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Group Benefits and Pensions
Group insurance and group retirement savings newsletter containing current news and issues about group benefits, group savings and pensions
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Chamber of Commerce Concerned Over Ontario Pension Plan

Chamber of Commerce Concerned Over Ontario Pension Plan | Group Benefits and Pensions | Scoop.it
Chamber of Commerce Concerned Over Ontario Pension Plan
Wright & Associates's insight:

In a recent submission to the Government of Ontario, the Chamber points to evidence that the vast majority of Canadians are on-track to maintain their standard of living in retirement and that the ORPP will punish employers and employees who are already contributing to their secure retirement future through non-defined benefit workplace retirement savings plans.

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One-third of Ontario workers lack medical/dental benefits, study says | Toronto Star

One-third of Ontario workers lack medical/dental benefits, study says | Toronto Star | Group Benefits and Pensions | Scoop.it
Wellesley Institute report finds the working poor and women are least likely to get workplace health benefits; it proposes universal drug coverage and expanded dental programs.
Wright & Associates's insight:

 Research found that about 35 per cent of workers in the province do not have medical and dental coverage through their employer. The figures were much starker for low earners: about 85 per cent of those earning less than $10,000 receive no workplace health benefits, and about 70 per cent of those earning between $10,000 and $20,000 are not covered. 


To find out more about group benefits coverage and a free quote contact us at info@wrightassociates.ca.

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3 factors to consider before launching a wellness program

3 factors to consider before launching a wellness program | Group Benefits and Pensions | Scoop.it
Ask yourself, if your organization’s wellness program launched to unengaged employees, did it really launch at all?
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Many employers would reduce contributions under existing plans with ORPP: Survey | Canadian HR Reporter

Many employers would reduce contributions under existing plans with ORPP: Survey | Canadian HR Reporter | Group Benefits and Pensions | Scoop.it
Two-thirds might eliminate plans altogether
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Workers unprepared for financial impact of disabilities

Workers unprepared for financial impact of disabilities | Group Benefits and Pensions | Scoop.it
“The average length of a disability over 90 days is between two to three years,” notes Hardy. “Canadians should ask themselves, ‘Do I have enough money saved to cover living expenses and healthcare bills throughout the entire length of my disability?’”Most Canadian workers would suffer severe financial hardship if they were forced out of work with a disability.
Wright & Associates's insight:

“The average length of a disability over 90 days is between two to three years,” notes Hardy. “Canadians should ask themselves, ‘Do I have enough money saved to cover living expenses and healthcare bills throughout the entire length of my disability?’”

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Ontario Retirement Pension Plan: Implications for Employers | Pensions & Benefits Law

Ontario Retirement Pension Plan: Implications for Employers | Pensions & Benefits Law | Group Benefits and Pensions | Scoop.it
Wright & Associates's insight:

If implemented, the ORPP could have significant implications for Ontario employers who currently sponsor retirement plans deemed to be non-comparable. In particular, based on the preferences indicated in the December Paper, it would appear that the Ontario government will notconsider DC plans comparable workplace pension plans under the ORPP regime. (The impact of such an approach will be considerable as the December Paper itself notes that “[i]n 2013, almost 400,000 Ontarians participated in a DC plan.”)

Employers who currently sponsor a DC plan or group RRSP should consider the implications of such a regime change for their workplace and their current compensation structures. Comments on the ORPP initiative, which may be submitted to ORPP@ontario.ca, are due by February 13, 2015.

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Do retirement plans really attract and retain employees?

Do retirement plans really attract and retain employees? | Group Benefits and Pensions | Scoop.it
Employers agree that retention and attraction of quality employees is one of their biggest goals in the HR department. Popular belief tells us that a benefits package including group retirement is one of the tools used to attract and retain employees...but is it?
Wright & Associates's insight:

It’s widely agreed that company-sponsored group retirement plans do help in attracting and maintaining employees. If a company doesn’t have a plan, it may be time to ask why. And if a company has a plan that’s been ignored, it may be time to revisit. Many plans can be set up without much headache and the cost to the employer can be surprisingly low compared to the cost of finding new employees to replace the ones that have left your organization.

