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The 5 Most Common Employment Benefits

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The 5 Most Common Employment Benefits

benefits

Research for the 2021 Robert Half Salary Guides revealed the following benefits that businesses most frequently offer. Extended Health insurance — After salary, this benefit is of the utmost importance to many job candidates and typically includes medical coverage for employees and their families. In a Robert Half survey of more than 500 HR managers […]

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The Importance of Naming a Beneficiary

When an employee enrolls in an employee group benefits plan it is important that they name a beneficiary to receive the proceeds of any life insurance benefits upon their death. Why should I name a beneficiary? By indicating a named beneficiary the employee protects their benefactor from receiving a reduced benefit due to estate taxes […]

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2021 CAP Member Survey

Benefits Canada recently published its CAP (Capital Accumulation Plan) Member Survey to assess the financial wellness of plan members and how they have fared since the start of the pandemic. Retirement readiness and the pandemic 47% of plan members said they feel financially prepared for retirement, compared to 48% in 2020 and 55% in 2019. […]

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Summary of the CIA DC Seminar – September 2021

By June Smyth I had the privilege of attending the DC Seminar in early September, hosted by the Canadian Institute of Actuaries. As part of the committee organizing the seminar, I was privy in advance to some of the topics but was thrilled to hear the seasoned speakers covering some excellent new content. At a […]

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What are the Responsibilities of Pension Plan Administrators? FSRA Releases Final Guide

As of July 28, 2021 the Financial Services Regulatory Authority of Ontario (“FSRA”) released a final guide outlining the roles and responsibilities of pension plan administrators. The guide aims to consolidate and update four existing guides and outlines regulatory principles in pension plan risk management, respective responsibilities for employers and plan sponsors, statutory obligations, and […]

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Understanding Co-insurance, Deductible, and Other Frequently Used Group Benefit Terms

Have you ever wondered what the difference is between a deductible and co-insurance, or cost share and co-insurance? These terms can sometimes be confusing and we want to provide you with a better understanding of the different terms that may apply to group health and/or dental benefits.  Premium: The monthly amount the employer pays for the […]

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2021 Government Benefits & Limits – A Quick Reference

Old Age Security Benefit Payment Rates January – March 2021 Type of Benefit Recipient Maximum Monthly Benefit Maximum Annual Income OAS All recipients $615.37 See note GIS Single person $919.12 $18,648 Spouse of pensioner $553.28 $24,624 Spouse of non-pensioner $919.12 $44,688 Spouse of Allowance recipient $553.28 $44,6881 Allowance All recipients $1,168.65 $34,512 Allowance for the […]

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LOOKING BACK AT 2020

The pandemic has stretched the emergency preparedness, crisis management and business continuity plans of our clients beyond what any of us ever imagined. It has also created unique challenges and we have all had to learn to communicate differently. For Baynes & White (B&W), zooming with our clients was a new experience, however we have […]

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GUIDANCE FOR MISSING PENSION MEMBERS

FSRA released their final guidance on Missing Members – Principles and Practices on December 10, 2020. The guidance outlines the principles and practices to assist pension plan administrators in searching for missing members. A plan member is considered missing if the plan administrator is unable to locate or communicate with the member and believes the […]

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