Morneau Shepell 'In the News' highlights mentions, interviews and published articles by Morneau Shepell employees.
05/31/2013 - Financial Post – Article by Fred Vettese - Since the 2008 market meltdown, many individual investors have stayed away from equities, which is a shame since they would have recovered all their losses had they simply held on and waited for a recovery. For those of us who still believe in equities, the question is: What should you do with your equity holdings as you get closer to retirement? After all, you don’t want a bear market in stocks to ravage your RRSP balance just as you are about to retire, so perhaps it is prudent to start shifting to fixed-income investments a few years beforehand.
05/31/2013 - Rotman International Journal of Pension Management – Article by Fred Vettese
There is a widespread perception in Canada that the country is on the brink of a major retirement crisis. A more considered view is that while most recent retirees are faring reasonably well, Canada faces a slowly deteriorating situation in which a growing proportion of future retirees will experience a substantial drop in their standard of living. This article challenges the credibility of even this more considered view, demonstrating that several important sources of future retirement income are being underreported and understated. Further, most projections do not factor in the near-certain increases in the average retirement age that will unfold over the next 20 years. Generalizing from these findings, it is unlikely that the conclusions set out in this article apply only to Canada.
05/28/2013 - CNW - Morneau Shepell is pleased to announce the newest version of its My EAP app, which provides fast and easy access to support through interactive tools. The new version includes the company's Online Access service that allows employees and their family members to book Employee and Family Assistance Program (EFAP) support services securely and confidentially on their mobile device - anytime and anywhere. "This service is unique to our industry and totally changes the landscape of EFAP support access," said Barb Veder, Vice President, Clinical Services and Research Lead, Morneau Shepell. "Our clients can book confidential support services with the utmost of convenience and ease of access - without jeopardizing privacy."
05/28/2013 - Forbes – Morneau Shepell Inc (Toronto: MSI) has been named as a Top 25 dividend stock, according the most recent Canada Stock Channel ”DividendRank” report. The report noted that among the coverage universe, MSI shares displayed both attractive valuation metrics and strong profitability metrics. The report also cited the strong monthly dividend history at Morneau Shepell Inc, and favorable long-term multi-year growth rates in key fundamental data points.
05/27/2013 - These are among the subjects included in the current issue of the Morneau Shepell News & Views, a monthly publication dedicated to providing insights to its clients in Canada
- Morneau Shepell points to steps organizations can take to promote workplace mental health in the current issue of its newsletter, News & Views.
05/22/2013 - Toronto Star – ...“I was certainly surprised and dismayed to hear that Wiley is going to be discontinuing its Canadian publishing operation,” said Vettese, chief actuary at Morneau Shepell, a human resources firm based in Toronto. “I honestly don’t know what it means yet, but would speculate that getting Canadian business books published will be more difficult from now on.”
05/20/2013 - Globe & Mail – … To overcome those odds and “even get the starting job,” students are often expected to arrive at their first post-grad job interviews with experience to show – an asset that has “huge value,” said Bill Morneau, executive chairman of human resources consultancy Morneau Shepell and a board member with The Learning Partnership, a charitable organization aimed at strengthening public education in Canada. His top concern is that many students are still not “as effective as we might hope” in core communication and numeracy skills.
05/20/2013 - Risk.net – …Morneau Shepell, which acted as consultant on the Nortel deal, said it had identified CIBC Mellon’s suite of asset servicing solutions as the best choice for Nortel’s 20,000+ members based on the projected additional revenue from CIBC Mellon’s strong securities lending programme, the flexibility of its benefit payments team and the company’s reputation for client service.
05/15/2013 - Benefits & Pension Monitor News – Aging in the workplace may not be the biggest issue facing employers, says Bill Morneau, executive chairman of Morneau Shepell. He told its ‘Annual Meeting Of General Shareholders’ that he expects workers to start staying on the job, partly due to pension coverage issues today. Over the next decade, he said Canadians will work until they are 65 or 66. Currently, the average age of retirement is around 62 years old. Governments are looking for ways to address shortfalls in retirement income, he said. These measures include enhancing Canada Pension Plan benefits, creating new vehicles such as pooled registered pension plans, and offering other pension design such as the shared risk plans now being used in New Brunswick. This means it becomes the role of consultants such as Morneau Shepell to help companies determine where they fit in. However the financial challenges facing employers are not limited to pension plans. Healthcare costs are increasing and will continue to rise as governments download programs onto the private sector, he said. (End of Article)
05/15/2013 - SmallBizAdvisor - Morneau Shepell has released a new online tool to help organizations respond to the new national standard for workplace mental health. The Morneau Shepell Mental Health Pulse Check involves a brief online questionnaire for employers. Results provide a high-level look that allows an organization to gauge its workplace mental health readiness against their industry average.
05/14/2013 - Atlanta Business Chronicle – A Canadian services and technology firm has put its U.S. headquarters in Atlanta, where it will more than double its workforce and add up to 200 employees. Toronto-based Morneau Shepell Ltd., Canada’s largest health and pension benefits technology and outsourcing company, has identified the Southeast as a growth market. Morneau, which employs about 140 in Atlanta, has tripled its office footprint at The Terraces complex to about 41,000 square feet. In Atlanta, the company plans to hire system engineers, software developers and solution architects. Morneau also plans to add management and customer support employees
05/14/2013 - Benefits & Pension Monitor News – Morneau Shepell has released an online tool designed to help organizations respond to the new national standard for workplace mental health. "Workplace mental health is now a top-of-mind issue," says Paula Allen, vice-president, research and integrative solutions, at Morneau Shepell. "What has been lacking is a simple and immediate way for companies to measure the state of their workplace mental health against their competitors, before having to commit to an investment." Its ‘Mental Health Pulse Check’ involves a brief online questionnaire for employers and the results provide a high-level look that allows an organization to gauge its workplace mental health readiness against their industry average. This makes it possible for an organization to instantly obtain a measurable, pragmatic view of its mental health. By identifying areas of concern, employers can use this information to assess mental health performance relative to their peers, and decide if they need guidance and support to meet the National Standard of Canada for Psychological Health and Safety in the Workplace. (End of Article)
05/13/2013 - Benefits Canada News - A study finds that employee health, drug and disability costs have risen significantly or are expected to increase, but only 15% of companies have considered a funding strategy to address the impact of future cost drivers such as an aging workforce, the expenses related to drug and disability plans, and legislative changes. The Banking on productivity: Managing employee health costs study was conducted by the Canadian Financial Executives Research Foundation, the non-profit research institute of FEI Canada, and sponsored by Morneau Shepell. “Canadian financial executives need to be aware of these emerging demographic and health trends that will have a substantial impact on the bottom line of Canadian businesses,” says Michael Conway, chief executive and national president of FEI Canada.
05/13/2013 - CNW - Morneau Shepell has released a new online tool designed to help organizations respond to the new national standard for workplace mental health. The Morneau Shepell Mental Health Pulse Check involves a brief online questionnaire for employers. Results provide a high-level look that allows an organization to gauge its workplace mental health readiness against their industry average. "Workplace mental health is now a top-of-mind issue," says Paula Allen, Vice President, Research and Integrative Solutions at Morneau Shepell. "What has been lacking is a simple and immediate way for companies to measure the state of their workplace mental health against their competitors, before having to commit to an investment."
05/11/2013 - National Post - Article by Fred Vettese - I reconciled myself a while ago to the fact that once you reach 75, buying an annuity makes sense. Not that most people do it, but actuarially it is a better option than drawing income from a registered retirement income fund (RRIF). I still figured that if someone retired in their early 60s, they would be better off with a RRIF. But when I tested this against history, the results surprised me, running the numbers, I found that a person would have been consistently better off buying an annuity at retirement, even at earlier ages. I compared the income paid out by annuities with a RRIF invested 50% in equities - and the annuity won.
05/10/2013 - CFO.TV - Speakers: Paula Allen, VP Research and Integrative Solutions, Morneau Shepell; Nigel Branker, Partner, Morneau Shepell
05/02/2013 - Benefits & Pension Monitor News – Video counselling for employees who seek assistance can be just as effective as in-person counselling, says a Morneau Shepell study. The study found that clients who used video counselling reported high levels of satisfaction, similar to what was reported by those who used in-person counselling. As well, of all video counselling clients, 17 per cent were age 50 and over, compared to six per cent of all in-person counselling clients who were 50 and over. It was also an attractive option for couples' sessions, with 22 per cent of video counselling cases involving couples, compared to only 12 per cent for in-person counselling. Barb Veder, vice-president, clinical services and research lead at Shepell∙fgi. "It confirms that more employees today are seeking support through technology. While some may fear that technology would make the counselling experience impersonal, it is actually through technology that we are able to create the kind of intimate counsellor-client connection that was previously only possible through direct, in-person settings." (End of Article).
05/01/2013 - CNW - A Morneau Shepell study shows that video counselling for employees who seek assistance can be just as effective as in-person counselling. Under its Shepell∙fgi brand, the company conducted a study of 136 client cases (68 video counselling cases and 68 in-person counselling cases) that were closed in 2012. Casework reviewed in the study involved only Employee and Family Assistance Program (EFAP) counsellors who provided both video and in-person counselling.
04/27/2013 - Financial Post – Article by Fred Vettese – We actuaries sometimes help pension plan sponsors with investment matters such as helping them select an investment manager. We usually deal with institutional managers whose fees are a fraction of 1% of the assets while our own fees for assisting clients are based on the number of hours spent and often are fixed in advance. So it comes as a personal shock to delve into the murkier world of mutual funds. Canada‟s mutual fund fees are “among the highest in the world” and here I‟m quoting a report by the Canadian Securities Administrators (CSA).
04/25/2013 - BusinessWire – … Interactive Lifestyle Management LLC (www.interactivelifestylemanagement.com), Osprey, has designed a proprietary, web-based behavior change program in conjunction with its corporate partner, Morneau Shepell (MS), to improve the overall health of employee users and reduce employer health care and absenteeism costs. The online platform uses advanced software technologies to deliver behavior change programs to large audiences at low cost. ILM programs are sold by Healthcare Benefit Administrators (HBAs) such as MS to their corporate clients. The first ILM partnership is with Morneau Shepell (MS), a leading global HBA which has eight thousand (8,000) corporate clients covering 6 million (6,000,000) employees. MS provides the ILM program to its corporate clients for a fee, which is split 60/40 between ILM & MS...
04/25/2013 - Benefits & Pension Monitor News – There is much to gain from pooling assets in small public sector pension plans, says Bill Morneau, executive chairman of Morneau Shepell. In 2012, he was appointed by the Ontario Minister of Finance as pension investment advisor to lead the facilitation of the pooling of public sector pension fund assets. The report, released in October 2012, recommended that Ontario move to pooling the pension assets of Ontario public sector organizations that are not already in a jointly sponsored pension plan. Speaking at the CFA Society Toronto Annual Pension Conference „Pooling of Public Sector Asset Management,‟ he said there is a case for pooling public sector pension plans, especially in terms of cost efficiency. Once fully implemented, pooling could save participating institutions $82 million to $130 million annually and there are other cost-efficiency approaches such as administration opportunities or plan mergers. It would also open them up to other investment opportunities such as alternative asset classes which are difficult to effectively source and manage. Pooling could also enhance returns by supporting greater diversification and improved risk management. He said it would likely take about three years to fully establish the new entity.(End of Article)
04/23/2013 - Bathurst Northern Light - …Conrad Ferguson, an actuary at Morneau Shepell, made the presentation about the government's proposed shared-risk model and what it would mean for pensioners. "There has been little information shared with you on what a shared risk plan is," said Ferguson to which someone in the crowd followed up by yelling, "None whatsoever."
