The vast majority (86 per cent) of the Ontario Municipal Employees Retirement System’s pensioners are happy they retired when they did, according to a new survey by the Municipal Retirees Organization Ontario. But almost two-thirds (64 per cent) of respondents said they’d advise future retirees to think more about how to handle their declining health […]
Sears Canada Inc. has reversed course and will continue to make special payments to its defined benefit pension plan and provide post-employment benefits plans until Sept. 30, 2017. Have your say: Does the Sears Canada case signal the need for changes to better protect employees? The agreement, which the company reached with employees and retirees […]
U.S. Steel Canada Inc. has successfully restructured and has exited protection under the Companies’ Creditor Arrangement Act with Bedrock Industries Group LLC as its new owner. The Financial Services Commission of Ontario filed its regulation relating to the U.S. Steel Canada pension plans on June 30, confirming the agreement between the company’s new owner and […]
Former Sears Canada Inc. employees are already feeling the impact of the company’s restructuring proceedings as they receive letters informing them of cuts to severance payments and health benefits along with bad news for those looking at commuting their pensions. In one letter, the company informed an existing employee that “no further payments are going to be […]
Last week’s move by Sears Canada Inc. to file for protection under the Companies’ Creditors Arrangement Act wasn’t a surprise for the company’s retirees, says their lawyer. “The company has been having many challenges for years. Retirees have been engaged with the company for many years,” says Andrew Hatnay of Koskie Minsky LLP, the firm appointed […]
Stelco Inc. employees in Nanticoke and Hamilton have voted in favour of a new collective agreement proposed by potential buyer Bedrock Industries Group LLC. Nanticoke employees, who are part of United Steelworkers Local 8782 and work across two plants, voted 86 per cent and 89 per cent in favour of the new agreement on Friday, […]
Some 323,000 Canadians have inadequate retirement income once the costs of long-term health care are factored in, a figure that could grow to about 815,500 by 2038, according to a new study. The study, which looked at the impact of out-of-pocket health-care expenses on Canadian retirement security, was conducted in three major phases by the Healthcare […]
Baby boomers are saying they plan to work longer. This can be good or bad news. Many companies can benefit from keeping their mature workers (the baby boomers) longer; others will need to ensure these employees are leaving when they need them to. In 2014, Statistics Canada reported boomers currently make up about one-third of […]
Though survey results vary, they generally indicate that employers offering retiree benefits are the minority in Canada. For instance, only 16.3% of participating organizations in the 2015 Mercer Plan Design Database offer some kind of retiree benefits. Additionally, the 2015 Sanofi Healthcare Survey of mostly larger employers shows only 35% still offer benefits to new retirees. In another survey, 17% of respondents in the Toronto Region Board of Trade offered extended health coverage, and 13% offered dental benefits to retirees. By 2014/15, these numbers decreased to 16.5% and 11.9%, respectively.
Retirement is on employers’ minds. Employers are revisiting how they view their retirement programs and how they view their role when active employees become retirees, said Nigel Branker, partner and leader of Morneau Shepell’s DC pension consulting practice in Ontario, at the firm’s Trends in Human Resources event in Toronto.