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McMillan | Ontario Pension Legislation: Alphabet Soup Comes to Queen's Park

McMillan | Ontario Pension Legislation: Alphabet Soup Comes to Queen's Park | Group Benefits and Pensions | Scoop.it
Ontario Pension Legislation: Alphabet Soup Comes to Queens Park
Wright & Associates's insight:

Participation in the ORPP will not be required if an individual participates in a "comparable workplace pension plan" which would be as determined under the final ORPP enactment legislation. While this looks to be a simple concept, this will be a case of the devil being in the detail, and should be of concern for employers.  Employers can learn more by contacting us at 877-242-9116.  Discuss your options now before they are mandatory.

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Manulife Financial - PRPP

Manulife Financial - PRPP | Group Benefits and Pensions | Scoop.it
Pooled Registered Pension Plans (PRPPs) is a retirement savings option available to the self-employed or employees of companies that do not currently offer a workplace retirement savings plan. A Manulife Financial PRPP is simple to set up and easy to maintain, with minimal administration required by small business owners.
Wright & Associates's insight:

The federal government passed the Pooled Registered Pension Plans (PRPP) Act in 2012, formally recognizing that greater access to workplace savings programs is needed to help Canadians adequately save for retirement. PRPPs will improve the range of retirement savings options available to those who do not already have access to a pension plan, such as the self-employed or employees of companies that do not currently offer a workplace savings plan. Trying to wade through all of the new pension offerings and rules set out by our various levels of government?  Call us and we can help you, 1-877-242-9116

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Are employee wellness initiatives effective? | Canadian HR Reporter

Are employee wellness initiatives effective? | Canadian HR Reporter | Group Benefits and Pensions | Scoop.it
Study finds CHROs skeptical about cost benefit of wellness programs
Wright & Associates's insight:

In many respects, having employee wellness programs is simply the right thing to do. Making such a commitment helps to further an organization’s corporate social responsibility agenda. Employees are important stakeholders in any organization, and being recognized for having a meaningful commitment to corporate social responsibility will help to enhance and improve the company’s branding in both the product and employment markets.  - See more at: http://www.hrreporter.com/blog/HR-Policies-Practices/archive/2014/12/16/are-employee-wellness-initiatives-effective#sthash.zoQJYCJj.dpuf

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How to Find the Right Health Insurance Broker

How to Find the Right Health Insurance Broker | Group Benefits and Pensions | Scoop.it
One of the best ways to find a quality health insurance broker is to ask business associates and other service providers for referrals.
Wright & Associates's insight:

If you would like more information about providing health insurance for you employees at a reasonable cost, contact us at 877-242-9116 and we can help.

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Why don’t more independent businesses have a group retirement plan?

Why don’t more independent businesses have a group retirement plan? | Group Benefits and Pensions | Scoop.it
Most business owners and HR champions of independent Canadian businesses know the benefits of offering a group retirement plan to their employees. Many studies have shown that employee attraction, retention and engagement are increased when a group retirement plan is in place.
Wright & Associates's insight:

Many small and medium enterprise (SME) owners have also come to the conclusion that they should put a plan in place but never found the time or the appropriate plan for their employees.

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Nudge your plan members to make smarter choices

Nudge your plan members to make smarter choices | Group Benefits and Pensions | Scoop.it
Academic research in behavioural economics and psychology is changing how we understand our pension and benefit plan members’ decision-making process, and how we communicate with them. Popularized by the 2008 book Nudge: Improving decisions about health, wealth and happiness by Richard Thaler and Cass Sunstein, behavioural economics has been making huge advances—especially in the United Kingdom, where the Cabinet Office established a Behavioural Insights Team in 2010.
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5 ways retirement is changing

5 ways retirement is changing | Group Benefits and Pensions | Scoop.it
Retirement today is far more complex and unpredictable than it’s been in the past.
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Big benefits for small business

Big benefits for small business | Group Benefits and Pensions | Scoop.it
Equitable Life of Canada has launched myFlex Benefits, a cafeteria-style flex benefits option for small businesses.
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Will employers scrap DC plans because of the ORPP?