04/15/2013 - MoneySense Magazine – Half of Boomers fear running out of money in a decade. Despite what you may have read, the vast majority of Canadians will not suffer from lack of money when they retire, says Fred Vettese, chief actuary at Morneau Shepell.
04/13/2013 - Benefits & Pension Monitor - And the sense that something needs to be done was emphasized by Bill Morneau, executive chairman of Morneau Shepell and co-chair of the summit. He said that many sponsors of defined benefit plans are looking for any way they can to move away from these plans. Experts know they take investment decisions away from those ill-prepared to make them and they remove longevity as a risk.
04/11/2013 - Benefits Canada – During Benefits Canada’s annual DC Plan Summit, plan sponsors participated in interactive sessions. They split into small groups and were given questions to discuss. Based on these discussions, moderators later offered their insights and relayed key take-aways. Idan Shlesinger, managing partner, DC pensions and savings plans with Morneau Shepell shares the best ideas from the question he moderated: What should your role be as an employer in supporting your DC employees at and past retirement?
04/10/2013 - Benefits & Pension Monitor News - Cynthia Kinsella is vice-president of employee support solutions (ESS), western region, for Shepell•fgi. In this position, she is responsible for overall sales and account management of the ESS organization in western Canada and the Northwest Territories. She was most recently vice-president and general manager of EAP and wellbeing services at PPC Worldwide Canada, a division of OptumHealth. (End of Article)
04/03/2013 - Miramichi Leader – …Fewer than 15 per cent of Canadian employees in the private sector remain in defined-benefit plans, while more than 80 per cent of employees in the public sector remain in defined-benefit plans, according to Bill Morneau, executive chairman of Morneau Shepell, the largest administrator of pension and benefit plans in Canada. Morneau, whose firm is the largest administrator of pension and benefit plans in Canada, added that the gap between the two percentages is growing. "We see this trend as irreversible," said Morneau. "We have literally thousands of clients across Canada. I would be hard pressed to come up with even one new defined-benefit plan in our client base in the last decade." Morneau Shepell forecasts that the number of defined-benefit pension plan in existence in a decade will fall as much as 70 per cent from current the current level. "Almost all of that attrition will come from private sector plans," Morneau. "Defined-benefit plans in their current format in the private sector are on a one-way path to extinction." Morneau said governments have two choices.
03/28/2013 - Benefits Canada – Article by Fred Vettese – It has become a truism that DC plans impose too much risk on employees, but that belief is rarely quantified. One could point to anecdotal evidence but that isn’t conclusive. A more scientific approach is to run a Monte Carlo simulation to find the distribution of future outcomes, but that is only as good as the input. Finally, one could gauge how DC plans would have done based on historic market performance. This last approach is the approach we have taken, using market data from 1938 to 2012.
03/26/2013 - The Canadian Press –
A workplace-health consulting firm has been hired to study efforts to reduce the risk of silicosis among workers at iron ore mines in western Labrador. Silicosis is a lung disease related to the exposure of silica dust. The provincial government says it has hired Toronto-based Morneau Shepell to study ongoing health monitoring programs at the Iron Ore Company of Canada in Labrador City and nearby Wabush Mines. Radiologists will also review chest X-rays from current and former mine workers who volunteer for the two-year audit. A report will be completed during the second year of the audit and make any necessary recommendations. (End of Article)
See also: Dust study to focus on Lab West mine workers - http://www.cbc.ca/news/canada/newfoundland-labrador/story/2013/02/25/nl-silica-dust-study-labrador-mine-workers-225.html
Silica dust study welcomed; too late for some - http://www.cbc.ca/news/canada/newfoundland-labrador/story/2013/02/26/nl-silicosis-study-mine-dust-227.html
Morneau Shepell Hired to Conduct Labrador West Medical Audit - http://www.releases.gov.nl.ca/releases/2013/servicenl/0225n06.htm
03/20/2013 - Financial Post – “Number one on my wish list would be to see the government transform the federal civil service pension plans into target benefit plans with a maximum employee/employer contribution of 18% of pay. This would level the playing field relative to what most Canadians can do in preparing for retirement,” says Fred Vettese, chief actuary with Morneau Shepell.
03/07/2013 - Benefits Canada - Article by Fred Vettese – One of the enduring myths in the Canadian pension scene is that we have held onto our DB plans more tenaciously than the rest of the world. While many Canadian companies have indeed switched to DC, the impression remains that the trend is not as pronounced as it is in the U.S. or the U.K. Even the statistics seem to bear this out as a still respectable 35% of the total workforce participates in a workplace pension plan, the vast majority in DB. The coverage statistics look even better when you exclude the self-employed. The truth, however, is not nearly so rosy, at least not in the private sector.
03/07/2013 - Investment Executive -
…Interest rates, which have been held to historical lows, are expected to rise in 2013, says Fred Vettese, chief actuary with Morneau Shepell in Toronto, adding that pension plans with higher liabilities will be happy to see this because it will help to improve their solvency ratios. "The only pitfall will be from the slow recovery that we have been seeing in the U.S.," Vettese says. "The U.S. is the main market we have to worry about; not so much what happens in Canada. The biggest thing would be if the antagonism between the Republicans and Democrats continues and actually derails some of the actions and spooks investors - that would be about the only thing I would see as maybe being a fly in the ointment for 2013."
03/04/2013 - Benefits Canada –
…Patrick De Roy, partner and national practice leader, risk management, with Morneau Shepell, has identified three major themes to watch as the new rules take effect. The first involves in-house pension plans (primarily DB) for employees of banking institutions. He expects that the transformation of these plans into hybrid or mixed plans, which has only just begun, may accelerate under Basel III, since such moves provide for asymmetrical treatment of actuarial surpluses and deficits. ¯Even if institutions could be persuaded to turn to other types of plans, they cannot avoid the weight of the past,explains de Roy.
03/02/2013 - The Daily Gleaner
... Fewer than 15 per cent of Canadian employees in the private sector remain in defined-benefit plans, while more than 80 per cent of employees in the public sector remain in defined-benefit plans, according to Bill Morneau, executive chairman of Morneau Shepell. Morneau, whose firm is the largest administrator of pension and benefit plans in Canada, added that the gap between the two percentages is growing. "We see this trend as irreversible," said Bill Morneau, executive chairman of Morneau Shepell, the largest administrator of pension and benefit plans in Canada. "We have literally thousands of clients across Canada. I would be hard-pressed to come up with even one new defined-benefit plan in our client base in the last decade." Morneau Shepell forecasts that the number of defined-benefit pension plan in existence in a decade will fall as much as 70 per cent from current the current level.
03/02/2013 - Financial Post –
Article by Fred Vettese
Ernest Hemingway observed, ¯Retirement is the ugliest word in the language. The American comedian George Burns quipped, ¯Retirement at 65 is ridiculous. When I was 65, I still had pimples. And French writer and philosopher Simone de Beauvoir declared, ¯Retirement may be looked upon either as a prolonged holiday or as a rejection, a being thrown on to the scrap-heap.
02/27/2013 - HazMatMag.com –
March 26, 2013 seminar at Exhibition Place's Allstream Centre in Toronto aims to educate employers about how to accommodate mental health issues in the workplace … Other notable speakers for the Building a Mentally Healthy Workplace seminar include Paula Allen, VP of Health Solutions at Morneau Shepell, who plans to address mental health policy, planning and implementation; and Heenan Blaikie LLP Associate Shane Todd, who will speak about the legal aspects of accommodating mental illness in the workplace.
02/27/2013 - HazMatMag.com – March 26, 2013 seminar at Exhibition Place's Allstream Centre in Toronto aims to educate employers about how to accommodate mental health issues in the workplace … Other notable speakers for the Building a Mentally Healthy Workplace seminar include Paula Allen, VP of Health Solutions at Morneau Shepell, who plans to address mental health policy, planning and implementation; and Heenan Blaikie LLP Associate Shane Todd, who will speak about the legal aspects of accommodating mental illness in the workplace.
02/26/2013 - The Canadian Press –
A workplace-health consulting firm has been hired to study efforts to reduce the risk of silicosis among workers at iron ore mines in western Labrador. Silicosis is a lung disease related to the exposure of silica dust. The provincial government says it has hired Toronto-based Morneau Shepell to study ongoing health monitoring programs at the Iron Ore Company of Canada in Labrador City and nearby Wabush Mines. Radiologists will also review chest X-rays from current and former mine workers who volunteer for the two-year audit. A report will be completed during the second year of the audit and make any necessary recommendations. (End of Article)
See also: Dust study to focus on Lab West mine workers
Silica dust study welcomed; too late for some
02/21/2013 - Benefits & Pension Monitor News –
Defined Benefit pension plan sponsors are looking for any way they can find to move away from these plans, says Bill Morneau, executive chairman of Morneau Shepell. He told the „National Summit on Pension Reform‟ that the experts know these plans are superior because they take the investment decision away from those ill prepared to make them. They also take longevity risk away from the plan member. He estimated that in Ontario, for example, just 8.9 per cent of workers in the private sector belong to a DB plan. And, he said he sees this trend as irreversible. Hard-pressed to come up with one DB plan created in the last decade, he said “DB, in its current format in the private sector, is on a one way path to extinction” (End of Article)
02/20/2013 - The Reporter (Port Hawkesbury, NS)
Administrators of the pension plans for former NewPage mill workers and an MLA representing several of those pensioners are both expressing optimism that financial relief may be on the way for mill retirees. Morneau Shepell managing partner Paul Chang confirmed Tuesday morning that pensioners who chose to stay with their plans during an 11-year wind-up period mandated by the provincial government this past spring will see payment increases of four per cent as of March 1. This increase reflects Morneau Shepell's confidence that the value of the four plans from the previous mill ownership will increase by eight per cent during the wind-up period, Chang explained.
02/20/2013 - Fredericton Daily Gleaner -
The future of defined-benefit pension plans is in doubt if a growing gap between public and private sector retirement fund models is not dealt with, says a pension expert. “Defined-benefit pension plans are greatly challenged right now,” Bill Morneau, executive chairman of Morneau Shepell, the largest administrator of pension and benefit plans in Canada, said Tuesday. “The challenge is that the plans were designed at a time when we didn‟t have the understanding that we have right now about the volatility in funding rates, the expectation that people would live as long, so we didn’t understand the true cost of the plans.”
02/20/2013 - Financial Post –
Fred Vettese, chief actuary at Morneau Shepell, noted the ratio of working years to retirement years was five to one 60 years ago. It‟s now 1:1 in the pubic sector and 1.5:1 in the private sector. “We actually have a lot more retirement years than we used to have,” says Fred Vettese, chief actuary at Morneau Shepell.“I‟m not surprised by the [change] in direction,” says Mr. Vettese about the new-found attitude towards retirement. “I‟m a bit surprised by the speed of the change. I guess what could explain that was the change in OAS.”... A survey from HSBC (http://www.hsbc.com/about-hsbc/structure-and-network/retail-banking/retirement/the-future-of-retirement-a-new-reality-flipbook) out today notes the average retirement is expected to last 18 years globally and 19 years in Canada. Meanwhile, savings are expected to last 10 years globally and 11 years in Canada. Incredibly, the HSBC survey suggests that 47% of Canadians age 55-64 have never saved at all for retirement.
02/14/2013 - Benefits & Pension Monitor News –
More working Canadians are using digital methods to access Employee and Family Assistance Program (EFAP) support than ever before, says Morneau Shepell study. The company looked at who exactly is seeking help and how they get it in a study of its clients across Canada. 'The digital age: How people are accessing EFAP services' shows young users (18- to 39-year-olds) are increasingly accessing their EFAP for support and accessing these services and programs through digital channels more often. As well, more women than men use digital access. "Our research shows us that we are able to reach a younger demographic with digital access and service delivery options," says Barb Veder, vice-president, clinical services, Shepell∙fgi, a Morneau Shepell brand. "This trend will increase. In the digital age, it is critical to provide individuals with the care and support they need, when they need it, and through the method they can best interact with and relate to. We think this information will help human resource professionals understand the demographics and impact of EFAP digital channels." (End of Article)
02/13/2013 - CNW
More working Canadians are using digital methods to access EFAP (Employee and Family Assistance Program) support than ever before, according to Morneau Shepell. The company looked at who exactly is seeking help and how they get it in a study of its clients across Canada.
