July 14, 2015
According to 2013 Canadian Government stats, almost 8 million employees who work at a small business are left without coverage. A well-designed group benefits plan can be an essential part to attracting and retaining the right employees, as well as keeping employees healthy and productive at work.
According to a 2011 LIMRA study:
72% of companies with 50 – 99 employees have some sort of health benefits
53% of companies with 20 – 49...
July 08, 2015
In June 2015, in Obergefell v. Hodges, the Supreme Court ruled that same-sex marriages are valid and should be performed throughout the United States. Employers now face a more urgent bottom line: How does the same-sex marriage decision impact employee benefit plans? What must employers do, and what plan design opportunities may remain?Expanding Same-Sex Spouse EligibilityAn employer not previously offering same-sex spouse coverage may wish...
July 02, 2015
Definition of a Workplace Accommodation:
Any change in the working environment that allows a person with a disability or limitation to properly carry out their job duties is considered a workplace accommodation. This includes changes to physical workspace, adaptions to the equipment or tools used, change in work hours, or job sharing. Accommodations can be temporary, periodic, or long term depending on the employee’s medical condition....
June 03, 2015
The amendments to the Pension Benefits Standards Regulations 1985 (PBSR) were finally released in its final form on March 25th, 2015 and are scheduled to come into force July 1st, 2016. All plan investments msut comply with the new rules by this date.
Significant changes were made to the PBSR in order to modernize the pension fund investment rules.
The new amendments to the PBSR include:
Changes to the Pension Investment Rules – click...
May 21, 2015
It is important for business owners consider the metal health and well-being of their employees. Having a healthy workforce will directly translate into productive workforce.
According to the Mental Health Commission of Canada:
More than 500,000 Canadians won’t go to work because of mental illness each week
More than 30% of disability claims and 70% of disability costs are attributed to mental illness
The Canadian economy loses...
May 04, 2015
A recent trend has more and more Canadians planning to either semi-retire or work longer and delay their retirement as the cost of living in Canada continues to go up. Inevitably, this trend will also impact the cost of group health plans and benefits to increase.
Generally benefit plans cease coverage for employees once they turn 65, there is more pressure for group plan sponsors to extend the coverage past 65 due to the change in working...