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A Message From Selectpath
To say we live in challenging times is an understatement these days. The economy is in a flux, the talent pool is shrinking, and improved governance is required. These and other issues are causing individuals and organizations to re-evaluate their short and long term strategies. At Selectpath, we collaborate with our clients and partners to establish, review, and reinvigorate your strategies to ensure sustainability. Hopefully you will find these articles of interest as we help you navigate your Right Path.
Corporations Should Consider Tax Free Savings Accounts as Part of Their Benefits Plan Strategy
With the introduction of Tax Free Savings Accounts(TFSA) as of January 1, 2009, any Canadian resident over the age of 18 will initially be able to contribute up to $5,000 a year to this new savings plan. While the contribution is made with after-tax dollars, the gains made by the investments grow tax free and there are no taxes upon withdrawal. Recent surveys by a variety of Human Resource consulting firms indicate that more than 40% of employers indicated that they were likely going to add this feature to their benefits plan strategy.
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Are You Contractually Compliant?
Many benefit plan administrators take on the employee benefits plan responsibilities with little or no directions. Insurers provide administration manuals, but how many of us have actually read it?
Why is this important? As with any contract, there are obligations and liabilities associated with each party (employee/employer/insurer).
So what are the potential pitfalls?
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What are the Administrator’s Responsibilities?
Although most employee benefit contracts and administrator guides/manuals outline the obligations of the plan administrator (individual appointed by the employer to administer the plan on behalf of the plan sponsor and members), many are still clear where the insurer and the administrator responsibilities start and stop.
The duty to effectively communicate and provide information to employees concerning pension and employee benefits is one of the most significant obligations of an administrator. The failure to do so can result in exposing the employer to liability. Claims involving loss of employee benefits or pensions usually flows from failure to communicate or a miscommunication.
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Healthy Cost More
Preventing obesity and smoking doesn't save money, says a study published online in the Public Library of Science Medicine journal. The study found that since healthy people live longer, they end up costing the healthcare system more.
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Gen Y’s Benefits Expectations
Born between 1977 and 1994, generation Y is gaining visibility in the workforce now. And employers are going to have to address what kind of benefits plans will be suitable, said Karen Kesteris, director of marketing and product development, Green Shield Canada, speaking Thursday at the GIPC conference in Toronto.
Unfortunately, the health picture for gen Yers, for the most part, is not rosy.
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Canadians pay double for generic drugs
While conventional wisdom has been to encourage substitution of generic drugs in all possible cases in order help control costs, a new study reveals that American employers are getting a much better price break on generics than their Canadian counterparts.
Prices for generic prescription drugs in Canada are more than twice as high as those in the United States according to a new study from independent research organization the Fraser Institute.
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The Elusive Employee
A number of surveys have been released in the last few months monitoring the level of engagement and value proposition of employer sponsored benefit and retirement plans. These surveys are showing similar results in terms of challenges facing employers in the difficult game of recruitment.
Although cost containment continues to lead many strategies surrounding benefit and group retirement plans, increasingly employers should be turning their sights to the concerns of the workforce surrounding financial security and value propositions.
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No communication, article, information or advice on this web site constitutes or implies in any way a solicitation of business. Please remember that while strategies outlined within this newsletter may be appropriate for some employers, you should always consult a benefits specialist to determine if they are appropriate for your company.
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