Morneau Shepell's new research report 'The digital age: How people are accessing EFAP services' examined demographic data for use of digital and traditional (non-digital) EFAP services from January 1, 2012 to December 31, 2012. The demographic data of people accessing all EFAP channels was then compared to data from 2010 and 2011.
02/07/2013 - CNW - Mental health has a significant impact on every workplace. The impact is seen in absenteeism, productivity, engagement and ultimately, the bottom line. The role of the workplace in mental health is also becoming clearer. On January 16, 2013, The National Standard for Psychological Health and Safety was released. It provided a framework to reduce risks and potential liability related to workplace mental health, and to promote a mentally healthy workplace.
02/06/2013 - Article by Fred Vettese - Canada.com
In December 2010, the federal and provincial finance ministers examined Canada's retirement system and concluded it was reasonably sound. At most, the system seemed to be in need of nothing more than minor tinkering. Thoughts of increasing the pensions paid under the Canada Pension Plan/Quebec Pension Plan were shelved indefinitely and the focus shifted to developing a new, voluntary retirement savings vehicle: pooled registered pension plans.
01/30/2013 - Article by Fred Vettese - Canada.com - If you are counting on your RRSP for most of your retirement security, the big question is how much you need to save each year. There are various ways you can set your RRSP contribution rate. One is to save at a constant rate, such as 10 per cent of your gross income. But this is pretty arbitrary and it really leaves you with no idea whether you will fall short or save too much.
01/29/2013 - Benefits Canada - Twelve percent of current employees have a diagnosed mental issues and 17% delay taking action because they are afraid of the reaction they may get from family and friends. These are the saddening numbers that Paula Allen, vice-president, research and integrative solutions with HR consultancy Morneau Shepell, cited from a Conference Board study and a 2010 Leger National Survey on Depression, at Benefits Canada’s 2012 Mental Health Summit.
01/28/2013 - Canadian HR Reporter –
…A lot of employers are trying to attract and retain employees by making sure they understand what programs they offer and how and when they should be used. An integrated online solution or portal can help, according to Paul Sywulych, vice-president of enterprise solution architecture at Morneau Shepell in Toronto.
01/28/2013 - Canadian HR Reporter –
…Using research gathered by Morneau Shepell on investment results for the top 50 pension funds from 2004 to 2007, HOOPP consistently placed in the top quartile, ranking between ninth and 13th for those three years. “If we had instead delivered the median rate of return, as outlined in the Morneau (Shepell) research, it would have made a difference of $2.24 billion over a three-year period,” said Hubbell. “That’s the value they bring, in a situation where each employee is responsible for managing nearly $1 billion.”
01/28/2013 - Toronto Star –
…Several readers responding to the recent column about the changing nature of retirement, wondered what to do. The article interviewed Fred Vettese, chief actuary at human resources consultant Morneau Shepell. Vettese co-authored The Real Retirement, a book that argues we’ll be better off in retirement than we think. “Seems to me that it is better to take as much as you can as soon as you can,” said Ralph Roberts, echoing the view of several others. “There are no guarantees in this world.”
01/26/2013 - National Post - Article by Fred Vettese -
In December 2010, the federal and provincial finance ministers examined Canada's retirement system and concluded it was reasonably sound. At most, the system seemed to be in need of nothing more than minor tinkering. Thoughts of increasing the pensions paid under the Canada Pension Plan/Quebec Pension Plan (CPP/QPP) were shelved indefinitely and the focus shifted to developing a new, voluntary retirement savings vehicle: pooled registered pension plans (PRPPs). Two years later, the federal government stunned many pension observers by announcing it will reconsider expanding the Canada/Quebec Pension Plan after all. Various options for expansion will be discussed by the finance ministers in June.
01/21/2013 - Benefits & Pension Monitor News – Morneau Shepell, Mercer, and the Canadian Life and Health Insurance Association (CLHIA) have all come out behind the new “National Standard of Canada for Psychological Health and Safety in the Workplace.‟Morneau Shepell will be an early adopter of the standard and join other leading Canadian organizations to formally leverage the benefits of the standard." Mental health issues are a primary driver of disability claims and cost in Canada and elsewhere. There are also several points of Canadian legislation that relate to workplace mental health. The standard offers a practical way to address these issues and to leverage the positive workplace performance benefit of a mentally healthy workplace," says Alan Torrie, president and chief executive officer of Morneau Shepell. Mercer, along with the Canadian Mental Health Association’s national award winning Mental Health Works, have launched a series called “Meet the Standard,” designed to prepare employers to implement the standard. “Organizations must have a strategy to address employee health as well as the mental health related issues that affect productivity and competitiveness,” says Sue Brown, a principal and central region leader of Mercer’s health and productivity team. “Employers need to understand the implications of a claim of a psychologically unsafe workplace by an employee, but the bottom line is a psychologically safe and healthy organization will be more productive, improve employee engagement and attendance, reduce and prevent mental health disability claims, attract and retain the best employees, and better service their clients.” Meanwhile, Frank Swedlove, president of the Canadian Life and Health Insurance Association (CLHIA), says it “is another important step towards supporting mental well-being and removing stigma in the workplace." In 2009, the industry adopted a set of principles that embrace standards and best practices contributing to health and productivity in the workplace. The new voluntary standard is in line with the position CLHIA has taken to encourage the development and promotion of best practices and programs that address the needs and issues related to mental health in the workplace. (End of Article)
01/17/2013 - Daily Business Buzz – The administrator for the pension plan for retired NewPage employees is continuing to try to resolve a problem that saw some of them told they have to repay thousands of dollars in overpayments. Cape Breton-Canso MP Rodger Cuzner met with representatives of current pension administrator Morneau Shepell. About 250 people have been told they face a $5-million bill because of a mistake made by the former administrator of their pension plan, Aon Hewitt.
01/16/2013 - CNW - Morneau Shepell announced today that it will be an early adopter of the new National Standard of Canada for Psychological Health and Safety in the Workplace, which was launched this morning by the Mental Health Commission of Canada (MHCC), in collaboration with the CSA Group and the Bureau de normalisation du Québec (BNQ). Morneau Shepell, which has been a pioneer in consulting and services related to employee health and productivity, and mental health, will join other leading Canadian organizations to formally leverage the benefits of the PHSS.
01/16/2013 - CBC.ca – ...Archie MacLachlan, the current vice-president of Local 972 of the Communications, Energy and Paperworkers Union, said he doesn't think the union needs to spend its members' money on lawyers."The pension administrator Morneau Shepell discovered this mistake and they are the experts in pension. They are the best ones to fight the fight if it goes to court to win the case for the pension plan," he told CBC News.
01/16/2013 - National Post – ...Fred Vettese, chief actuary of Morneau Shepell, says it‟s easy to see where some people might be spending potential savings. “Housing,” he says. “There are intellectual reasons why [savings] should be dropping, housing has become so expensive so they have to pour all the money into their mortgage.” Perhaps that‟s why Canadians view their principal residence as a key component of their retirement. A Bank of Montreal survey last year found 41% of Canadians are counting on their home value to bridge any retirement shortfall.
01/15/2013 - Yahoo Finance,- Retirement crisis? What crisis? Although we hear all the time that Canadians are struggling with building a nest egg, a new book is out to destroy that popular myth. Fred Vettese, chief actuary at Morneau Shepell, and Bill Morneau, the executive chairman of the human-resources consulting company, co-wrote the just-published The Real Retirement: Why You Could Be Better Off Than You Think, and How to Make That Happen. Yahoo! Canada Finance chatted with Vettese to find out more. Yahoo!: There‟s a perception that Canadians are facing a retirement crisis, but the book argues otherwise. Why so?
01/13/2013 - Toronto Star – …The new standard allows organizations to analyze their own workplaces to assess and control risks associated with organizational changes and job demands, introduce practices to support psychological well-being and review how well policies and approaches are working. The project was funded by the federal government, Bell Canada and Great-West Life Centre for Mental Health in the Workplace. Companies that quickly announced they will adopt the guidelines on Wednesday included the Centre for Addiction and Mental Health (CAMH) in Toronto, Bell Canada and national consulting firm Morneau Shepell.
01/13/2013 - Toronto Star – … And, contrary to the perception, we won't be poor in old age. This point of view - and much more - is found in the book The Real Retirement (Wiley, $24.95) written by Fred Vettese, chief actuary of human resource consultant with Morneau Shepell, and Bill Morneau, the firm's founder. It is broader in scope than most books of its kind, better written and supported by the sort of research only an actuary would do.
01/11/2013 - Benefits Canada – In considering who in a corporation might be ideally positioned to champion the cause of workplace diversity, most people would think of a CEO or HR executive. Few would consider an in-house lawyer. But Lynn Korbak, general counsel and corporate secretary with Morneau Shepell in Toronto, and a strong advocate for creating more inclusive workplaces, says corporate lawyers are, in fact, ideally positioned to lead the charge.
01/10/2013 - The Globe and Mail - As a job seeker, how active do you have to be on social media? If you aren’t, will hiring managers think you’re out of touch with the fast-paced social media world we live in and put your résumé at the bottom of the pile? Because the use of social media sites has caught on relatively recently, some companies are further ahead than others, said John Stockwell, Toronto-based director of talent management at human resources consulting firm Morneau Shepell.
01/08/2013 - Toronto Star Moneyville – Canadians depend on employer-sponsored medical plans to pay for drugs, physiotherapists, psychologists and other paramedical services not covered by provincial medicare plans. The Canadian Institute for Health Information reported last year that for more than a decade the public sector has accounted for about 70 per cent of the total health care bill and the private sector for 30 per cent. But as governments de-list services and new more expensive drugs become available, employers are looking for ways to contain health care costs while still supporting and maintaining a healthy workforce. I asked four benefits consultants what strategies they believe employers will use this year to manage health care costs and so what that means for you. The consultants were Tim Clarke at Aon Hewitt, Andrew Tsoi-A-Sue at Eckler Ltd., Anthony Perlman at Towers Watson and Nigel Branker at Morneau Shepell.
01/03/2013 - Benefits Canada News – ...Idan Shlesinger, managing partner, DC pensions and savings plans, with Morneau Shepell, says that although some private-sector employers offer capital accumulation plans (CAPs) to help employees prepare for retirement, the core reasons are more about competition, employee loyalty, recruitment and retention.
12/27/2012 - Benefits Canada – …Bill Morneau, executive chairman of Morneau Shepell, explains that, in the 1990s, the firm made a conscious decision to invest in outsourcing due to a ―collision of factors that rapidly increased market demand.‖ These elements included increasing complexity of pension and benefits plans, growing conversion to DC plans, rise of flexible benefits plans, emergence of the Internet, generational change/turnover in internal HR staff and client desire to offload transactional work.
12/19/2012 - Osler, Hoskin & Harcourt LLP, Pension & Benefits Law Blog – … In the end, however, Morneau agreed not to require a reserve for the relatively insignificant amount of $4,725 in order to avoid any risk that the Receiver would force a bankruptcy under the BIA to eliminate the PBA deemed trust and protect the interests of secured lenders. Thus, the Court held that the Receiver need not hold anything back in respect of the hourly plan PBA deemed trust claim.