Will employers scrap DC plans because of the ORPP? | Group Benefits and Pensions | Scoop.it
Sixty-six percent of Ontario companies may consider eliminating their existing DC or group registered retirement savings plan if the Ontario Retirement Pension Plan is introduced, according to a survey.
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Opinion: Inefficient drug coverage costs Canadian employers $5 billion

Opinion: Inefficient drug coverage costs Canadian employers $5 billion | Group Benefits and Pensions | Scoop.it
The biggest part of an employee’s benefits package is their drug plan. And unlike public drug plans in Canada, private plans are notoriously inefficient, often covering higher priced drugs that do ...
Wright & Associates's insight:

The biggest part of an employee’s benefits package is their drug plan. And unlike public drug plans in Canada, private plans are notoriously inefficient, often covering higher priced drugs that do not deliver better health outcomes for users or using sub-optimal renewal intervals.

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What retirement savings crisis?

What retirement savings crisis? | Group Benefits and Pensions | Scoop.it
Enhancing the Canada Pension Plan isn’t required because Canadians have saved enough, say Ian Lee, assistant professor at the Sprott School of Business at Carleton University.
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News | Knowledge Bureau

News | Knowledge Bureau | Group Benefits and Pensions | Scoop.it
Knowledge Bureau is a national post-secondary educational institute and publisher focused on excellence in financial education for advisors and their clients. Through online courses and live learning events taught by industry leaders, over 10,000 professionals have earned the knowledge they need to excel in their careers and see their businesses grow.
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Doing it right: Best practices in employee benefits

Doing it right: Best practices in employee benefits | Group Benefits and Pensions | Scoop.it
I recently had an enlightening conversation with a client on a strategic perspective regarding employee benefits plans. The client asked a simple question: Who does this right? After pausing to collect my thoughts, I began to ramble off the names of a number of plan sponsors that I thought did a good job with their benefits programs. But shortly after the meeting, I started to chastise myself for giving the wrong answer. It wasn’t that the examples I provided were wrong, they just were not neces
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Plan sponsors: What’s on your wish list?

Plan sponsors: What’s on your wish list? | Group Benefits and Pensions | Scoop.it
The holidays are a magical time. For many of us, they offer a period of reflection, renewal and planning for the coming year. It’s a chance to ask ourselves if there’s anything we did over the past year that we can do better in the year ahead. Or, maybe there are things we didn’t get around to—things we can put on our wish list for the new year.
Wright & Associates's insight:

A communication program that reinforces the notion that benefits are expensive to provide, and would be difficult for members to replicate or afford on their own, will help build member appreciation over time. This can also go a long way toward helping your members accept sustainability challenges. If they understand the costs involved in providing these plans, they’re more likely to be okay with any changes you make to ensure the plans remain viable.

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Employers’ decumulation duties remain unclear

Employers’ decumulation duties remain unclear | Group Benefits and Pensions | Scoop.it
The responsibilities of Canadian DC sponsors during the deculumation phase remain unclear, but they can still help members in a number of ways, experts argue.
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5 Facts You Need to Know About Flexible Benefits

5 Facts You Need to Know About Flexible Benefits | Group Benefits and Pensions | Scoop.it
Here are five facts you should know about flexible benefits.
Wright & Associates's insight:

Do you want to find out more about flexible benefits, contact us at 877-242-9116 and we can show you.

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Help employees become financially literate

Help employees become financially literate | Group Benefits and Pensions | Scoop.it
It’s the same old story, employees are not saving enough for retirement—and that’s simply because of their lack of financial literacy.
Wright & Associates's insight:

Would you like to get on the ‘financial literacy bandwagon’?

At Wright & Associates we will provide lunch for your staff members to show them our proprietary cash-flow and retirement planning programs, and should they choose to go through the program we will offer it to them one-on-one at no fee.

CALL TODAY TO BOOK A LUNCH!  1-877-242-9116

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‘Augmented reality’ to promote retirement savings | BenefitsPro

‘Augmented reality’ to promote retirement savings | BenefitsPro | Group Benefits and Pensions | Scoop.it
A new mobile app that puts additional information at users’ fingertips could offer a way to boost retirement savings, especially among millennials.
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