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 […]
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. […]
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 […]
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 […]
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 […]
On December 8, 2020, Bill 213 received Royal Assent by the Ontario Government. The purpose of Bill 213 is to reduce the burdens of regulation on businesses. Coined the Better for People, Smarter for Business Act, Bill 213 covers off many different facets of regulation in Ontario. One of the major wins for small businesses […]
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 […]