12/13/2012 - Benefits & Pension Monitor News – Working Canadians spend less than 50 per cent of their net income on their households so it is a mystery why they suddenly need to replace 70 per cent of their income in retirement, says Fred Vettese, chief actuary at Morneau Shepell. He was speaking at the launch of a book he co-authored with its president, Bill Morneau. „The Real Retirement: Why You Could Be Better Off Than You Think, and How to Make That Happen‟ sets out to disprove some falsehoods about saving for retirement, says Morneau. He said saving for retirement isn‟t easy, but with proper planning and discipline an adequate retirement income is possible. It may take a few extra years of working, he said, but the demographics of the Canadian labour force means aging Canadians will be able to work longer. Vettese said one of the falsehoods they set out to disprove is that there is a retirement crisis in Canada. In researching it, they found no evidence of this. As well, while the conventional wisdom is that you need to replace 70 per cent of your income in retirement, expenditures drop off after people retire and most households operate with less than 50 per cent of gross income prior to retirement. As well, the evidence is people spend less at 80 than they do at 60.(End of Article)
• SmallBizAdvisor.ca http://www.smallbizadvisor.ca/news/you-dont-need-a-lot-for-retirement-1769
• Benefits Canada: Morneau, Vettese launch retirement truths book http://www.benefitscanada.com/pensions/cap/morneau-vettese-launch-new-retirement-truths-book-35036
• New book busts retirement myths – Advisor.ca http://www.advisor.ca/news/industry-news/new-book-busts-retirement-myths-101582
12/13/2012 - CNW - Canada is not facing a retirement crisis, according to a new book by Fred Vettese and Bill Morneau of Morneau Shepell. Vettese, the company's Chief Actuary, and Morneau, Executive Chairman, have collaborated on a book that destroys many myths about retirement. The Real Retirement: Why You Could Be Better Off Than You Think, and How to Make That Happen, just released by John Wiley & Sons Canada, says Canadian seniors are among the best-off in the world and can look forward to a better retirement lifestyle than they think.
12/11/2012 - Chronicle Herald – ...Foley said Tuesday that he expects a strong turnout at meetings in Liverpool and Bridgewater with Morneau Shepell, the pension plan‟s administrator. Severance packages haven‟t been much of a concern either, he said, with most employees receiving them without any issues. “The problem we have with the severances is we disagreed with the date that it should be paid so there‟s an outstanding grievance.”
12/10/2012 - Pensions & Investments – …Ontario's idea was put forth in a budget proposal earlier this year and a study released in October. It is more ambitious than the Pennsylvania proposal in size, according to a report commissioned by Dwight Duncan, deputy premier of Ontario and minister of finance, and prepared by William Morneau, executive chair of Morneau Shepell Ltd., a human resources consulting and outsourcing services company.
12/10/2012 - Benefits Canada – … Grenier and presenters Paula Allen partner, consulting, and vice-president, health solutions, with Morneau Shepell and Sean Slater, vice-president, business development, with Solareh all stressed the need for early intervention
12/06/2012 - Benefits Canada – The recent announcement that global HR consulting firm Mercer had decided to transfer much of its Canadian pension and group benefits outsourcing business to Morneau Shepell, a competitor in this country, came as a surprise to many. Aside from the specific issue of why Mercer opted to take this step, the news has prompted a greater focus on the HR outsourcing landscape and why some firms have opted to provide these services while others have not.
12/06/2012 - Article by Fred Vettese - Benefits Canada, - More than four years have passed since expert commissions in Ontario, Alberta, B.C. and Nova Scotia all endorsed target benefit plans (TBPs). TBPs are generally regarded as superior to DC arrangements since longevity risk is pooled and the intractable problem of educating a diverse population on myriad investment options is neatly circumvented by having one common fund. TBPs are also more suited to collective-bargaining situations since all members have the same investment return. Assuming that traditional DB pension plans are no longer viable in industries with volatile profitability—which means most industries—TBPs are the way to go.
12/01/2012 - Article by Fred Vettese - Financial Post – Generation Y is understandably frustrated these days. University tuition has been rising much faster than inflation, putting university out of reach for some and leaving many others deep in debt. For those who do get into university and graduate, good jobs are hard to find given the high unemployment (and underemployment) rate. For the lucky ones who overcome the first two hurdles, house prices are out of reach in some parts of the country. It seems then that young people face a much harsher economic environment than did their parents or grandparents.
11/29/2012 - CBC – The workers - who are already living with reduced payments because the plan was underfunded - are now being asked to pay back tens of thousands of dollars. Morneau Shepell, the current pension plan administrator, sent letters to the pensioners this week, saying a previous plan administrator made a calculation error when figuring out payments.
11/26/2012 - Benefits Canada – …Paul Lai Fatt, a principal with Morneau Shepell, and Jana Steele, head of the pensions, benefits and compensation group with Goodmans LLP, spoke about New Brunswick‘s shared risk plans (SRPs), a form of TBP that was introduced in the province earlier this year following legislative updates.
11/22/2012 - Benefits Canada News – Patrick Duplessis and Patrick De Roy -
Interest rate risk and liability driven investment (LDI) have made headlines in the last few years. There is even talk now of versions 2.0 or 3.0 of LDI strategies. Implementation of such strategies has certainly been delayed in the current low-interest rate environment. However, it is believable that, at some point, all pension plans will join the game. In fact, managing interest rate risk must be at the forefront of sound pension plan governance
11/22/2012 - HR Professional – With one in five Canadians suffering mental health challenges, workplaces need to get proactive about strategies.
―When somebody is struggling with a mental health issue, there is almost always some behaviour change,‖ says Paula Allen, vice-president of organizational solutions and training at Morneau Shepell Ltd. (see p. 34)
11/20/2012 - Gowling Lafleur Henderson - As noted in a previous issue of Pensions@Gowlings, in its Spring 2012 Budget (the Budget), the Ontario government announced its intention to improve efficiencies in the investment management of Ontario’s defined benefit public sector pension plans (DB Plans) by pooling pension fund assets. Following the Budget announcement, the Minister of Finance appointed Bill Morneau as his special advisor in this matter. Following consultations with the industry, Mr. Morneau’s report (the Report) was released on November 16, 2012.
11/19/2012 - Blakes Bulletin – the 2012 Ontario Budget, the Government of Ontario announced its intention to create a framework that would facilitate the pooling of pension fund assets for investment management purposes. Mr. Bill Morneau was appointed to determine the advantages of pooled asset management for Ontario's public-sector pension funds and, if appropriate, a path to implementation.
11/17/2012 - Financial Post – ...Earlier this year, Fred Vettese, chief actuary at Morneau Shepell, crunched some numbers for the Financial Post. He explained that the minimum withdrawal for an RRIF of $100,000 at age 75 would be $7,850. An annuity of $100,000 would produce an annual income of $10,000 and eliminates the worry that the money would run out too soon. "More income and less worry is a hard combination to beat," he said.
11/17/2012 - Edmonton Journal – ...The bottom line is Baby Boomers seem destined to stay in their homes as long as they can, says Fred Vettese, chief actuary at Morneau Shepell. "The vast majority (nine out of 10) of middle-to upper-income Canadians own their home at the point of retirement, and almost all of them stay in their homes beyond retirement," he says. "The slight percentage drop in ownership among those who are 70-plus probably reflects the portion of them who are 80-plus who move to retirement homes or move in with their children."
11/16/2012 - Globe and Mail ¨DThere is strong evidence to suggest that large pension funds outperform smaller and medium-sized funds,¡¬ says the report, written by William Morneau, executive chairman of consulting firm Morneau Shepell. Ontario already has three large fund¡
11/16/2012 - Ministry of Finance - Today, Dwight Duncan, Minister of Finance, issued the following statement in response to Bill Morneau's recommendations on broader public-sector pension pooling: "In the 2012 Ontario Budget, our government announced its intent to create a framework that would facilitate the pooling of pension fund asset management. At the end of May, I announced that Bill Morneau was appointed to help determine the advantages of pooled asset management for Ontario's public-sector pension funds and, if appropriate, a path to implementation.
The Report from the Pension Investment Advisor to the Deputy Premier and Minister of Finance, October 2012: http://www.fin.gov.on.ca/en/consultations/pension/recommendations-report.html
11/15/2012 - Benefits & Pension Monitor News – Morneau Shepell, under its Shepell•fgi brand, has released a new version of its My EAP mobile device application that includes First Chat. Available in Canada, First Chat connects employees and their family members to private and immediate clinical support with professional counsellors via online chat technology. With this release, users can instantly access professional counselling, learn more about their EFAP support services, and make a booking through live online chat with just a touch of the screen or button directly on their mobile device. (End of Article)
Also in Benefits Canada
11/14/2012 - Benefits & Pension Monitor News – Lynn Korbak, general counsel and corporate secretary at Morneau Shepell, has been recognized by Women of Influence as a champion of diversity. Women of Influence, an organization that produces events with leading speakers from across the country, selected Korbak as one of its Canadian Diversity Champions for 2012. She was recognized in the Legal Leader category. Criteria for the honour include sponsoring and mentoring senior executive women; advancing women in business; and leading and developing innovative diversity initiatives and programs across Canada. "It's a great honour to receive such recognition from Women of Influence, especially in the area of diversity," says Korbak. "This is an opportunity for leaders to share their experience and inspire younger individuals who are just entering the workplace or new to their profession." (End of Article).
11/14/2012 - Benefits Canada – Article by Fred Vettese – My parents came from a small town in Italy near Monte Cassino. Apart from a famous battle there in World War II, the town is known for its monastery, which was established by St. Benedict in 529 AD, shortly after the continent had descended into the Dark Ages. For the better part of the next millennium when the ―light of learning‖ was all but extinguished in Europe, there were only a few universities and monasteries—such as the one at Monte Cassino—where it continued to flicker. Employer-sponsored pension plans in Canada are undergoing their own dark age. The percentage of private sector employees covered by an occupational pension plan down is now down to 22%.
11/14/2012 - CNW - Today Morneau Shepell, under its Shepell•fgi brand, released a new version of its My EAP mobile device application that includes First Chat. Available in Canada, First Chat connects employees and their family members to private and immediate clinical support with professional counsellors via online chat technology. According to Barb Veder, Clinical Director, Morneau Shepell, "We consistently strive to reach those in need of support through client-driven offerings that adhere to clinical integrity and best practices.
11/13/2012 - CNW - Morneau Shepell is pleased to announce that Lynn Korbak, General Counsel and Corporate Secretary for the Company, has been recognized by Women of Influence as a champion of diversity. Women of Influence, an organization that produces events with leading speakers from across the country, selected Korbak as one of its Canadian Diversity Champions for 2012.
Korbak was recognized in the Legal Leader category, and will be acknowledged in Women of Influence Magazine's Top 25 Women of Influence Edition, distributed nationwide in today's Globe and Mail.
11/04/2012 - The Globe and Mail - Some 72 per cent of respondents in the Sun Life Financial Inc. annual health survey said they are experiencing „„excessive” levels of anxiety. Employment status is a key source of strain, which explains why younger workers are the most stressed in the country. Ninety per cent of people aged 18 to 24 say they are feeling overwhelmed… Others are also seeing stress among the young. “Pressure is shifting to a younger age cohort, who are trying to get on with their lives, but they‟re not having the choices and opportunities that people 10 years ahead of them had,” said Barb Veder, director of clinical research for Shepell fgi, one of Canada‟s largest employee-assistance programs
11/03/2012 - National Post - Article by Fred Vettese
We already know that aging takes its toll on us physically. For a while, we can almost fool ourselves into thinking the effect is minimal but this illusion is hard to maintain when we use an objective yardstick to measure the decline. For instance, I feel like I hit the golf ball just as well as I did 10 years ago but my handicap tells me otherwise. Similarly, I don't run nearly as fast as I could 20 years ago; not that it feels that way but the stop watch doesn't lie. Is it possible that our mental abilities also start to diminish a lot sooner than we think? If we look around us, we can find some objective benchmarks that suggest this is indeed the case.
