Hybrid pension plans – Benefits Canada.com

Via Rail, Unifor deal increases employer contributions for hybrid pension members

bwolfe — Mon, 12 Apr 2021 13:00:51 +0000

The union representing Via Rail Canada Inc. employees has ratified a new agreement that will increase employer contributions for members of the company’s hybrid pension plan. The new two-year contract covers 1,700 employees at Via Rail and removes age and service conditions that determined the employer match percentage for optional contributions made by plan members […]

The post Via Rail, Unifor deal increases employer contributions for hybrid pension members appeared first on Benefits Canada.com.

The Royal Mail Group’s road to offering U.K. employees a collective DC plan

ANNA CAMPION — Fri, 19 Mar 2021 04:51:09 +0000

The Royal Mail Group Ltd. will soon make history in the United Kingdom by becoming the first employer to sponsor an entirely new type of pension plan, called a collective defined contribution scheme. Under the U.K.’s Pension Schemes Act 2021, which received royal assent in February, collective DC pensions will essentially be a hybrid of […]

The post The Royal Mail Group’s road to offering U.K. employees a collective DC plan appeared first on Benefits Canada.com.

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, […]

The post Latest GM Canada, Unifor deal includes DB pension changes, benefits enhancements appeared first on Benefits Canada.com.

GM Canada, Unifor agreement covers DB pension changes

mschmit — Wed, 11 Nov 2020 05:00:27 +0000

The union representing General Motors of Canada Co. employees in Ontario have ratified a new three-year collective agreement that removes changes to a legacy defined benefit plan as part of ongoing pension discussions. The deal restores the legacy DB plan by removing a member contribution requirement and a 30-year cap on credited service introduced in […]

The post GM Canada, Unifor agreement covers DB pension changes appeared first on Benefits Canada.com.

2020 Top 50 DC Plans Report: Member behaviour under microscope amid pandemic

mschmit — Fri, 16 Oct 2020 04:56:06 +0000

Defined contribution pensions are taking a bumpy ride in the coronavirus pandemic, with plan sponsors and their members facing volatile stock markets, financial uncertainty and interruptions to business as usual. Whether related to plan design, investment options, decumulation or overall financial well-being and education, what issues are taking the spotlight this year and what changes […]

The post 2020 Top 50 DC Plans Report: Member behaviour under microscope amid pandemic appeared first on Benefits Canada.com.

VIA Rail, Unifor collective bargaining includes strengthening pension plan

mschmit — Fri, 01 Nov 2019 05:26:26 +0000

Unifor locals representing VIA Rail Canada Inc. employees have opened bargaining in Montreal as contracts are set to expire for more than 2,000 members. Members identified a number of key issues for contract negotiation, including a strengthened pension plan, according to a press release. The current collective agreements expire on Dec. 31, 2019. Read: Unifor […]

The post VIA Rail, Unifor collective bargaining includes strengthening pension plan appeared first on Benefits Canada.com.

2019 Top 50 DC Plans Report: What does the future hold for hybrid pension plans?

ANNA CAMPION — Fri, 18 Oct 2019 04:57:07 +0000

While defined contribution pension plans evolve and defined benefit plans decline, the McGill University pension plan is a true blend of both types — at least for some employees. When Sebastien Betermier, an associate professor of finance at the university’s Desautels Faculty of Management, joined the plan after 2009, a DC arrangement was available for […]

The post 2019 Top 50 DC Plans Report: What does the future hold for hybrid pension plans? appeared first on Benefits Canada.com.

Women now make up half of registered pension members

mschmit — Wed, 19 Jun 2019 12:30:09 +0000

The number of women in Canadian registered pension plans reached a record high of 3.2 million as of January 2018, bringing them up to 50.5 per cent of plan members, according to new data from Statistics Canada. It also found the number of Canadians in registered pension plans surpassed 6.3 million in 2017, increasing by 62,800 members, […]

The post Women now make up half of registered pension members appeared first on Benefits Canada.com.

Private sector pension membership fell by 11,600 in 2015: Statistics Canada

mschmit — Mon, 24 Jul 2017 12:25:40 +0000

Assets in registered pension plans were $1.7 trillion in 2015, a three per cent increase from 2014, according to new figures published by Statistics Canada. Larger pension plans with at least 30,000 members held more than half (55.2 per cent) of the assets. Of those larger plans, 32 account for half of all pension plan […]

The post Private sector pension membership fell by 11,600 in 2015: Statistics Canada appeared first on Benefits Canada.com.

Sink or swim?

mschmit — Sat, 01 Mar 2014 03:00:08 +0000

Pension plans are the topic du jour, even outside of HR circles. Funding challenges, retirement income adequacy, intergenerational equity and financial stability are only a few of the issues under discussion and in the media. But all talk and little action may be sounding the death knell for these programs. Unless pension plans can evolve relatively quickly to meet changing needs and circumstances, they face extinction.

The post Sink or swim? appeared first on Benefits Canada.com.