DPSPs – Benefits Canada.com

Q&A with ABC Technologies’ Cindy Xing

mschmit — Fri, 18 Sep 2020 04:50:29 +0000

ABC Technologies Inc.’s director of total rewards talks wellness, new retirement savings plans and gardening. Q. What top challenges do you face in your role? A. The top challenge is a combination of many factors linked to the unprecedented times we’re experiencing. Like many organizations, the pandemic hit us hard. We’ve had to reduce our […]

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Employers permitted to suspend DC pension contributions, says FSRA

mschmit — Tue, 28 Apr 2020 05:00:57 +0000

The Financial Services Regulatory Authority of Ontario has confirmed it will permit a suspension of employer contributions to defined contribution pension plans on a temporary basis. However, any change to either employer or employee contributions can only be on a go-forward basis and must be supported by an amendment to the plan text, said the […]

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Editorial: Weighing in on the pension of the future

mschmit — Fri, 20 Dec 2019 05:00:45 +0000

About a year ago, Benefits Canada introduced a few new columns and features, including our Head to Head, where every month we choose a hot industry question and open up a two-person debate. I’m often tempted to join in the discussion, but ultimately fall on the side of restraint. This month, though, I can’t resist […]

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2019 CAP Suppliers Report: A look at the RRSP-DPSP combination

ANNA CAMPION — Fri, 20 Dec 2019 04:57:13 +0000

The Swedish word “tack” translates to “thank you,” which is precisely what IKEA is saying to employees with its Tack! loyalty program. In Canada, the program operates as a deferred profit-sharing plan and is part of employees’ total rewards package. “The [program] was launched in 2013 based on the wish of IKEA founder Ingvar Kamprad […]

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Are CAP sponsors changing contribution rates amid coronavirus?

mschmit — Fri, 20 Dec 2019 04:55:25 +0000

With companies finding themselves strapped for cash in the wake of the coronavirus, are plan sponsors scaling back on the company match in capital accumulation plans? Looking at the bigger picture in the U.S., companies are more focused on keeping their businesses running than on their defined contribution plans, says Peg Knox, chief operating officer […]

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Why plan sponsors should be concerned about pension management fees

mschmit — Tue, 15 Oct 2019 04:30:29 +0000

While group retirement compliance is a legal requirement in the U.S., Canadian plan sponsors only have a set of guidelines and best practices to follow. These are in place to help plan sponsors maintain fiduciary responsibility by keeping the interest of the plan member at the forefront of decisions regarding their group retirement plan. One […]

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How rethinking plan design can address retirement readiness

mschmit — Tue, 18 Jun 2019 04:30:22 +0000

Many Canadians are looking forward to retiring someday, but with the rising cost of living and increasing life expectancy, many are also uncertain whether retirement will arrive anywhere near the age they expect. When employees are worried about funding retirement, they delay it. In turn, employers face mounting costs, either from pay differentials with younger replacement workers […]

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Decumulation, cyber security among initiatives in CAPSA’s latest strategic plan

mschmit — Thu, 25 Apr 2019 05:00:07 +0000

The Canadian Association of Pension Supervisory Authorities has outlined its priorities for April 2019 to March 2022 in its new strategic plan, which included initiatives like focusing on defined contribution plan decumulation and cyber security. Jason Vary, president at Actuarial Solutions Inc., notes while all the identified priorities were worthwhile, some are more important than […]

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Total number of active registered pension members on the rise: OSFI

mschmit — Fri, 26 Oct 2018 12:00:26 +0000

The total number of active registered pension plan members in Canada rose nine per cent between 2006 and 2016, from 5.8 million to 6.3 million, according to a new notice from the Office of the Superintendent of Financial Institutions. The percentage of active registered members participating in a contributory plan also increased during this period, rising from […]

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Pension, benefits maintained as Ontario mine workers ratify collective agreement

mschmit — Tue, 17 Jul 2018 04:00:57 +0000

Hourly workers at Compass Minerals International Inc.’s mine in Goderich, Ont. have voted in favour of a new collective agreement that allows them to maintain their previous pension and benefits. The vote, by members of Unifor Local 16-O, has put an end to a 12-week strike at the salt mine. The three-year deal also includes a 2.5 […]

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