11/02/2012 - PRNewswire -
Robert Half International, the world's first and largest specialized staffing firm, and the American Society of Women Accountants (ASWA) will present a webinar on November 8 on the accounting and finance employment environment. Career and hiring expert Paul McDonald of Robert Half will co-host the session with ASWA Executive Director Lee Lowery. They will be joined by panelists Kelly Battles, chief financial officer (CFO) of Host Analytics; Raymond Castonguay, senior vice-president, finance at Morneau Shepell; and Vivian Moller, CFO of HY Connect.
11/02/2012 - Benefits & Pension Monitor News - Morneau Shepell Inc. is acquiring Mercer Canada's pension and benefits outsourcing business, further solidifying its position in this business. Through this acquisition, Morneau Shepell gains more than 250 employees and approximately 60 clients, representing approximately $25 million in additional annual revenue. (End of Article)
11/01/2012 - Marketwire - Morneau Shepell Inc today announced the acquisition of Mercer Canada's pension and benefits outsourcing business, further solidifying Morneau Shepell's leadership position in this business.
Through this acquisition, Morneau Shepell gains more than 250 employees and approximately 60 clients, including some major multi-national companies. These clients represent approximately $25 million in additional annual revenue to the Company.
11/01/2012 - MoneySense – ... But in large institutions, it can be awkward to implement flexible work arrangements. Organizations are legally constrained from taking the initiative in proposing reduced roles for older workers, says Fred Vettese, chief actuary at human resource consultants Morneau Shepell, co-author (with Bill Morneau) of The Real Retirement, to be published in December. Doing so could be considered "constructive dismissal," which could provide grounds for an employee to claim a hefty severance package. Instead, Vettese advises older employees who desire flexible work arrangements to take the initiative in raising the issue with employers.
11/01/2012 - Benefits Canada - Morneau Shepell Inc. has aquired Mercer Canada’s pension and benefits outsourcing business. Morneau Shepell has gained more than 250 employees and approximately 60 clients, including some major multinational companies through this deal. These clients represent approximately $25 million in additional annual revenue to the company.
10/23/2012 - Globe & Mail ¨C ¡There are some for-profit organizations that are very leading edge¡¬ about mental health in the workplace, said Paula Allen, vice-president of health solutions at Morneau Shepell, the largest Canadian-based firm providing human resource consulting and outsourcing services. ¨DBut most for-profits still have a bit of a gap in best practices in all areas.¡¬ She cited ¨Dfinancial institutions¡¬ for showing leadership and specifically mentioned Bell Canada for being ¨Dvery vocal¡¬ about mental health.
10/22/2012 - National Post – Article by Fred Vettese - While the changes to the MP pension arrangements have received the most attention, it is really the changes to the federal Public Service Pension Plan (PSPP) that are far more significant, both in dollar terms and in the number of people affected. The PSPP has more than 450,000 active and retired participants. To the members of the PSPP, the changes in the omnibus bill are no doubt distressing and draconian.
10/19/2012 - Benefits Canada – Fred Vettese, chief actuary, Morneau Shepell - Even had Dalton McGuinty stayed, there was no sign that Ontario was going to roll out PRPPs any time soon. In fact, there was reason to think the Ontario Liberals would continue to push for an expanded CPP instead. If anything, McGuinty‘s departure may actually accelerate the introduction of PRPPs in Ontario should the new leader be more favourably disposed towards them. Even in the best-case scenario, we can‘t expect PRPPs to be launched in 2013 in Ontario.
10/18/2012 - Edmonton Journal ¨C ... Paula Allen, vice-president of research for Morneau Shepell, describes it as ¨Dpsychological violence¡¬ leading to mental injury. ¨DThere¡®s depression, there¡®s fear, there¡®s anxiety, and we¡®ve seen numerous situations where it¡®s even led to suicide because there¡®s a sense of hopelessness,¡¬ says Allen, whose company provides human resource services. ¨DIt¡®s why we¡®re seeing legislation that says if an employer is aware of it, they have to stop it ¨C and that they need to have training and protocols that help prevent it from even starting.
10/10/2012 - Financial Post - Unfortunately, there is no index of private money manager performance in Canada. However, Morneau Shepell Asset & Risk Management Ltd., a pension consulting firm, publishes a quarterly performance review of the pooled funds of Canadian pension managers. Most of these firms also offer private money management, so the pooled results are a pretty good proxy of Canadian private client performance.
10/10/2012 - The Reporter (Port Hawkesbury, NS) - Officials with pension administrator Morneau-Shepell have sent letters to participants in the four NewPage pension plans, advising them that an update will come at meetings slated for October 25, 26 and 27 in Port Hawkesbury. With new mill owners Pacific West Commercial Cooperation (PWCC) and the provincial government each refusing to address the multi-million-dollar pension plan underfunding, unionized and non-unionized pension plan members have already issued concerns of monthly pension payments dropping by amounts as high as $1,000. According to Morneau-Shepell managing partner Paul Chang, newer issues within the world's financial markets are continuing to hobble the company's ability to stabilize the pension situation.
10/06/2012 - The Windsor Star ¯The fact that the CAW has gone this way for the Big Three, I think we‘re going to see more of these kinds of plans in collective bargaining, said Fred Vettese, chief actuary with Morneau Shepell.
10/04/2012 - Benefits and Pension Monitor News ¨C The recent change in government in Quebec will almost certainly delay the launch of the Voluntary Retirement Savings Plan (VRSP), Quebec¡®s version of Pooled Registered Pension Plan (PRPPs), says the Morneau Shepell newsletter ‗From 30,000 Feet.¡® As a result, the only jurisdiction that is expected to offer PRPPs by the start of 2013 is the federal jurisdiction and it says this was the watered-down version that did not require employers to offer a PRPP to employees. There is no sign that the other provinces are anywhere close to launching their own versions of a PRPP and no indication of whether it will be mandatory or voluntary for employers to offer it. ¨DOne senses a lack of political will in bringing PRPPs to fruition,¡¬ it says, and this may mean that an expanded C/QPP may still be on the table. In the meantime, employers should not be too quick to write off the pension plans they offer to their own employees. (End of Article)
10/01/2012 - Benefits Canada - For generations, the concept of retirement centred around a one-time event: you worked to age 65, then your employer sent you off with a gold watch and your DB pension. But just as DB pension plans have begun to fall out of favour in recent years, so, too, has the concept of retirement changed. ¨DIt used to be that people thought, ‗I¡®ll never last to 65, and, if I do, I¡®ll be almost dead,¡®¡¬ says Serge Charbonneau, a partner with Morneau Shepell. ¨DBut people don¡®t say that anymore.
10/01/2012 - Benefits & Pension Monitor News – Over the five-year time frame from December 31, 2007, assets in the typical Defined Benefit pension plan have risen only 12 per cent (slightly over two per cent per year) while liabilities have jumped 60 per cent or about 12 per cent per year, says a Morneau Shepell ‗News & Views.‘ While returns have been low, falling interest rates represent a huge obstacle for these plans as assets are not meeting liabilities and the gap keeps getting wider. It suggests that hedging may not make sense for a typical plan invested 60 per cent equity and 40 per cent bonds as this only provides coverage on the downside. Instead, it says it may be time to cut the old way of thinking with how these plans are invested. (End of Article)
10/01/2012 - Investment Executive
If you haven‘t yet helped at least one client who has had to take time off work due to stress, chances are you will be called upon to do so at some point. Mental-health issues such as stress and depression are a part of life, say mental-health professionals, and such issues often require taking time off work. During tough economic times, the number of employees who take stress leave from work increases, according to Paula Allen, vice president of health solutions and practice leader with Morneau Shepell in Toronto. The recession in the 1990s, for example, sent stress-leave figures skyward as employees faced added pressure at work and job insecurity. At that time, Allen says, the rate of short-term disability leaves related to mental health rose to one in three from less than one in five.
09/30/2012 - Financial Post ¨C Article by Fred Vettese ¨C Recent negotiations between the Canadian Auto Workers and the Detroit Three have led to a pension plan that for the first time shares the risk between the auto companies and their workers.
While it will be many years before the full impact of the change is felt, what is certain is that the current generation of autoworkers will be the last to retire with a full pension as young as age 48 which was possible under the old ¨D30 and out plans.¡¬ Existing workers will keep their current defined benefit plan but the defined benefit pensions for new hires will be only half what the old plan produced. To fill the void, new hires will be enrolled in a defined contribution pension plan. This defined benefit-defined contribution arrangement is referred to as a ¨Dhybrid¡¬ plan.
09/27/2012 - Annuitiesnewsnow.com
Annuities are not sexy. You hand over your money to an insurance company who then puts you on a seemingly stingy allowance for the rest of your life” Fred Vettese, Chief actuary at Morneau Sheppell says: “The simple fact is, an annuity may be a great idea, but most people don‟t buy one.”
09/18/2012 - CNW - Morneau Shepell, under its Shepell•fgi brand, has launched the Online Separation and Divorce Program to help individuals and family members better manage the challenges of separation or divorce. Users can privately and conveniently access the program anytime, anywhere. "In Canada, divorce or separation may seem common but if not handled properly, the impact can be severe and long-lasting," said Barb Veder, Clinical Director, Morneau Shepell.
09/15/2012 - Financial Post – Article by Fred Vettese
Investors seem determined to avoid annuities at almost any cost. And judging from the reaction to my last article on the subject, they also have little affection for the insurance companies that sell them. While I have no personal or financial incentive to take the side of insurance companies, the case for annuities needs to be made for readers looking for the ultimate couch potato retirement plan.
09/14/2012 - Benefits Canada – This year‘s winner in the Lifetime Achievement category of the Benefits Canada Workplace Health & Benefits Awards is Claudine Ducharme from Morneau Shepell. Ducharme is well known throughout the industry and has more than 30 years of experience in all aspects of occupational health services management and advisory services.
09/14/2012 - Benefits & Pension Monitor News - Escalating pension costs are a key priority for sponsors of Defined Benefit pension plans, says the ‗Compensation Survey‘ presented by Morneau Shepell at its annual ‗Breakfast Seminar.‘ Although interest rates are at historical lows, the survey indicates sponsors are implementing liability-driven, investing strategies. And as a response to exploding pension costs, employers are also looking into all available alternatives to modify pension cost sharing and risk. For sponsors of Defined Contribution plans, the trend is to establish a realistic retirement income scenario and retirement income calculators and other decision-making tools are used to create a personalized scenario to present to participants to encourage them to make the necessary adjustments to their retirement savings strategies. The survey also indicated that benefit program cost control and disability management are top priorities for the coming year as well. Faced with continuous cost increases and higher utilization rates for expensive drugs, employers are seeking the help of outside consultants to implement cost-control strategies without reducing access to medical therapies for employees. There is also a definite trend to increased use of employee and family assistance programs to address mental health issues in the workplace, says Stephen Liptrap, executive vice-president at Morneau Shepell. (End of Article)
09/14/2012 - Benefits & Pension Monitor News - Canadian employers expect salaries to rise an average of 2.6 per cent in 2013 ¨C a two per cent drop over the previous year, says the ‗Compensation Survey¡® presented by Morneau Shepell at its annual breakfast seminar. Respondents seem less optimistic this year in terms of growth and profitability in their organizations. Those in the financial sector expect the greatest drop in salary increases, with a forecast of 2.7 per cent increases for management and professionals in 2013, compared to 3.4 per cent last year. ¨DWhile insurance companies are hurt by low interest rates, growth prospects in the banking sector are dimmed by the anticipated weakness of the global economy and by the level of consumer debt in Canada,¡¬ said Michel Dub¨¦, a principal at Morneau Shepell. ¨DWe see this impacting salary increases for the next year in the financial sector.¡¬ (End of Article)
09/12/2012 - Toronto Star – Canadian employers expect salaries to rise by an average of 2.6 per cent in 2013, according to an annual survey on salary, pension, and compensation trends. That‘s about twice the rate of inflation, but down 0.2 per cent from the responses in last year‘s survey. The slight decline from last year suggests that Canadian employers may be concerned about the state of the economy, said Michel Dubé, principal at Morneau Shepell who is responsible for the survey.
