Bob Carter is an independent multi-lines consultant representing leading technologies in the fields of life, health, wellness and wealth. These are the views of the author and not necessarily those of Benefits Canada.
Bob Carter is an independent multi-lines consultant representing leading technologies in the fields of life, health, wellness and wealth. These are the views of the author and not necessarily those of Benefits Canada.
Communications must evolve to become more than a pretty poster in a lunch room or piece of ad mail to be sent to and largely ignored by plan members.
Many Canadians travel abroad for vacation, but what about for health reasons?
Plan sponsors need to determine the level of paternalistic concern they will maintain for the people in their employ. We often refer to this as the social contract that exists between the two parties and much has been written about the need to keep the social contract in balance. The balance between providing care and maintaining fiscal responsibility is a key component of the business owner’s basic business survival instinct.
Current pricing practices in the group insurance markets are creating something of a feeding frenzy among carriers looking to maintain existing accounts or win new ones. For some time, market-discounting practices have become the norm where insured rates look more attractive than they might have been in the past.
Today’s plan sponsors and administrators are being pursued more aggressively than ever. Some might feel as if they’ve been painted with some sort of target, given the number of phone calls they receive every day from brokers and telemarketing firms. The offers sound too good to ignore, and, in many cases, one might be tempted to give in. But what happens when a plan administrator or sponsor says yes?
The choice of whether to select an insured group benefits plan versus going the self-insured route depends on a number of variables. Often price plays a role. The challenge is, how do you compare two service models that are on the surface somewhat similar and yet completely different in design?
Encouraging employees to live a healthier lifestyle eventually gives way to the notion that for some, the need for prescription drugs may be largely unavoidable. Plan sponsors must involve all members in an open dialogue which promotes the fact that plan cost containment starts with them. Given that the workforce is aging and utilization rates are rising, plan sustainability depends on the realization that much of the power depends on the purchasing choices of each employee and their extended family members
An executive from a well-known national third-party administrator recently commented how administrative services only (ASO) is hot these days. He further added that several brokers were selling ASO plans as the panacea for all the evils in today’s benefits environment and an instant road to rich discounts of up to 40%. While ASO plans may offer plan sponsors some degree of savings over conventional insured plans, the true benefits may lay elsewhere.
Administrative services only (ASO) contracts have, for the past 10 years, been increasingly recommended to and adopted by smaller companies with as few as 25 employees. Splitting benefits contracts (placing pooled benefits with one supplier and cash flow benefits with another) affords plan sponsors with a customized solution that combines the best-in-class capabilities of two often for less than the price of one.
The notion that generic drugs represent a new and frightening concept has pretty much been struck from our collective consciousness, yet generic utilization rates in drug plans in Canada have not reached the levels observed in the United States and throughout much of Europe.
As 2021 winds down, I have a few predictions of the human resources trends for employers to keep top of mind in 2022. Employers finding…
Words and imagery have the power to connect, evoke emotion and elicit a reaction. They also have the power to be inclusive, or exclusive, and…
It’s often said perception is reality and that’s definitely true when it comes to benefits plans. If employees can’t easily perceive the value in their…
How long is your attention span? Be honest and think back to the last time you received an email about your employee benefits and didn’t…
In a recent case, the Ontario Superior Court found an employee failed to mitigate damages when he refused a return-to-work offer from his employer, with whom he…
Many of the changes that were introduced to Ontario’s Employment Standards Act in January 2018 were short-lived, as the province’s new government elected in June…
With the legalization of recreational cannabis on Oct. 17, 2018, employers have been preparing to answer questions about whether their current benefits plans should provide…
In a recent decision, the Ontario Superior Court of Justice found an employer didn’t constructively dismiss a long-service employee when it provided her with 18 months…
On Oct. 17, 2018, it will be legal to purchase and consume recreational cannabis in Canada. In a recent survey of Mercer’s employer clients and Canadian employees, we found…
Some organizations are unique. Their employees are genuinely excited to be at work and an undercurrent of energy and vitality permeates the air. They’ve transformed the…
While many Canadian organizations continue to search for solutions to rising health-care costs, most are falling short. That’s why they must investigate any opportunity to find…
Macroeconomic trends such as longer lives, a lack of access to pensions and retirement supports, a low-growth environment, and persistent lack of financial literacy and…
After an eventful 2025, there are several developments and trends affecting Canadian defined benefit pension plan sponsors in 2026. Focus on investment strategy Major equity…
Risk management continues to be one of the hottest topics in the pension industry for a number of reasons, including the uncertainty caused by the…
With the start of a new year, there are several developments and trends that will likely impact Canadian pension plan sponsors in 2025. Implementation of…
The Canadian Association of Pension Supervisory Authorities’ guideline for risk management provides that plan administrators should create a framework to identify, evaluate, manage and monitor…
In 2025, many organizations took steps to address an uncertain economy while responding to changing pressures. Looking ahead to 2026, there are some trends and…
The previous year was an interesting one in the world of employee benefits plans. Over the previous 12 months, employers have navigated the explosion of…
Most employers look to get feedback from their employees on a variety of topics that touch on the worker experience. Valuable information can be found…
Canadian employers have taken important steps forward on a range of diversity, equity and inclusion matters. That work continues, particularly in the context of neurodiversity,…
The world of work is shifting at an unprecedented pace. Advancements in technology, evolving regulatory requirements, and rising employee expectations are transforming the way organizations…
Economic headwinds, cost pressures and shifting employee expectations are forcing organizations to rethink performance compensation. Traditional pay-for-performance models, built for more predictable business cycles, are…
