Flexible working hours, paid sick leave and vacation could have a positive correlation with retirement savings levels, according to a new study. The research, led by Patricia Ann Stoddard Dare, a professor at Cleveland State University, studied 994 male U.S. workers aged 47 to 55. It found employees who are offered these time-related benefits have dramatically higher retirement […]
Hub International Ltd. is expanding its Canadian employee benefits and retirement services with six key service areas. It also named its employee benefits leadership team for the country, including Robert Taylor of TRG Group Benefits, which was acquired by Hub in January; Hub chief innovation officer Faizal Mitha; Mary-Lou MacDonald, Hub’s national practice lead of health and […]
The Government of Quebec is planning to introduce a bill in the spring of 2020 that would allow employers in the province to implement target-benefit pension plans. The provincial government has already given a mandate to Retraite Québec to develop a regulatory framework for the plans, said Minister of Finance Éric Girard at an event in Quebec City last week. […]
Hub International Ltd. has acquired the assets of Winnipeg-based benefits consulting firm W.R. Carey Corp. W.R. Carey provides a wide range of programs to employers, including benefits plan consulting and group retirement services. Bill Carey, the firm’s president, and all of its employees will join Hub International Manitoba Ltd. Read: Hub acquiring Alberta-based employee benefits consultancy “Carey Corp. […]
In tandem with Financial Literacy Month, Great-West Life Assurance Co. is adding Koho’s full-service spending account to select group retirement savings plans. The accounts are paired with a prepaid, reloadable Visa 0.5 per cent cash-back card and an integrated mobile app, which provides users with real-time insights into their spending habits, prompting real behavioural changes. […]
Governments in Asia are stepping up their pension reforms to boost retirement savings adequacy, potentially generating business opportunities for asset managers operating in the region. Retirement income security is a top concern for Asian governments, noted a press release from Cerulli Associates. In response to aging and other pension challenges in the region, governments are amending […]
The Financial Services Regulatory Authority of Ontario has appointed members to its stakeholder advisory committee for the pension sector. The committee, which was introduced in July 2019, will provide advice and feedback to the regulator on sector-related matters and will form part of its stakeholder engagement process going forward. The committees members represents a cross-section of views and backgrounds. Read: FSRA […]
Maximum pensionable earnings under the Canada Pension Plan are rising from $57,400 to $58,700 for 2020. The increase takes into account the growth in average weekly wages and salaries in Canada, according to a press release. The basic exemption amount, at $3,500, will remain unchanged for 2020. Read: Feds update appeals process for EI, CPP and OAS Meanwhile, […]
Pensions have been imperilled by corporate insolvency before, but three new amendments to federal laws may create stronger protections for employees and retirees. Changes to the Canada Business Corporations Act went into immediate effect after receiving royal assent in June, and amendments to the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act take effect today. Further […]
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 […]