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Retirees mobilize to maintain promised benefits

Retirees mobilize to maintain promised benefits Retirees probably have better things to do than congregate on the corner of Queen and Bay at 5 p.m. on a workday, but on an early fall day earlier this year that’s just what Jeanie Campbell and others were doing. They weren’t there to see the sights of the big city. They were there to register ...more

The lost wisdom of grandparents found again in auto enrol

The lost wisdom of grandparents found again in auto enrol Canadians are increasingly being reminded of the importance of saving for retirement. Yet, despite such efforts, savings remain dismally low, driving what pension experts are calling a looming crisis of inadequate retirement income. The verdict seems to be in that left to their own devices, Canadians won’t voluntarily put money aside for retirement. Certainly immediate demands ...more

Lack of adequate retirement income push people to GIS – ARIA post

Lack of adequate retirement income push people to GIS – ARIA post Some traditions are just too good to let go. And if they are discarded or replaced with a lesser brand for the sake of convenience, vested interests, or perception, ramifications often follow. Proponents of ditching the traditional defined benefit pension model in favour of a defined contribution savings scheme might want to consider the results of ...more

Seniors’ fight for retirement rights benefits younger Canadians

Seniors’ fight for retirement rights benefits younger Canadians Governments should have learned a number of truths about seniors. They are engaged, have insight and knowledge gained from a lifetime of experiences, and know how to come out swinging when their interests are challenged. Yet, says Susan Eng, CARP’s vice-president of advocacy, some politicians seem to have forgotten the lessons of time when it comes ...more

Income inequality divides millennials and boomers

Income inequality divides millennials and boomers It seems there is substance to all that anecdotal chatter about 20-somethings returning to the nest after taking off for school and other life lessons, only to find the cost of going it alone too much for a paltry income to sustain. There’s nothing new about young people landing back on their parents’ couch after flying ...more

Municipalities and pension funds natural match of need and opportunity, says chair of LUMCO

Municipalities and pension funds natural match of need and opportunity, says chair of LUMCO Ontario municipalities need capital for infrastructure projects, big and small, while Canada’s big pension plans have an appetite for investing in such projects. It could be the perfect union of need and opportunity, says the chair of the Large Urban Mayors’ Caucus of Ontario (LUMCO). Jeff Lehman, mayor of Barrie and chair of LUMCO, recently wrote ...more

Business needs to make the case for adequate retirement income

Business needs to make the case for adequate retirement income The retired couple contacted his office about a stark choice confronting them: food or heat. They didn’t have enough money for both. A growing number of reports and anecdotal evidence suggests they aren’t alone, as people across Canada struggle with inadequate retirement income, suggesting that the oft-discussed retirement crisis is now at the doorstep of many ...more

Retirees take aim at feds’ target benefit plans

Retirees take aim at feds’ target benefit plans Getting on the bad side of retired Canadians is never a good idea, a lesson one might have thought today’s generation of politicians would have learned from Brian Mulroney when he tried to de-index pensions back in 1986. After incurring the wrath of seniors, particular one irate elderly woman who told him during a protest on ...more

Voluntary ‘doesn’t work’ as a retirement model: Don Ezra

Voluntary ‘doesn’t work’ as a retirement model: Don Ezra In a perfect world Canadians would be saving enough of their working income to provide for a comfortable and secure retirement. But there’s lots of evidence to conclude that when it comes to retirement planning, it’s far from a perfect world. There is plenty of information to suggest that left to their own devices Canadians can’t ...more

Overall lack of pensions narrows retirement income gap between men and women

Overall lack of pensions narrows retirement income gap between men and women As today’s women shatter glass ceiling after glass ceiling they are narrowing the gap with men in all walks of life. However, when it comes to retirement income, the lack of adequate pension provision for both sexes is becoming an unfortunate equalizer. The absence of workplace pension plans has resulted in a kind of race to ...more

Quebec’s VRSP model aims at workers without a pension plan

Quebec’s VRSP model aims at workers without a pension plan Whether it’s NEST in the United Kingdom, Australia’s superannuation system, the KiwiSaver in New Zealand, or the new VRSP in Quebec, all have one thing in common: a realization that people need some sort of nudge to help them save for retirement. The DC-type plans have some key differences, but a core element is a requirement ...more

Mandatory aspect of ORPP a bold initiative, says Jo-Ann Hannah of Unifor

Mandatory aspect of ORPP a bold initiative, says Jo-Ann Hannah of Unifor Retirement anxiety is a real and tangible concern for millions of Canadians. More than 60 per cent don’t have an occupational pension plan, and for them the traditional notion of the ‘golden years’ is fast becoming unattainable. Efforts are being made to solve the riddle of inadequate retirement income, with solutions including the promised Ontario Retirement ...more

Stay focused on market volatility, says AIMCo’s Leo de Bever

Stay focused on market volatility, says AIMCo’s Leo de Bever As Canadian pension plans surge back towards surplus on the strength of stellar 2013 investment returns, cooler heads realize the good times won’t last forever and that funds need to continue to manage risk to keep the pension benefits flowing to retirees. Leo de Bever seems to fit comfortably into this group of cautious managers. The ...more

