Benefits Canada’s Post

Pension improvements announced for certain workers in the Federal public service. There can be a sense of "pension envy" between private sector workers and public sector workers when it comes to retirement plans. CAAT continues to work towards closing that gap by offering private sector workers defined benefit pensions through our participating employers while maintaining flexible but fixed costs for those employers. This "win/win" nature of our pension plan is why we continue to add employers and members at a rapid pace from coast to coast to coast! https://lnkd.in/edHQ3mcF

The issue of retirement age has been a hot topic for years now. Conversations on this issue go hand in hand with pension accessibility and the generally improved health of older workers. Interesting to see this new legislation, which will outlaw contractual retirement ages under the state pension age, being put forward to the Oireachtas. Employers should also consult the WRC Code of Practice on Longer Working and have a clear plan and communication strategy for any colleagues approaching this age. https://lnkd.in/dSwMMnG6

Draft legislation has been introduced to allow a person to postpone taking payment of State pension up to age 70 in return for a higher rate of pension. We consider the likely impact on employers and defined benefit pension schemes. #WilliamFry #Pensions #Employment #MandatoryRetirement #StatePensionAge, Ian Devlin, Nuala Clayton, Jane Barrett, Richard Smith

Old Pension Scheme: New update regarding restoration of old pension, employees get ray of hope #employee #Employeesoldpensionoldpensionschemepensionrestoration #MPKesariDeviPatel #oldpension

Congress’ efforts toward pension reform in the decade leading up to the enactment of ERISA where buffeted by two opposing forces, “big” labor” and “big” business. Nothing was going to move without both being on board, and by the mid-1960s there was little indication that this would ever happen. ERISA’s principal reforms relating to pension security, minimum vesting and funding standards, and the establishment of a pension-guaranty, were designed to ensure that employees who had a reasonable expectation of receiving the pension benefits promised to them. To achieve these ends, the federal government would need to be deeply involved in private-sector employment relationships. Pre-ERISA law allowed market actors to set the terms of the pension promise with little interference. ERISA’s vesting and funding standards would, however, dictate minimum terms for an important component of the employment contract. Neither employers, in the case of single-employer plans, nor employers and unions, in the case of multiemployer plans, where thrilled with this prospect. Something (many things, actually) had to give. 

Canadian Political Commentary - Union protests New Brunswick plan to transform public-sector pension plans https://lnkd.in/dSFrkQGM #newbrunswick #newbrunswickcanada #union #publicsector #pensions #pensionplans #definedbenefit #sharedrisk #publicsectorpensionplans #sharedriskpensionplans #cupe #CanadianUnionofPublicEmployees

While the current union negotiations are politically charged, government entities still offer traditional pensions. The union requests the complete restoration of the DB pension plan for workers hired after 2007 and a substantial increase in retiree pensions and healthcare coverage. We recently posted a story on the double-digit increases in healthcare coming to your plan soon. Retroactively restoring benefits would be a significant financial and accounting burden for any business, let alone the automakers, who seem to be on a feast or famine cycle. I'm sure non-union automakers are cheering on the UAW, as it provides them with a competitive advantage. However, that is an issue for another day. The traditional pension plan, once a cornerstone of retirement security for many workers, has dramatically declined in recent decades. In these media frenzy days, it is easy to forget how many factors contributed to the demise of these plans, including but not limited to the shift to defined contribution plans, demographics, market volatility, and governmental tax/accounting regulations. Although people are living longer nowadays, employees tend to switch jobs frequently. It has become uncommon for them to stay with a company for a long time, regardless of the cause or responsibility. Therefore, why invest in a complex and expensive benefit program? What does become apparent in these arguments is that retirement is costly and requires planning. While statistics suggest people are more confident than they should be in their retirement security The steady decline of traditional pension plans can be attributed to economic, demographic, regulatory, and cultural factors. While some industries and government entities still offer traditional pensions, they have become increasingly rare in the private sector. As a result, the responsibility for retirement savings has shifted from employers to employees, making personal financial planning and saving for retirement more critical than ever. https://lnkd.in/eb94PcmV

Part 2 of 3 of our mini series is available to read. This blog covers the origins of pensions, tracing their development from ancient times to the sophisticated systems we see today. Understanding this history provides valuable insights into the evolution of social welfare and financial security. Read here - https://lnkd.in/eXZGQzTk #financialadviser #employerpensions #pensionmanagement

Congress rekindles the conversation on WEP/GPO repeal, stirring discussions on the future of retirement benefits. Explore the intricate details and implications. 🏛️💬 . https://lnkd.in/dRiSi-Mj . #RetirementReform #CongressionalUpdates #PublicServiceInsights

Over-50s could deliver takeaways, says work and pensions secretary, Mel Stride, as he lauds flexible working at firms such as Deliveroo amid post-Covid rise in economic inactivity #gigeconomy #employment #unemployment #work