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  • Top 12 small biz stories of 2013 | Small Biz Advisor
    that advisors must inform their clients about 4 Are clients considering ASO Read this first Gordon Hart founding partner of Selectpath says the new EP3 pooling initiative is changing how insurers pool risk for catastrophic high cost drug claims Here he explains ASOs and outlines why some plan sponsors might consider them 5 What Gen Y wants from a benefits plan Gen Y employees now make up a significant portion of the workforce and they have different expectations of their benefits plans Sun Life lists the top 4 considerations for designing a plan with Gen Y employees in mind 6 How to handle the worst call you ll ever get Wolfson makes our list a second time with this article where he tells advisors the best way to handle a call no one wants to get The call in which the client firing you without any warning 7 Employee lies about daughter cashes her benefits cheque Lawyer and journalist Sheryl Smolkin tackles the topic of benefits fraud with this article She tells us how the Ontario Superior Court of Justice ruled that Costco had the right to fire a long term employee for cause after she submitted claims to the company sponsored health insurance plan for a daughter that didn t exist and cashed the reimbursement cheques 8 Beware what you email plan members Smolkin also takes our 8 spot with a reminder of the importance of accuracy in any written or oral communications with benefit plan members This time she tells us about the Ontario Court of Appeal decision that awarded post retirement benefits to a Sears employee who did not strictly meet the service requirements because of an email 9 8 important lessons for employees about benefits plans Bill Zolis of the Callery Group writes about the 8

    Original URL path: http://www.smallbizadvisor.ca/news/top-12-small-biz-stories-of-2013-2794 (2016-04-26)
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  • Pension plan membership up, coverage rate down | Small Biz Advisor
    RPPs The pension coverage rate i e the proportion of all employees covered by an RPP was 38 4 in 2011 down from 38 8 the year before More than 4 477 400 employees were in a DB plan down 0 1 from 2010 They accounted for nearly three quarters 73 of employees with an RPP compared with 84 a decade earlier Membership in DC plans the other most frequent type increased by 3 5 or 34 100 to 1 003 300 These plans accounted for 16 4 of all RPP membership and 85 of members in DC plans worked in the private sector Other plans continued their upward trend In 2011 more than 633 800 employees belonged to these plans up 3 5 from 2010 The participation of women in RPPs continued its long term upward trend in 2011 Their membership increased 0 8 to 3 052 800 The number of men participating in these plans saw a similar increase as membership rose to 3 061 900 In 2011 women represented 62 of membership in the public sector and 37 in the private sector Men accounted for 50 1 of total membership in 2011 while the percentage of women

    Original URL path: http://www.smallbizadvisor.ca/news/pension-plan-membership-up-coverage-rate-down-2790 (2016-04-26)
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  • Group Retirement | Small Biz Advisor - Part 2
    com November 25 2014 More and more Canadian employers are moving away from DB plans by eliminating the DB Why don t more small businesses have a group retirement plan BY Scott Anderson BenefitsCanada com November 20 2014 Most business owners and HR champions of independent Canadian businesses know the benefits of offering Choosing investments for DC plans it s all in the approach BY Standard Life October 16 2014 Choosing investments for defined contribution DC plans can be challenging but the right approach can The future of workplace pensions BY Terra Klinck and Natasha Monkman BenefitsCanada com August 12 2014 Without question workplace pension plans particularly the traditional DB plan serve many important purposes in Tips to secure your client s retirement BY Advisor ca Staff May 13 2014 Basic guidelines to help your client prepare for retirement include starting a savings program maintaining Average retirement age on the rise BY BenefitsCanada Staff May 1 2014 The average age at which U S retirees report retiring is 62 the highest Gallup has DC plan participation rates could be improved Report BY BenefitsCanada com Staff April 2 2014 Participation rates for eligible employees in employer sponsored savings plans are healthy

    Original URL path: http://www.smallbizadvisor.ca/group-retirement/page/2 (2016-04-26)
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  • Group Retirement | Small Biz Advisor - Part 7
    report BY Staff August 12 2013 A new report summarizing recommendations from the recent National Summit on Pension Reform says Canadians As longevity increases retirement savings fall short BY Yaldaz Sadakova August 8 2013 As longevity increases and workplace pension plans decline an alarming number of Canadians believe they Fraser Group launches survey on pension fund expenses BY Staff August 8 2013 Fraser Group has created a pension fund expenses survey to provide plan sponsors with various Longer life spans threaten pensions BY Advisor ca Staff August 6 2013 It s official not only are Canadians getting older they re also living longer In fact the life expectancy Is retirement planning with employees worth the trouble BY Vikram Barhat August 6 2013 While unmanageable debt levels poor financial literacy and complexity of savings vehicles are often blamed Retiree Incentives beyond benefits BY Danielle Arbuckle August 1 2013 If you re hoping to retain or rehire retirement age employees providing a benefits package can be Pre retirement planning seminars boost financial literacy BY Staff and BenefitsCanada com Staff July 25 2013 Employer sponsored pre retirement seminars help increase financial literacy for participants especially for those with relatively little Millennials investing early