09/10/2012 - Toronto Star - At 59, Fred Vettese, chief actuary at the Toronto office of Morneau Shepell — the largest firm providing human resource consulting and outsourcing services in Canada — has no plans to retire. While the current average retirement age of public sector workers is 60, it‘s actually 66 for self-employed Canadians, according to Statistics Canada. Vettese, who also co-authored a book called The Real Retirement: Why You Could Be Better Off Than You Think, and How to Make That Happen, due for release in December, predicts more entrepreneurs will continue to work even later into life over the next decade — but not because they need the money.
09/10/2012 - Benefits Canada - Article by Fred Vettese -
Two rather contentious reports on public sector pensions were published recently—one by the Canadian Taxpayers Federation (CTF) and one by the Canadian Federation of Independent Business (CFIB) . While they obviously constitute an attack on public sector pensions, they also bring attention to an apparently untenable position held by the federal government.
09/10/2012 - Canadian HR Reporter
… The positives outweigh the negatives for employers, according to Greg Heise, partner in the Vancouver retirement solutions practice at Morneau Shepell in Vancouver. “We‟re really hoping this will reinvigorate the pension industry,” he said. “It remains to be seen whether or not that will actually happen but certainly all of us — HR professionals, actuaries, consultants, regulators — all of us hope this is a positive step.”
09/08/2012 - Calgary Herald – …Statements from oil industry officials, however, indicate that an educational approach is not working and something tougher is needed. A study conducted three years ago by the Shepell-fgi research group found that oilsands workers were 43 per cent likelier to use addiction counselling provided by their employer than workers in other fields.
09/05/2012 - Benefits Canada News – There‘s an increasing focus on due diligence in disability management,‖ says Rochelle Morandini, a partner with Morneau Shepell. ―Employers also want to ensure they‘re getting good ROI from their vendors and internal resources.‖ Morandini also points to a growing demand in implementing short-term disability vendors for the first time—―organizations can‘t do it themselves anymore‖—as well as developing mental health strategies, using technology to encourage wellness and initiating efforts to better align wellness measures with business objectives.
09/05/2012 - Financial Post – Article by Fred Vettese -
People who save through RRSPs have a choice to make when they retire. They can transfer their RRSP balance to an RRIF and draw it down at their own pace (subject to a minimum) or they can buy an annuity. The simple fact is, an annuity may be a great idea, but hardly anyone buys one. It is easy to blame low interest rates, which depress the amount of annuity income one can buy these days. But annuities were not in vogue even when interest rates were much higher a dozen years ago. Economists have come to refer to this phenomenon as the "under annuitization puzzle."
09/01/2012 - Benefits & Pension Monitor - Article by Kevin Sorhaitz and Ed Lee
The purpose of any pension plan is to help ensure that workers have a means to support themselves after they leave the workforce. With the Canada Pension Plan and Old Age Security providing only about ...
08/30/2012 - hrreporter.com - For 2013, employers with a company pension plan are looking to reduce costs and establish realistic scenarios, according to a survey by Morneau Shepell. For sponsors of defined benefit pension (DB) plans, the key priority for 2013 is to rein in escalating pension costs, found Morneau Shepell‘s Trends and Projections survey which polled 250 employers across the country.
08/29/2012 - Morneau Shepell’s 30th annual Compensation – Trends and Projections survey results found that pension plan sponsors intend to get more serious about pension and benefits costs next year.
08/29/2012 - The Guardian, August 29 2012
...Actuarial reports are performed on the province's unfunded liabilities every three years, and according to reports completed in June by the national independent consulting firm, Morneau and Shepell, the total unfunded liability for the civil servants' and teachers' pension funds stood at $436 million at April 1, 2011.
08/28/2012 - CNW Aug. 28, 2012
... "While insurance companies are hurt by low interest rates, growth prospects in the banking sector are dimmed by the anticipated weakness of the global economy and by the level of consumer debt in Canada," says Michel Dubé, Principal at Morneau Shepell who is responsible for the survey. "We see this impacting salary increases for next year in the financial sector."
See Also: Average rise of 2.6 per cent for salaries in 2013 - Canadian HR Reporter
08/27/2012 - Benefits Canada
More demands, fewer resources¡ªthis is the way of today¡®s working world. As an employer, how you deal with this reality could be the difference between a prospering company and one that is burdened with high turnover rates and absenteeism issues. ¨DWe have a situation where employers are feeling the cost of mental health already. So there is a fair bit of motivation to do something,¡¬ says Paula Allen, a partner with Morneau Shepell. ¨DThere is a legislative framework through the workplace compensation board. It has expanded its definition of mental injury so it¡®s clearer that things outside of trauma can be covered under the workers compensation act.
07/09/2012 - Maclean's - July 9 2012
... There is ample evidence that Canadian retirees spend less and save more than younger Canadians, says Fred Vettese, chief actuary at Morneau Shepell, leaving most seniors better off than their children. If anything, the average working Canadian is becoming better at saving for retirement. For example, in 1968, just two per cent of Canadian tax filers contributed to an RSP. That jumped to 30 per cent in 1997. It has since fallen to around 25 per cent, a reflection that more Canadians are hitting retirement age, a time when they start withdrawing, not contributing, to their retirement savings accounts. "Most people think we have a retirement crisis in Canada," Vettese says. "But really there's no evidence that we actually have a crisis."
06/26/2012 - Benefits & Pension Monitor News
Coming changes in demographics will mean that unemployment rates will fall and Canadians will have to work longer and retire later, says Fred Vettese, chief actuary at Morneau Shepell, in a „Vision‟ report. “When Can We Retire?” says the average retirement age, currently 62, will have to move upward. A half century ago, Canadians worked nearly five years for every year spent in retirement and many elderly were poor. Today, they work 1.6 years for each year spent in retirement and demand a much better lifestyle. This also means the need for fully indexed pensions, which is rarely challenged, should be. Most public sector pension plans and some larger private sector plans can’t continue as they are since men will soon spend 25 years as retirees and women 28 years. As well, it says employers with Defined Benefit pension plans should take a hard look at the early retirement provisions in those plans and at total compensation strategy. They should realign the compensation package with productivity for aging workers on an ongoing basis in order to retain the services of older workers well into their 60s. Essentially, the report says the question is at what age will retirement be sustainable if Canadians want to fund their own retirement rather than rely on their children. (End of Article).
06/22/2012 - Financial Post Magazine - June 2012
Morneau Shepell 1st.
under Benefits/Human Resources Consultants
06/19/2012 - CNW June 19, 2012
People like receiving Employee Assistance program (EAP) counselling through a text-based chat service, according to a new study released by Morneau Shepell under its Shepell•fgi brand. First Chat, which was launched in September 2011, is the first live EAP counselling service. It connects employees and their family members with qualified counsellors for private and immediate clinical support via chat technology.
06/19/2012 - Benefits Canada June 19, 2012
Employee assistance programs offered through online forums can help to overcome concerns about stigma, privacy and confidentiality, says Morneau Shepell.
06/16/2012 - Financial Post – June 16 2012
...Fred Vettese, chief actuary at Morneau Shepell, says the level was based on the fact you don't have to save once retired and face lower tax levels. "In real life there are other expenses that no longer exist anymore," he says. Those missing expenses are the real key. Are your kids out of the house? If they are, you need significantly less money. Hopefully, your house is paid off too. And then there's employment expenses, such as transportation costs, that come down.
06/14/2012 - Benefits Canada – June 14 2012 – Article by Nigel Branker
Scrabble aficionados will find that while the game itself has not changed much over the years, technology advances have added new dimensions with word lists, builders and access to a multitude of opponents. Skill, strategy and luck are still needed to win, but technology has made for richer game play with a greater level of control.
06/13/2012 - By Fred Vettese
There are some enduring myths that no amount of scholarly research can ever seem to dispel. We still think we should be drinking eight glasses of water a day even though nutritionists confirm this rule has no scientific basis. A parallel in the retirement world is the belief that pensions need to be fully protected against inflation.
06/13/2012 - Financial Post – June 13 2012 Article by Fred Vettese
There are some enduring myths that no amount of scholarly research can ever seem to dispel. We still think we should be drinking eight glasses of water a day even though nutritionists confirm this rule has no scientific basis. A parallel in the retirement world is the belief that pensions need to be fully protected against inflation. This is an awkward topic to broach since it seems almost politically incorrect to scrutinize it too closely. Who wants to be seen as the champion for reducing the pensions of 85-year-olds? Still, it's important to know the facts since it affects how much we need to save for retirement and how much we can afford to spend in our early retirement years.
06/07/2012 - Globe & Mail – June 7 2012
…Fred Vettese, chief actuary at Morneau Shepell Inc., a pension and benefits consulting firm, says group RRSPs do have certain drawbacks for employers. Because a company cannot put money directly into its employees’ RRSP, its contribution is treated as part of workers’ pay, even though the money goes directly into the group RRSP. This increases the size of the company’s payroll, which in turn pushes up payroll costs, says Mr. Vettese. One way employers can keep their payroll costs down is by setting up their retirement plan so that employees’ contributions are put into a group RRSP while the company’s contribution goes into a deferred profit sharing plan. This structure won’t push up employees’ earnings, says Mr. Vettese, and companies can vary their contributions based on how profitable they are in a given year. However DPSP rules do require companies to be profitable because the contributions have to be drawn from profits.
05/30/2012 - Ontario News Release - May 30, 2012
McGuinty Government Taking Further Steps to Make Public Sector Pensions More Sustainable, Affordable - Ontario is appointing Bill Morneau to lead public consultations and develop a framework to help put broader public sector pension plans on a more secure footing. As outlined in the 2012 Ontario Budget, the government intends to introduce a legislative framework this fall that would pool investment management functions of smaller broader public sector pension plans. Many of the smaller broader public sector defined benefit plans have a relatively small amount of assets and members (e.g., about 50 plans have assets of less than $1 billion) and each has its own investment management function. Not only does this duplicate costs and prevent economies of scale, it also means these plans cannot access higher-return investment opportunities available to larger investment pools.
05/30/2012 - Canada.com – May 30 2012 - Article by Fred Vettese
Statistics Canada's new data show our population continues to be getting older. For the first time, we have more people age 55 to 64 than we have people 15 to 24. The census data also noted that we are living longer than ever, with 5,825 centenarians in Canada last year - a 25.7% jump from 2006. Retirement inches further into the distance. While Statistics Canada continues to label the age group 15-64 as the "working-age population," this label may have to change as more people age 65-69 stay in the workforce, at least on a part-time basis. At the same time, we will have to rethink our definition of "seniors."
05/29/2012 - National Post – May 29 2012 - Article by Fred Vettese
Not surprisingly, Statistics Canada’s new data shows our population continues to be getting older. For the first time ever, we have more people age 55 to 64 than we have people 15 to 24. ’This suggests we will see more people leaving the workforce than entering it in the next few years. This is almost certainly true and this phenomenon will accelerate as the heart of the Baby Boom generation start to retire in large numbers. That might still be five years off.
05/27/2012 - Calgary Herald - May 27, 2012
Freedom 55 is already an impossible dream for most Canadians. In as little as 10 years, even fully retiring in their early 60s will no longer be the norm, says Fred Vettese. They won't just be working longer because they need the money, says the chief actuary for Morneau Shepell, which provides pension, benefit and health plan services to companies.