Anxious workers would trade pay for pension benefits

Anxious workers would trade pay for pension benefits Canadians are becoming increasingly anxious that their retirement years may not be as golden as once imagined, and they are willing to bargain with employers to achieve greater retirement security. A report by Towers Watson, the Global Benefits Attitude Survey, reveals Canadians are so concerned about their retirement readiness, they are willing to trade wages for ...more

Saskatchewan Healthcare Employees’ Pension Plan Applauds the Appointment of New CEO Alison McKay

Saskatchewan Healthcare Employees’ Pension Plan Applauds the Appointment of New CEO Alison McKay The Saskatchewan Healthcare Employees’ Pension Plan (SHEPP) is pleased to announce the appointment of Alison McKay as Chief Executive Officer (CEO). Alison was selected to replace former CEO Brad Garvey who left the organisation in April, 2013 due to a sudden and unexpected illness. “I’m looking forward to the challenges ahead as SHEPP builds on recent ...more

ARIA exclusive: Adequate retirement income good for people and economy: Murray Gold

ARIA exclusive: Adequate retirement income good for people and economy: Murray Gold Even though analysis shows that an expanded Canada Pension (CPP) would benefit younger Canadians more than it would boomers at or near retirement’s door, some opponents of higher contributions to pay for better benefits insist younger Canadians would be footing the bill for an older generation that hasn’t saved enough. It would take decades for higher ...more

Increased longevity fuels retirement-income anxiety

Increased longevity fuels retirement-income anxiety The good news is that Canadians are indeed living longer and generally healthier lives. The bad news is that where there is life there is expense and Canadians, notably those not in a defined benefit pension plan, have to come up with the money to fund those extra years. And as Ian Markham, Retirement Innovation Leader ...more

Data shows pension coverage a problem for the private sector

Data shows pension coverage a problem for the private sector Pension experts across the developed world agree that a retirement crisis driven by the lack of adequate retirement income will have serious consequences for individuals and economies. The range of dire outcomes from not having enough retirement income include an increase in the rates of senior poverty, people simply not having enough income to ever fully ...more

Savings program designed to get workers in the habit of preparing for retirement

Savings program designed to get workers in the habit of preparing for retirement It’s not a pension plan, but it does have at least one important component of one: payroll deduction. And one of the hopes for it is that it will at least get low-income people without much in the way of potential retirement money to begin saving. The myIRA concept Barrack Obama announced in his State of ...more

NB retirees continue to fight for their pensions

NB retirees continue to fight for their pensions Politicians have learned to tread lightly when it comes to retirees and their pensions. Former Prime Minister Brian Mulroney will likely attest to that, remembering his encounter with a senior citizen during a 1986 protest in Ottawa. Mulroney had made a decision to partly de-index pensions, a move that earned the ire of protester Solange Denis, ...more

In The Headlines
ORPP to mirror CPP closely – ARIA post

(Dec, 19, 2014) According to a discussion paper released this week, the Ontario government would model its proposed pension plan on the CPP, including the way the national program excludes those earning less than $3,500, reports Benefits and Pensions Monitor. The paper says the plan would exempt low-income workers from paying into the plan, however they wouldn’t ...more

More women than men covered by DB – ARIA post

(Dec. 19, 2014) Although studies show that women, in general, are less prepared than men for retirement through savings vehicles like RRSPs, when it comes to defined benefit  plans, more women are covered than men, reports Benefits and Pensions Monitor. “In 2012, one-third of employed women and one-quarter of employed men aged 25 to 54 were ...more

OMERS’ New York office receives recognition from charity – ARIA post

(Dec. 18, 2014) The Ontario Municipal Employees Retirement System (OMERS) has received recognition for its community volunteer initiatives, from New York Cares. The organization, “a charity making a critical impact in the lives of at-risk New Yorkers,” honoured OMERS at its 2014 Winter Benefit, highlighting “the significant fundraising and volunteer efforts of the New York-based team of OMERS, ...more

Tribunal sides with mother’s caregiver – ARIA post

(Dec. 18, 2014) The so-called sandwich generation is in a middle of “the developing issue of eldercare,” writes Michelle Black in a Mondaq Business Briefing – specifically, the need to take time off work to care for aging parents. The right and ability to do so has already been the subject of an Ontario Human Rights Tribunal, which ...more

CPPIB invests in Indian infrastructure – ARIA post

(Dec. 18, 2014) The Canada Pension Plan Investment Board (CPPIB) has made the “first direct private investment by a Canadian pension fund into an Indian infrastructure development company,” reports NDTVProfit.com. “Larsen & Toubro (L&T) today said it has completed the definitive investment agreement with Canada Pension Plan Investment Board (CPPIB) for investment of Rs 2,000 crore ...more

Senator wants pension plans off of coal – ARIA post

(Dec. 18, 2014) Californian pension plans should stop investing in coal interests to further the fight against climate change, says state senator Kevin de Leon, reports The Guardian. To that end, de Leon, the leader of the state senate, says he will introduce a bill to wean America’s two biggest pension plans, the California Public Employees’ ...more