    Original URL path: http://www.smallbizadvisor.ca/group-retirement/page/7 (2016-04-26)
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  • Pension sustainability to remain a top issue | Small Biz Advisor
    for plan sponsors and members to taking action on pension issues For corporate DB plan sponsors a compelling desire for lower and less volatile employer costs will continue to drive plan design change in 2014 Towers Watson s 2013 Pension Risk Survey shows that this will first and foremost include change to investment strategy with a shift away from equities into fixed income cash or alternative asset classes However with many pension plans having benefited from recent increases in long bond yields coupled with rising capital markets some plan sponsors will begin to change their management approach moving away from a prior focus on adjusting plan risk to the right level to taking material steps to remove some risk entirely through liability settlements with plan members via lump sum payments and annuity purchases This trend will see Canada move closer to the U S experience of private sector pension plan de risking For DB sponsors that remain committed to keeping their plans operational more dynamic approaches to investment governance and portfolio management will likely develop As plan governance and in particular investment strategies and implementation become more complex greater use of full and partial delegation of the investment process will

    Original URL path: http://www.smallbizadvisor.ca/news/pension-sustainability-to-remain-a-top-issue-2781 (2016-04-26)
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  • Ontario to move forward with provincial pension plan | Small Biz Advisor
    ntario flag jpg Ontario will go ahead with its plan to create a pension for its residents now that the latest attempt to enhance the Canada Pension Plan CPP has failed Given today s unfortunate stall tactic by the federal government we will move forward to implement a made in Ontario alternative to protect Ontario workers in their retirement said Finance Minister Charles Sousa He expressed disappointment and said the federal government stood in the way of a CPP enhancement Sousa said that action must be taken now so that today s workers have a more secure retirement in the future The provincial government didn t reveal any details of what the plan would look like but it s expected to provide more information in the spring Doing nothing is not a solution to this problem and will not give Ontarians the security they need to retire he explained We have to act and that s what Ontario will do Ontario said in October that it would move ahead with its own solution should the provinces and the federal government failed to reach an agreement on CPP expansion Read more Canadian workers say CPP expansion not the answer Pension reforms

    Original URL path: http://www.smallbizadvisor.ca/news/ontario-to-move-forward-with-provincial-pension-plan-2776 (2016-04-26)
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  • Succession planning for small biz, Part 2 | Small Biz Advisor
    with their shareholders agreement and owners wills should specify what happens to those shares when they die And he adds You always want to negotiate shareholder agreements when everyone s friendly rather than at the end Jack Courtney vice president of High Net Worth Planning at Investors Group agrees If a small business doesn t have properly drafted shareholders agreements he says They find themselves almost in a stalemate sometimes Consulting a financial planner can be a cost effective first step for business owners who want to understand what they need to consider and what strategies may be open to them before they hash out the details of a succession plan with their accountant and lawyer Courtney says In our work we still frequently run across the scenario where two business partners have done everything on a handshake their whole career What we try to do is ask those key questions What if something happens to one of you How does your family get value from that business The other party may not want to be in business with your family what is the mechanism for buying you out Or if there s an offer for the business and one party wants to take it and the other doesn t how do you deal with that Eighty five per cent of owner operators in a 2012 Investors Group survey didn t think family members were interested in taking over their businesses but observes Courtney A lot of times you start to think about retirement in your 50s and early 60s before you know what your children are going to do with their life He notes that it can take successors three to five years to effectively assume their new roles Putting structures in place now will give you flexibility for

    Original URL path: http://www.smallbizadvisor.ca/group-retirement/succession-planning-for-small-biz-part-2-2771 (2016-04-26)
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  • Pension assets grew in 2012 | Small Biz Advisor
    Text Size S tatistics Canada reports that pension wealth advanced to nearly 2 6 trillion by the end of last year an increase of 9 1 from 2011 The increase was due to strong performance in equity markets in 2012 particularly on the international front Wealth in employer based pension plans rose 9 2 or 119 billion to 1 4 trillion by the close of 2012 This follows a 3 6 increase or 45 billion in 2011 Assets in individual registered savings plans grew to 928 billion at the end of 2012 an increase of 8 or 69 billion from a year earlier Assets held in employer based pension plans and individual registered savings plans accounted for 91 7 of total pension wealth at the end of 2012 almost unchanged from the 92 recorded for 2011 Wealth in social security plans the Canada Quebec Pension Plan stood at 213 billion at the close of 2012 an increase of 13 7 or 26 billion from a year earlier Pension wealth accounted for 49 8 of total financial assets held by households at the end of 2012 up slightly from 49 4 in 2011 Read more Better retirement savings options needed Longer

    Original URL path: http://www.smallbizadvisor.ca/news/pension-assets-grew-in-2012-2767 (2016-04-26)
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