. In Australia, the government is allowing individuals affected by coronavirus to access up to $10,000 of their superannuation savings tax-free in both 2019-20 and 2020-21, subject to restrictions, including that they must be unemployed or […]
With the federal government easing the withdrawal requirements for registered retirement income funds in a bid to alleviate the harm to retirees’ portfolios caused by the coronavirus-spurred market crash, the industry is suggesting similar measures for other retirement arrangements. “Canadians who are about to turn money into income will be faced with the decision of […]
Canadians, like many around the world, have watched from the sidelines as interest rates have plummeted and the markets have dropped significantly over the past couple of weeks, with a devastating toll on both personal retirement savings and employer-sponsored pension and other retirement savings plans. Existing industry concerns about the adequacy of retirement savings in […]
While some may still dream of an early retirement, the world where freedom 55 seemed like a genuine possibility is no longer the world we live in today. However, in some ways, the retirement systems established by Canada’s government don’t reflect the current reality — in order to achieve a financially healthy retirement, Canadians will need to […]
Nav Canada’s air navigation specialists are receiving a new end-of-career leave program and a three per cent wage increase in their new collective agreement. The workers, represented by Unifor Local 1016, voted 97 per cent in favour of ratifying the agreement. The wage increases on salaries and premiums are retroactive to July 1, 2019. The end-of-career […]