The workplace has evolved considerably in the last decade and compensation alone no longer defines how employees measure their experience. While salary remains important, it’s…
What’s a plan administrator to do when an individual makes a claim to a pension entitlement that goes back many years after their employment —…
Administering a pension plan involves the accumulation of large amounts of data in the form of documents, filings, reports, emails and letters. At some point,…
Sometimes things aren’t what they seem. A couple of years ago I started experiencing classic burnout symptoms, like exhaustion, brain fog and lack of concentration.…
Economic uncertainty, including the potential for new U.S. tariffs, is prompting businesses to review their workforce strategies and benefits policies to remain resilient. While employers…
Various forms of digital health care have been available in Canada for several years, but I’d argue nothing has accelerated the awareness, need and adoption…
Anyone who’s ever run a marathon or completed an endurance race or trek knows the last few miles are the hardest, both physically and mentally.…
The theme of this year’s Mental Health Week — Unmasking Mental Health — is a reminder that many people in the workplace feel pressured to…
Heading into 2025, the workplace mental-health landscape in Canada continues to transform and grow. Employers continue to recognize that prioritizing mental health is a critical…
Most employees have experienced the powerful impact, whether positive or negative, that a manager can have on their work experience and overall well-being. As conversations…
Taking a break is always a good idea for employees, whether it’s a mid-morning stretch, a walk around the block, a lunch break in the…
According to Statistics Canada, 80 per cent of Canadian public sector workers benefit from a respectable, life-long pension. However, for many private sector employees the…
The total portfolio approach is gaining interest as a new investing strategy for pension funds and other asset owners, but its novel status may be…
Driven by the net-zero pledge towards green investments, institutional investors are finding themselves uncomfortably wedged between a rock and a hard place. If they invest…
Retiring baby boomers are in an era of decumulation anxiety, as they convert their pension assets into income that they fear won’t hold up over…
According to an old adage, the fish rots from the head down. With the chief executive officer being the head of a corporation, are there…
Renowned American businessman and investor Charlie Munger once said, “You have to keep learning if you want to become a great investor. When the world…
What’s the right definition of risk in financial markets? Finding the answer to this question has become even more important because the number of retail…
What’s the value of Bitcoin? Or better, what makes it valuable? Is it because many people think it’s valuable? Is it valuable because it’s cool…
An altering macroeconomic environment means that cost management requires continual attention by pension plans and other institutional investors. Today, as inflation and higher-for-longer rates exert…
Even though it has been two years since the U.S. Federal Reserve started rapidly hiking interest rates, hedge fund managers aren’t more likely to have…
It should come as no surprise that asset owner sentiment is currently dominated by late-cycle tensions. Among pension plans and other institutional investors, this has…
The recent pressure put on Canadian pensions plans from private managers and governments to re-discover an investment home bias has been met with little enthusiasm,…
Severe inflation is on the horizon and plan sponsors should be prepared.
The decision by the Canada Pension Plan Investment Board this month to reduce 10 per cent of its China equity team based in Hong Kong…
Reports that a leading asset manager is delaying the launch of a Chinese bond fund indefinitely are a clear sign that the facade around Chinese…
With the repatriation of Canadians Michael Kovrig and Michael Spavor following their three-year incarceration in China, relations between Ottawa and Beijing are to be reset.…
It’s a welcome development that so many pension fund managers are increasingly preoccupied with the ethical implications of their investments and incorporating data to ensure…
With 2024 well underway, it’s important for employers to adapt their strategies in the ever-evolving landscape of employee benefits. Employee expectations continue to evolve and…
While it’s impossible to predict exactly how pension case law will evolve in future, one can offer an educated guess at some legislative developments and…
A recent court decision in Ontario illustrates the potential danger for employers that attempt to rely on pension plan terms to refute claims for pension-related…
In January, the Canadian Association of Pension Supervisory Authorities established a new committee with a mandate to develop a risk management guidance. In the CAPSA’s…
The importance of risk management isn’t new for the majority of defined benefit pension plan sponsors and administrators. The impact of long-term interest rates, market…
Canada’s most recent census found there are 59,460 Canadians aged 15 or older who identify as transgender and 41,355 who identified as non-binary. However, these individuals…
The concept of employee benefits was established on a foundation built decades ago, when employees worked full time and long term with one employer. Those…
Amid an ongoing labour shortage, employers of all sizes and sectors are increasingly embracing diversity, equity and inclusion. A recent Statistics Canada report found, as…
Microaggressions — everyone has heard them or may have even used them. Defined as everyday verbal and behavioural slights against a person or group that…
Diversity, equity, and inclusion are esteemed values held by many employers and are table stakes in the value proposition for employees and customers. However, in…
In Canada, the coronavirus pandemic is entering a new phase — vaccines are widely available, travel restrictions are gradually lifting and people are returning to…
For most Canadians, it’s been well over a year since most of the country went into its first lockdown due to the coronavirus pandemic. I…
In December 2022, the Supreme Court of Justice of Colombia released an unexpected decision: two men, who had been in a polyamorous relationship with a…
While pension plan administrators know about their plan members’ employment history and salaries, they may not expect to learn much about their personal lives, including how…
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,…
In August, the Canadian Broadcasting Corp. reported that the U.K. Department for Works and Pensions cut off state pension payments to several expatriate pensioners living…
With the increased focus on integrating environmental, social and governance factors into pension plans, a new approach by BlackRock Inc. could have a significant impact on…
At the start of every new year, many employees resolve to improve their fitness — emotionally, financially and/or physically. One pretty easy way that employers…