05/24/2012 - Benefit & Pension Monitor News – May 24 2012
Morneau Shepell, through a wholly owned subsidiary, Morneau Shepell Asset & Risk Management Ltd., is introducing an extension of its suite of asset and risk management services with the addition of four investment funds designed to achieve targeted investment outcomes for clients.
For pension plan sponsors, this represents a new approach to investment strategy and asset allocation. Robert Boston, a partner at Morneau Shepell, says the funds will be of interest to pension plan sponsors who are seeking more sustainable long-term returns and reduced risk by aligning investments with liabilities under their plans. Four new funds will be offered three return-focused funds and one liability-focused fund. Designed to achieve specific objectives, the outcome-oriented funds are broadly diversified across a range of asset classes and strategies. They adjust asset allocation according to changing market conditions and funding circumstances. (End of Article)
05/23/2012 - CNW May 23, 2012
Today Morneau Shepell, through a wholly owned subsidiary, Morneau Shepell Asset & Risk Management Ltd., is introducing an extension of its suite of Asset & Risk Management services, with the addition of four new investment funds designed to achieve targeted investment outcomes for its clients. For pension plan sponsors, this represents a new approach to investment strategy and asset allocation. "Our clients are looking for answers to their pension problems," says Robert Boston, Partner, Morneau Shepell. "They expect us to provide them with the best solutions available by achieving targeted outcomes, as opposed to chasing returns. This is very much a proactive investment strategy which responds to the evolving needs of our clients."
05/23/2012 - Benefits Canada May 23, 2012
Morneau Shepell is extending its suite of asset and risk management services, with the addition of four new investment funds, which it says will represent a new approach to investment strategy and asset allocation for pension plan sponsors. Robert Boston, partner with Morneau Shepell, said the new investment funds will be of interest to pension plan sponsors who are seeking more sustainable long-term returns, and reduced risk by aligning investments with liabilities under their plans.
05/23/2012 - Financial Post May 23, 2012
What is the real benefit of having a job with benefits? Employees might find out pretty soon. One of the leading trends is for companies to switch to defined contribution plans for all benefits and not just pensions, says Marilynne Madigan, managing partner of Morneau Shepell which provides human resource consulting. "The cost of benefits is becoming increasingly higher for employers, especially with higher health-care costs," says Ms. Madigan. "Employers are looking for how they can minimize employee costs."
05/22/2012 - Financial Post – May 22 2012
...Idan Shlesinger, managing partner of defined-contribution Pensions and Savings Plans at insurance consultancy firm Morneau Shepell, says most defined-
plan members mistakenly believe they need not worry about their retirement because they have a pension. “The impact of DC pensions hasn’t entirely been felt yet; the concern is that when it happens there will be a great deal of disappointment out there,” says Mr. Shlesinger in reference to the potentially inadequate final balance of defined-contribution pensions that aren’t being actively managed by the plan members who own them.
05/22/2012 - National Post – May 22 2012
Article by Fred Vettese
Stephen Leacock, the humorist, was uncharacteristically bleak in his view of retirement: “Have you ever been out for a late autumn walk in the closing part of the afternoon, and suddenly looked up to realize that the leaves have practically all gone? And the sun has set and the day gone before you knew it – and with that a cold wind blows across the landscape? That’s retirement.”
05/10/2012 - TheChronicleHerald.ca - May 10 2012
So NewPage's pensioners are left with what's in the pot on the stove — about $211.7 million. According to plan administrator Morneau Shepell, that's $114.5 ...
02/18/2012 - Article by Fred Vettese
…First, anyone nearing retirement should find it encouraging that Canada's retirees are currently doing better financially than most of us realize. If we use Statistics Canada's low-income cutoffs as the poverty threshold, just 5.2% of seniors would be classified as poor. By comparison, the poverty rate for Canadians age 18-64 is 10.5%, more than double.
- Sonia plans to retire when she turns 60. Her mortgage will be paid off by then and she will have substantial savings in her RRSP. Should she start her Canada Pension Plan (CPP) pension at age 60 or wait? Link to the video
02/15/2012 - …One of the biggest problems, according to Fred Vettese, chief actuary at Morneau Sobeco, is the fact that the federal government isn’t forcing businesses without existing pension programs to offer the plan. “If it’s going to have an impact, it needs to be mandatory for employers,” he says.
02/15/2012 - With the PRPP, says Morneau Shepell chief actuary Fred Vettese, employers don't necessarily have to contribute. Just as is the case with their RRSP contributions, PRPP deductions would come from worker paycheques, providing similar tax breaks as RRSPs but also reducing available RRSP contribution room.
02/15/2012 - …Some people have two devices, one for work and one for home, but there’s “still a large proportion of people who have their work and personal on one device, so you can’t shut off,” says Karen Seward, executive vice-president for marketing and business development at Morneau Shepell. “If you pick up the phone and you are looking at it for your personal and there’s your work, how do you stop getting engaged?”
02/13/2012 - Studies have shown there is a relationship between employee financial wellbeing and employee productivity. For example, in a report on how financial distress can impact health and productivity, Shepell Fgi notes “workers with poor financial wellness are the people who are absent from work more frequently, receive poor performance ratings from their supervisors, spend excessive time at work dealing with personal financial problems, and experience a decline in job productivity from one year to the next.”
02/13/2012 - While more than five million working Canadians rely on workplace pension plans for retirement security, the predominant form — a defined benefit (DB) plan — is in danger of extinction, at least in the private sector. Traditional DB plans are a non-starter for any organization that does not already sponsor such a plan. Contact Morneau Shepell to get a copy of this article
02/09/2012 - Hundreds of business leaders met in Toronto, Montreal and Vancouver yesterday to discuss the issue of mental health in the workplace and what can be done about it. Morneau Shepell, in partnership with Bell Let's Talk, hosted Employers Connect, a multi-city event for workplace mental health in Canada's three largest cities.
02/07/2012 - “Managers who have gone through training on mental health in the workplace become better managers overall” says Paula Allen, VP Health Solutions at Morneau Shepell in this interview on workplace mental health.
02/07/2012 - Paula Allen, vice president of Health Solutions at Morneau Shepell, discusses the importance of employees being able to freely discuss mental health issues
02/06/2012 - Just in time for Valentine's Day, Morneau Shepell Ltd., under the Shepell•fgi Employee Assistance Program (EAP), has launched the new online Enhancing Your Relationship Program that helps individuals and couples achieve a greater overall understanding of and satisfaction in their intimate relationships. Users are able to access the program anytime, anywhere and can work through relationship exercises and resources at their own pace and convenience.
02/06/2012 - On February 8, 2012 , leaders from various industries will gather to address the changing landscape of mental health in the Canadian workplace. Morneau Shepell, in partnership ...
02/01/2012 - …With the PRPP, says Morneau Shepell chief actuary Fred Vettese, employers don't necessarily have to contribute. Just as is the case with their RRSP contributions, PRPP deductions would come from worker paycheques, providing similar tax break as RRSPs but also reducing available RRSP contribution room.
02/01/2012 - Is early CPP the best strategy? After health concerns, Canadians' biggest retirement fear is running out of money at some point. In a Canadian Institute of Actuaries survey, 62 per cent of pre-retirees acknowledged this fear.
01/31/2012 - Morneau Shepell is pleased to announce that it has acquired the business of SBC Systems Company, Inc., a leading provider of employee benefits administration systems, with 2011 revenues of approximately $7 million. Based in Atlanta, Georgia, SBC serves clients across the U.S. in a wide variety of industries.
01/30/2012 - …What’s certain is that our aging population necessitates action to ensure programs such as health care and public pensions are sustainable. Where there are now four tax-paying workers for every retiree, there will be just two by 2036, said Fred Vettese, chief actuary for the consulting firm Morneau Shepell. “Something has to be done because of the changing demographics, and one place the government can look is OAS,” he said.
01/26/2012 - Morneau Shepell Ltd. says the typical pension plan dropped in value by about 11% last year, but that a more strategic approach could have prevented this negative impact. "As of December 31, 2011, a typical pension plan with a traditional portfolio saw its financial position deteriorate by about 11%, but our Risk Management Portfolio kept pace with liabilities," says Patrick De Roy, Partner and National Leader of the Risk Management Practice for Morneau Shepell. "It actually shows growth of 12% last year."
01/25/2012 - The group received the news during a recent meeting with plan administrator Morneau Shepell. The approximately 760 retired NewPage employees are facing an annual income loss of nearly $7.23 million. The mill’s four pension plans contribute a total of $22.65 million annually to the provincial economy.
01/18/2012 - At a time when people are slowly beginning to pay off their credit card bills from the holidays, Morneau Shepell Ltd., under the Shepell•fgi Employee Assistance Program (EAP), has introduced a new service to help employees not only resolve their current credit crunch, but also address their more complex financial concerns.
01/17/2012 - Sponsors of DB pension plans with Ontario members will see their assessments under the Pension Benefits Guarantee Fund (PBGF) rise dramatically. Effective Jan. 1, 2012, the base fee per plan beneficiary rises from $1 to $5; the maximum fee per beneficiary in unfunded plans triples to $300, and the $4-million assessment cap per plan is gone.
01/12/2012 - Morneau Shepell Ltd. has achieved Healthy Enterprise - Elite certification from the Bureau de normalisation du Québec (BNQ) for its Quebec offices. Morneau Shepell is the first company in its field to obtain certification and one of only eight companies to achieve elite status under the standard officially known as the BNQ Standard 9700-800 Prevention, Promotion and Organizational Practices Contributing to Health in the Workplace.
01/07/2012 - But will they have the courage to do what is necessary to fix the problem? ... by one of Canada's leading pension experts, Fred Vettese of Morneau Sobeco, ...
01/03/2012 - ...Karen Seward, executive vice-president with Morneau Shepell, suggests that Camp show two costs for his benefits plan—disability and drugs—to the management team. “If that were any other expense line, the business people would pay attention to it. It’s a cost, and it becomes a business issue,” she says. Another option, says Morrison, is for Camp to consider what happens if the trust doesn’t continue with or launch new programs. “What is the cost of not doing something? Look at the trending for disease states and consider just letting everything go as is.
12/31/2011 - … “If employers aren’t prepared,” warns Karen Seward, executive vice president, marketing and business development for employee and family assistance program provider Morneau Shepell, “they may not recognize the cause and effect relationship between an incident and the subsequent fallout among co-workers. “For instance, financial institutions have invested significantly in emergency response planning around bank robberies. But what about a situation in which an employee in a restaurant or on a production line sustains a critical injury or has a heart attack? Traumas like this happen every day, but how many workplaces have policies in place to deal with co-workers?”
12/21/2011 - Given rising longevity, more attention to fitness and health and low savings levels, all but those with low life expectancies would be well advised to stay in harness a few extra years. The longer one earns income (albeit taxable), the less need to draw down savings. RRSPs, defined-contribution pensions (and soon the new PRPPs) grow more as markets rise over time. A given amount buys more pension if one retires later because of shorter life expectancy, says Fred Vettese, chief actuary at Toronto-based Morneau Shepell.
12/16/2011 - A class-action lawsuit has been filed against the province by a group of 88 retired Pope & Talbot workers, including about 50 former Harmac pulp mill employees….In early 2010, the retirees received letters from Morneau Shepell, the company appointed by the province to administer Pope & Talbot's pension assets, informing them that their pensions had been reduced by approximately 30%, retroactive to 2008.
12/13/2011 - The Employee Assistance Program Shepell·fgi brand has launched an online service where users can now confidentially identify their concerns, learn about suggested EAP support services, and choose both the service and how it will be delivered to suit their needs, lifestyle, and learning preference.
