TFSA – Benefits Canada.com

2021 Top 50 DC Plans Report: Refreshing pension plans to boost engagement, outcomes

mdunne — Fri, 15 Oct 2021 12:57:08 +0000

While renovation shows on television tend to take a sledgehammer to every surface in a house for dramatic effect, there’s another way. Defined contribution pension plans don’t need to be completely gutted to stay current. Something akin to painting an accent wall, like tweaking contribution rates, can be just as impactful and way more cost-effective. […]

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Health benefits claims paid out to support mental health rose 24% in 2020: CLHIA

Jennifer Paterson — Wed, 15 Sep 2021 13:00:53 +0000

Canadian insurers paid out more than $97 billion in benefits from life and health insurance products in 2020, according to the Canadian Life and Health Insurance Association’s annual fact book. The period, which included the first nine months of the coronavirus pandemic, included $420 million paid out for psychology-related claims to support mental health, up 24 […]

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CLHIA calling for increased access to VPLAs, prescription drugs

bwolfe — Mon, 09 Aug 2021 19:00:32 +0000

The Canadian Life and Health Insurance Association is calling on the federal government to permit standalone variable payment life annuities to pool participants from all registered retirement plans. In its 2022 federal budget submission, the CLHIA said VPLAs, as enacted, will only be available to members of very large defined contribution pension plans, excluding Canadians […]

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East coast companies among early adopters of new retirement savings platform

bwolfe — Tue, 29 Jun 2021 13:00:50 +0000

Two East coast companies are among the early adopters of a retirement savings platform for employers in the not-for-profit sector. Prince Edward Island Family Violence Prevention Services Inc. and Newfoundland-based Thrive previously offered their employees group registered retirement savings plans. Danya O’Malley, executive director of the PEI Family Violence Prevention Services, says lower fees was […]

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32% of Canadians delaying retirement due to coronavirus pandemic: survey

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

While the rollout of vaccines has the world cautiously optimistic about an economic recovery, a Scotiabank survey shows the coronavirus pandemic has Canadians concerned about their retirement future. According to the survey, 72 per cent of Canadians said they’re worried they’re not saving enough for retirement, while one-third (32 per cent) said they won’t be able to […]

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Should Canadian employers consider offering emergency savings plans?

mschmit — Thu, 29 Oct 2020 04:50:01 +0000

With Canadian employees feeling the toll the coronavirus pandemic is taking on the economy, should policy-makers facilitate the use of workplace emergency savings plans? “We know from data that 28 per cent of Canadian households who are financially impacted by COVID in August were drawing down on their [tax-free savings accounts] and [registered retirement savings […]

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Tips for helping staff piece together their retirement income puzzle

mschmit — Fri, 18 Sep 2020 04:56:13 +0000

Retirement income can be sliced into three broad categories: what an individual receives from their employer, what they receive from the government and everything else. While plan sponsors are naturally most concerned with what they provide for plan members, including all forms of income in the conversation is integral to properly planning for retirement, says […]

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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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Pension benefits continue to lead growth in Canadian insurance industry: CLHIA

mschmit — Wed, 16 Sep 2020 05:00:22 +0000

Canadians received a record $103 billion in benefits from life and health insurers last year, up 60 per cent from a decade earlier, according to the Canadian Life and Health Insurance Association’s annual fact book. The benefits include $53.3 billion in pension annuity payments, $38.1 billion in health benefits for prescription drugs and supplementary health […]

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Plan Sponsor Week: Retirement planning a holistic process

mschmit — Fri, 04 Sep 2020 04:39:13 +0000

Retirement and savings programs should motivate plan members to think about how they want to spend their time in retirement as well as their money. “If we focus in just on the financial part of the equation and then [plan members] get to that point where [they’re] retiring, not only might they not have enough money to do the […]

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