Defined contribution pensions – Benefits Canada.com

A look at the Co-operators Group’s new decumulation offering

mdunne — Fri, 19 Nov 2021 13:58:31 +0000

One, as Harry Nillson crooned in his classic breakup song, can feel like the loneliest number. At the end of working life, many retirees with defined contribution pension plans can be left feeling alone and confused — cut off from their plan sponsors and pension administrators and sent out with their savings accounts into the […]

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Who are the winners of the 2021 Workplace Benefits Awards?

Jennifer Paterson — Fri, 15 Oct 2021 13:05:20 +0000

Benefits Canada is thrilled to announce the winners of the 2021 Workplace Benefits Awards. At a virtual roundtable and awards ceremony on Thursday, 23 finalists gathered to discuss their leading benefits and pension strategies, followed by winner announcements across 10 categories. All of the finalists represent benefits and pension plans covering nearly 300,000 Canadians. These employers are proactively and passionately aiming to […]

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How can pension plan sponsors help women hit their retirement readiness stride?

mdunne — Fri, 17 Sep 2021 12:54:45 +0000

Preparing financially for retirement is a marathon filled with many obstacles along the way to a constantly shifting finish line. Even in 2021, female employees tend to have more obstacles and subsequently lag well behind their male counterparts when it comes to retirement savings. Women retire 30 per cent less wealthy than men, according to […]

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Pension membership on the rise in Canada: StatsCan

bwolfe — Wed, 07 Jul 2021 19:00:37 +0000

More than 125,000 Canadians became active members in a registered pension plan in 2019, according to a new report by Statistics Canada. It found the number of active members was up two per cent from 2018 to just over 6.5 million. Women accounted for more than three-quarters of the increase in new memberships — up 97,500 from 2018 to 3.3 million — while about 28,000 more men joined […]

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Americans still saving via DC plans despite pandemic-fuelled uncertainty: report

mdunne — Wed, 16 Jun 2021 19:00:08 +0000

Despite the uncertainty wrought by the coronavirus pandemic, Americans are continuing to save for retirement through defined contribution pension plans, according to new data from the Investment Company Institute. The institute tracks contributions, withdrawals and other activities based on DC plan record-keeper data covering more than 30 million participant accounts in employer-based plans on a […]

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Feds extending pension plan relief by one year to help employers, employees through pandemic

Jennifer Paterson — Fri, 21 May 2021 19:30:32 +0000

The federal government is extending its relief to registered pension plans and deferred salary leave plans by one year to help employers manage and maintain benefits for their employees through the coronavirus pandemic. The draft regulations, initially released on July 2, 2020, are aimed at ensure pension plan sponsors and their beneficiaries have the flexibility they […]

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Plan sponsors, pension plans taking lessons from 2020 to decade ahead

mschmit — Fri, 29 Jan 2021 05:00:11 +0000

Following an unprecedented 2020, Canada’s plan sponsors and pension plans are incorporating the lessons of the last year as they prepare for a new decade, according to a recent webinar hosted by Mercer Canada. The coming years will be marked by developments including increased geopolitical tensions and the lingering economic effects of the coronavirus pandemic, […]

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Mercer Canada appoints Geoffrey Melbourne, Neil Lloyd to wealth group leadership roles

mschmit — Thu, 28 Jan 2021 05:00:39 +0000

Mercer Canada is appointing Geoffrey Melbourne as partner and wealth Canada growth leader and Neil Lloyd as Western Canada wealth leader. Melbourne (pictured left) has over 25 years of experience as a seasoned actuary, retirement consultant and client relationship manager. He joins Mercer after nearly 15 years in retirement consulting at a leading global advisory, […]

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Latest GM Canada, Unifor deal includes DB pension changes, benefits enhancements

mschmit — Tue, 26 Jan 2021 05:00:50 +0000

The union representing General Motors of Canada Co. employees in Ontario has ratified a new agreement for workers at a plant in Ingersoll that removes changes to a legacy defined benefit plan as part of ongoing pension discussions. The deal, based on the recent three-year agreement with GM for workers in Oshawa, St. Catharines and Woodstock, […]

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Saskatchewan’s PEBA completes new pension administration system

mschmit — Mon, 25 Jan 2021 05:00:31 +0000

Saskatchewan’s Public Employees Benefits Agency is finalizing the modernization of its pension administration system. Earlier this month, the province’s Public Employees Pension Plan converted to the PEBA’s new platform which includes the new PLANet system, an online self-serve portal for employees and members of both the PEPP and the Municipal Employees Pension Plan. The MEPP […]

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