12/12/2011 - For those dealing with issues related to their work, health or life, it can often be daunting to make that first call for help. Morneau Shepell Ltd. is making it easier with Online Access. The Employee Assistance Program (EAP), Shepell•fgi brand has launched a new service where users can now confidentially identify their concerns online, learn about suggested EAP support services and choose both the service and how it will be delivered that best suits their needs, lifestyle and learning preference.
12/12/2011 - See listings citing Morneau Shepell
12/05/2011 - … “[Employers are]…fine with having EAPs, which put a lot of the onus on employees to self-identify and get help,” says Paula Allen, vice-president of organizational solutions and national practice leader, health consulting, with Morneau Shepell. “But there are organizational factors around stress, and it’s very difficult to get an organization to truly grasp what that means, and what they can do about it. That takes more corporate buy-in than anything else, because you’re
talking about really taking a hard look at what culture, systems, leaders, risks and supports you have in place.”
12/05/2011 - The last actuarial report on the Canada Pension Plan (CPP) estimated that 38% of Canadians in 2010 started receiving their CPP at age 60. Another 38% or so started their pension at 65. The remaining 24% started their CPP at other ages, mainly between 61 and 64. To someone new to Canada, the “normal” retirement age would not be at all obvious. Yet ask any Canadian and he or she will tell you that normal retirement means age 65.
11/01/2011 - Morneau Shepell Ltd., under its Shepell·fgi brand, has launched My EAP version 1.2 for iPad and Android devices. The app provides online access to employee...
11/01/2011 - Morneau Shepell Ltd., under its Shepell·fgi brand, is pleased to announce a new version of My EAP that offers instant and unlimited access...
10/28/2011 - Fred Vettese, chief actuary with Toronto-based Morneau Shepell, says Canadians “essentially have a lifetime limit already since unused RRSP contribution room can be carried forward indefinitely.”
10/23/2011 - With the release of draft legislation for the new pooled retirement pensions plans, previously pension-less workers in small-and medium-sized Canadian companies have high hopes of finally enjoying workplace...
10/17/2011 - Morneau Shepell Ltd., through the Shepell·fgi brand, has launched a new Online Stress Management Program. Focused on the user experience, the comprehensive...
10/17/2011 - To help employees better manage stress in their work, health and personal life, Morneau Shepell Ltd., through the Shepell·fgi brand, has launched a new...
10/17/2011 - TORONTO, Oct. 17, 2011 /CNW/ - With stress levels at an all-time high, people are finding it increasingly difficult to manage stress in their work, health and life. Morneau Shepell Ltd., through the Shepell·fgi brand, has launched a new Online Stress Management Program. Focused on the user experience, the comprehensive program features proven techniques presented in an engaging and interactive real-time online environment to help people more easily cope with stress and make meaningful changes in their lives.
10/14/2011 - Life happens. All of us, at some point, are faced with difficult situations that can have a dramatic effect on our lives and our well-being. When stressful events such as a separation, divorce, death in the family or financial troubles hit, they can take a toll on our mental and physical health. The key to managing our health is our ability to navigate available resources, to ensure that we are able to work through the issues.
10/07/2011 - Morneau Shepell Inc. (TSX: MSI) will announce its 2011 third quarter results on Monday, November 7, 2011. Results will be discussed the following day on November 8, 2011 during a conference call with Bill Morneau, Executive Chairman, Alan Torrie, President & CEO, and Scott Milligan, Chief Financial Officer, at 9:30 a.m. ET.
10/04/2011 - According to a recent survey by AstraZeneca and Morneau Shepell, 35% of working Canadians with OA have taken sick days as a result of the pain associated with their condition, 19% have reduced their work hours, and 14% have taken a short-term disability leave from work.
09/30/2011 - Morneau Shepell Inc. has acquired one of Quebec's largest employee assistance program (EAP) providers: Jacques Lamarre & Associates and Parcours d'enfant...
09/30/2011 - Together we will offer a broad portfolio of EAP solutions that complements Morneau Shepell's existing suite of EAP counselling, work/life and child-focused...
09/30/2011 - TORONTO, Sept. 30, 2011 /CNW/ - Morneau Shepell Inc., the leading provider of Employee Assistance Programs (EAP) in Quebec and nationally, today announced that it has acquired one of the largest EAP services providers in the province, Quebec-based Jacques Lamarre & Associates and Parcours d'enfant.
09/20/2011 - Sep 20, 2011 /CNW/ - Morneau Shepell Ltd., under its Shepell-fgi brand, is continuing to set the precedence in delivery of service by offering Employee...
09/20/2011 - TORONTO, Sept. 20, 2011 /CNW/ - Morneau Shepell Ltd., under its Shepell-fgi brand, is continuing to set the precedence in delivery of service by offering Employee Assistance Program (EAP) support through video counselling.
09/20/2011 - Nonsteroidal anti-inflammatory drugs (NSAIDs) are widely-used because of their ability to effectively relieve the pain and inflammation associated with osteoarthritis (OA); however, a new national survey of Canadians with osteoarthritis finds that most are unaware of their risk for NSAID-related gastrointestinal (GI) side effects, and the importance of protecting their stomach..
09/13/2011 - TORONTO, Sept. 13, 2011 /CNW/ - Almost two out of every three times that people accessed their employer's EAP (Employee Assistance Program) for financial assistance last year, it was for personal debt and/or credit. The Morneau Shepell Research Group has just released a report showing how EAP access in Canada changed from 2010 as compared to 2009, and the results might be a barometer of the country's economic health.
09/13/2011 - Almost two out of every three times that workers accessed their employee assistance program (EAP) for financial assistance last year, it was for personal debt or credit, found a survey by Morneau Shepell.
09/10/2011 - McNaughton, a St. Catharines psychotherapist, was a trauma manager for what is now Mississauga-based Shepell FGI She normally counselled corporate clients...
09/08/2011 - Salary budgets for next year won’t even cover the inflation rate, according to Morneau Shepell’s annual compensation trends survey of 250 companies (employing about 1.2 million Canadians)—the second year the HR consultancy’s findings indicate stagnant incomes.
09/07/2011 - At Morneau Shepell, we have experienced that when a case manager can refer additional support through an EAP, this results in a 31% reduction in absence...
08/25/2011 - With global markets in turmoil and renewed fears of a global economic recession, one might expect that Canadian companies would be tightening their purse strings. This does not appear to be the case when it comes to salary budgets for 2012, according to a Morneau Shepell survey.
08/24/2011 - ... Deloitte, Ernst & Young, Gallagher Benefit Services, Hymans Robertson, Mercer, Milliman, Morneau Shepell, PwC, The Segal Company, and Towers Watson.
08/23/2011 - Morneau Shepell’s survey, which polled 250 Canadian companies, said wage gains of 3.4% in the energy sector will be balanced by an average two per cent growth in the public administration sector.
08/22/2011 - Traditional approaches to drug plans need to be revisited, but the industry needs to move toward a properly designed flexible benefits program that fosters better understanding among members, according to Morneau Shepell’s recent News & Views.
08/20/2011 - Shepell·fgi assures clients that security measures are in place to preserve the confidentiality of any data exchanged and that the service meets the EAP...
08/18/2011 - Morneau Shepell is upgrading its Stop Smoking Centre to help employees to do just that. Under its Shepell-fgi brand, this part of its smoking cessation services will provide users with tips, tools and a support network of healthcare professionals, as well as fellow quitters.
08/17/2011 - Morneau Shepell's 29th Annual Compensation and Trends Projections Survey was ... Morneau Shepell Inc. is the largest Canadian based human resources ...
08/17/2011 - MONTREAL, Aug. 17, 2011 /CNW/ - Despite the prevailing uncertainty in the global economic outlook, Morneau Shepell compensation survey respondents are ...
08/12/2011 - Jean Bergeron, a partner at pension consultants Morneau Shepell, said most pension plan sponsors he works with have been changing their investment strategies to try to reduce volatility after learning a sobering lesson in the 2008 market crash, so some may not be as hard hit as others.But he said it is difficult for plans to fully insulate themselves against market volatility and many were making the changes slowly as their financial health improved, so they hadn’t yet reached their targets.“Unless the markets rebound, it’s going to be a very difficult year for pension funds,” Mr. Bergeron said.
08/12/2011 - Shepell·fgi wants you to go smoke free. The company has launched a new online program to help employees kick the smoking habit. The program is an upgrade to smoking cessation services already offered under Shepell·fgi’s employee assistance program.
08/11/2011 - Morneau Shepell Ltd., under the Shepell-fgi brand, ... Smoking Cessation services are offered as part of Shepell-fgi's Employee Assistance ...
08/11/2011 - Morneau Shepell Ltd., under the Shepell-fgi brand, is announcing an upgrade to its Stop Smoking Centre to help employees kick the smoking...
08/11/2011 - "Our strategic initiatives to grow our Health Management business are producing good results," said Alan Torrie, President and CEO of Morneau Shepell.
07/26/2011 - Some of her favourites include New Flyer Industries Inc., Vicwest Inc. and Morneau Shepell Inc. “It happens that these companies were former income trusts,”...
07/26/2011 - Panelist Greg Heise, a partner with Morneau Shepell, agreed that if it is designed effectively, the PRPP could have an impact on increasing Canadians’ retirement savings levels. “We know that Canadians aren’t saving enough for retirement, and this is really an issue of, ‘If you build it, will they come?’ It will depend on how well you build it,” he said.
Heise added that harmonization and portability would be important for the success of the PRPP. Canadians will want to know that their investments in a PRPP will be easily transferable, both from employer to employer and from province to province.
07/26/2011 - Panelist Greg Heise, a partner with Morneau Shepell, agreed that if it is designed effectively, the PRPP could have an impact on increasing Canadians'...
07/26/2011 - Morneau Shepell has launched a new educational initiative for its professionals who counsel clients in disability management (DM).
07/22/2011 - Nortel retirees got confirmation Friday that their pension benefits will be slashed at least until legal wrangling over billions of dollars from the sale of assets can be settled. The telecoms giant filed for bankruptcy in 2009 leaving the pensions, ...
07/22/2011 - Nortel Networks Corp. pensioners will benefit ultimately from the insolvent tech company's $7.5 billion (US) liquidation sale, administrators of Nortel's underfunded pension plan reiterated Friday. “We are confident that once the recalculation is done...
07/22/2011 - Questions and Answers with Morneau Shepell. Content Based on Webinar on Pension Plan Cutbacks. July 22, 2011.
07/06/2011 - Doubling YMPE to $96600 has also been championed by Morneau Shepell chief actuary Fred Vettese, but he doesn't think Mr. Horner's plan will be viable unless...
06/21/2011 - Through Benefits and Health Solutions Consulting, Pension Consulting, Health Management, Administration Solutions and Shepell-fgi's Employee Assistance...
06/20/2011 - Morneau Shepell Inc. ("MSI") (TSX:MSI) announced today a cash dividend of $0.065 per share for the month of June 2011, to be paid July 15, 2011 to holders of record of shares of MSI on June 30, 2011.
06/20/2011 - ... the tools and training needed to support employees. The report was funded by Bell, Manulife Financial,Morneau Shepell, Canada Post and TD Bank Group.
06/20/2011 - The Conference Board study was sponsored by Bell Canada, Manulife Financial, Morneau Shepell, Canada Post Corporation and TD Bank Group. ...
04/06/2011 - Jean-Marc MacKenzie, senior vice-president with Shepell-fgi, a leading sponsor of the tournament, said his company decided to participate in the tournament...
03/12/2011 - Fred Vettese, chief actuary with Toronto-based Morneau Shepell, welcomes more TFSA (or RRSP) contribution room but fears it could crowd out the Liberals’ plans for an expanded CPP or the Tories’ Pooled Retirement Pension Plans (PRPPs).