Bill impedes right to collective bargaining: CLC – ARIA post

(Dec. 17, 2014) Unionizing in a federally regulated workplace has become more difficult following the passing of a bill in the Senate, according to a post by the Canadian Labour Congress. The bill, C-525, also makes it easier for a minority of workers to disband workplace unions. The bill, Employees’ Voting Rights Act, was introduced by Conservative MP ...more

ORPP discussion paper offers more details, consultation process – ARIA post

(Dec. 17, 2014) More details about the structure of the proposed Ontario Retirement Pension Plan (ORPP) have been released, writes Adam Mayers in the Toronto Star. The discussion paper offers more information about who will be required to join and how low-income workers will participate, but leaves “open the tough question of the self-employed,” writes Mayers. The ...more

Congress passes bill that could cost existing retirees – ARIA post

(Dec. 17, 2014) The American Congress has been criticized for not being able to pass legislation, but this week legislators did just that, and it’s not good news for retirees, writes J.D. Heyes at Global Research. The legislation allows pension benefits of current retirees to be cut in what is being sold as a bid to ...more

Chronic underfunding behind Illinois’ pension woes – ARIA post

(Dec. 17, 2014) Before he was elected governor of Illinois, Bruce Rauner talked tough about ‘reforming’ the state’s pension system, reports The Economist. But when he was elected, the rhetoric got toned down when the “size and complexity of the public-pension mess suddenly hit him, and, aware that he had to bring together Democrats, unions and ...more

Senator wants CalPERS off of coal – ARIA post

(Dec. 17, 2014) California State Senator Kevin de Leon wants the California Public Employees Retirement System (CalPERS) to divest itself of coal investments, writes Molly Patterson at Pacific Swell. The senator, she writes, intends to introduce legislation to get the state’s public employees retirement system, the largest in America, off of coal. “With coal power in retreat, and the ...more

Wynne ‘very pleased’ with increased federal transfer – ARIA post

(Dec. 17, 2014) Ontario Premier Kathleen Wynne said she is “very pleased” that Ottawa is  giving the province an additional $1.25 billion in transfers for 2015, reports the Kitchener-Waterloo Record. Wynne has campaigned for more money from Ottawa, saying Ontario was shortchanged $640 million when the feds revised transfer calculations last year, reports The Record. “Last year ...more

Pension wealth in Canada continues to grow – ARIA post

(Dec. 16, 2014) The value of pension wealth in Canada continues its upwards trend according to new research by Statistics Canada, reports Benefits Canada. By the end of 2013, pension wealth in this country stood at $2.85 trillion, an 11.4 per cent increase from 2012. The increase ran through a range of savings option, including pensions and ...more

French minister says no to more pension cuts – ARIA post

(Dec. 16, 2014) Working longer and accepting fewer benefits are not fixes for France’s pension shortfall that seem likely to appear any time soon, reports Reuters. A report indicating that remedies are needed for the French pension system failed to move the country’s social affairs minister, who said there was no need to reform the system ...more

Unifor warns members of TB pitfalls – ARIA post

(Dec. 16, 2014) The federal government’s proposed target benefit (TB) plan option for federally regulated industries, such as railroads and airlines, could have significant impact on Air Canada employees and retirees, Unifor local 20o2 says in a post. The post includes a link to an online petition: Stand Up for Pensions and Demand Retirement Security for All ...more

Canadian funds among the most sophisticated of investors – ARIA post

(Dec. 16, 2014) Canadian pension plans are as “sophisticated as any investor in the world,” Daniel Barclay, who oversees Canadian and international investment banking at BMO Capital Markets, is quoted saying at Bloomberg News. It has been a busy time for Canadian plans which showed their investment clout by “participation in about $12 billion worth of deals ...more

Annuities can provide lifetime income, if they are available – ARIA post

(Dec. 15, 2014) Members of defined benefit plans are ensured a lifetime stream of retirement income. Not so for workers with defined contribution plans, the final payout of which is dependent on a number of factors. The risks associated with DC-type plans can be nerve-racking, writes Andrea Coombes at Market Watch. Those risks can be mitigated ...more

Retirement vehicles running on fumes – ARIA post

(Dec. 15, 2014) It’s a long drive to the land of retirement, and most Americans are running on fumes, writes Catherine Dunn in the International Business Times. New research reveals that people just aren’t putting enough in the retirement tank to get them through the golden years in style and comfort. According to Alicia Munnell, co-author of ...more

Survey picks up on benefits millennials want – ARIA post

(Dec. 12, 2014) The International Foundation of Employee Benefit Plans has released its Employee Benefits Survey: 2014, which includes thoughts on what benefits might be most attractive to millennials. According to comments, employers might be getting creative in their efforts to attract and retain workers. Employment benefits, particularly retirement plans, have been shown to benefit employers by ...more

The single Canadian the emerging face of poverty – ARIA post

(Dec. 12, 2014) A new survey reveals that single people are the emerging face of poverty in Canada, writes Tavia Grant in the Globe and Mail. The survey, an income analysis from Statistics Canada, shows that median incomes in Alberta top the rest of the country, and “offers the first glimpse of low and median income trends ...more