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After Work: Retiree Benefits in Canada The Conference Board of Canada, 18 pages, August 31, 2020 Data briefing by Jonathan Francis

After Work: Retiree Benefits in Canada

The Conference Board of Canada, 18 pages, August 31, 2020
Data briefing by Jonathan Francis

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This briefing, which is based on data collected for Benefits Benchmarking 2019, looks at employer-sponsored retiree benefits as an attraction/retention tool and considers possible measures to offset the costs in the face of increasing retirements. Document Highlights Organizations are recognizing the importance of retiree benefits as an attraction/retention tool but are structuring plans to manage costs effectively. As baby boomers continue to retire in greater numbers, pressure will increase on organizations to offer retiree benefits and expand the benefits they currently offer while also trying to offset the increased costs. This briefing is based on data collected for Benefits Benchmarking 2019, the Conference Board’s fourth benchmarking study on employer-sponsored benefits programs. The study surveyed employers from across Canada about their extended health, dental, life and accident insurance programs, and disability coverage. It also collected data on benefits for part-time workers as well as more detailed information on benefits costs, health care spending accounts, and retiree benefits. Respondents represented a cross-section of public and private sector organizations from all major industry categories. The briefing considers possible cost-savings measures that could reduce the cost burdens on retirees while controlling costs for employers. Table of Contents Key findings Introduction Types of benefits plans offered Premium cost-sharing arrangements Annual premiums Benefits costs for retirees Changes to retiree benefits Next steps Appendix A—Definition of terms Appendix B—Methodology Appendix C—Bibliography

This briefing, which is based on data collected for Benefits Benchmarking 2019, looks at employer-sponsored retiree benefits as an attraction/retention tool and considers possible measures to offset the costs in the face of increasing retirements.

Document Highlights

Organizations are recognizing the importance of retiree benefits as an attraction/retention tool but are structuring plans to manage costs effectively. As baby boomers continue to retire in greater numbers, pressure will increase on organizations to offer retiree benefits and expand the benefits they currently offer while also trying to offset the increased costs.

This briefing is based on data collected for Benefits Benchmarking 2019, the Conference Board’s fourth benchmarking study on employer-sponsored benefits programs. The study surveyed employers from across Canada about their extended health, dental, life and accident insurance programs, and disability coverage. It also collected data on benefits for part-time workers as well as more detailed information on benefits costs, health care spending accounts, and retiree benefits. Respondents represented a cross-section of public and private sector organizations from all major industry categories. The briefing considers possible cost-savings measures that could reduce the cost burdens on retirees while controlling costs for employers.

Key findings
Introduction
Types of benefits plans offered
Premium cost-sharing arrangements
Annual premiums
Benefits costs for retirees
Changes to retiree benefits
Next steps

Appendix A—Definition of terms

Appendix B—Methodology

Appendix C—Bibliography

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