|
|
| e-News
Bulletin |
Issue
9 - February 2008 |
In
this issue:
- How can you help your employees deal with cancer?
- Top 5 Reasons Why Employees Quit Their Jobs
- Are Companies At Risk of Being Sued for Pension Negligence?
- McGowan Insurance Services offers a ‘better option’ for Personal Pension Plans
How can you help your employees deal with cancer?
Most employers today understand the benefits of providing services, like employee assistance programs, which help employees manage health issues that impact the quality of life and productivity. Adequate support for health-related issues, like cancer, can make a tremendous difference in outcomes and how employees manage day-to-day at work and home.
CAREpath is a specialized cancer assistance program that helps reduce the burden of cancer on employees and their families, as well as employers and insurance plans.
With the growing pressures on our healthcare system, often there are limited resources and communication to support cancer patients through their cancer experience. CAREpath’s specialized cancer services are designed to complement the public system by guiding a patient from diagnosis, through treatment into survivorship, proving much-needed cancer-specific expertise and personal support.
“This type of program addresses an important need that our clients confront all too often,” comments Don McGowan. “Having a cancer assistance program available when an employee or a dependent confronts cancer, could make a significant difference in the outcome and a person’s ability to return to work.”
CAREpath is a Canadian company founded by leading oncologists and cancer nurses who have dedicated their careers to supporting cancer patients.
CAREpath offers personalized services to ensure that all emotional, medical and treatment needs of cancer patients are met. Here are examples of two types of services offered to employers through the CAREpath cancer assistance program:
Navigation System™
CAREpath’s Navigation System is a comprehensive program that guides each cancer patient through the health care system with the support of a personal CAREpath oncology nurse, backed by an oncology physician. Counselling, support and in-depth explanations are given regarding the most current evidence-based options for tests and treatment, empowering the client to actively participate in their treatment decisions. The patient’s personal CAREpath Oncology Nurse is also there to prepare patients for their oncology visits, address the patient and family’s questions, and advise the patient on lifestyle changes that can reduce treatment side effects and speed recovery.
Risk Assessment
CAREpath has also developed screening tools in collaboration with international cancer experts at leading universities to help employees establish their personal risk for cancer and chronic disease. These screening tools can be completed at the employee’s convenience to pinpoint areas of concern and provide explicit recommendations for risk reduction. A specially trained oncology nurse explains the results with the employee and advises on how to institute personalized life-style changes to help reduce their risk.
CAREpath’s services are provided over the telephone and are available nationally in both English and French.
If you would like more information on how your employees could benefit from a cancer assistance program, contact Don McGowan at 1-800-749-7549 or mcgowan@bellnet.ca
[Back
to Top]
Top 5 Reasons Why Employees Quit Their Jobs
The 2007/2008 Watson Wyatt Global Strategic Rewards Report found a critical disconnect between employer and employee views on why employees leave their jobs. With a tight labour market, companies need to be more in tune with employee needs to improve retention. The differences are highlighted in the chart below:
| Ranking |
Employers |
Employees |
| 1 |
Base Pay |
Stress Levels |
| 2 |
Career Development Opportunities |
Work/Life Balance |
| 3 |
Promotion Opportunities |
Promotion Opportunities |
| 4 |
Relationship with Supervisor/Manager |
Trust/Confidence in Management |
| 5 |
Stress Levels |
Base Pay |
For more information on the study, go to http://www.watsonwyatt.com/research/pdfs/2007-US-0261.pdf
Are Companies At Risk of Being Sued for Pension Negligence?
Over the last several years, many companies have shifted from offering a defined benefit pension plan (a plan that guarantees a specific benefit at retirement) to defined contribution pension plans that have no guarantees and require employees to be actively involved in their investment choices.
Some employees who don’t want to make investment choices because they’re busy or are uncomfortable with risks, might take the default option, which is often a low-risk money market fund. In years to come, growth may be marginal compared to another employee who held stock, bonds and cash.
As these employees who selected a money market fund approach retirement and see that their plans may not adequately prepare them for their retiring years, they potentially could blame employers for not giving them adequate advice on their investment options.
If employers continue to shift the investment responsibility to employees, they really need to ensure that they play an ongoing active educational role in the process.
“We actively encourage the employer plans that we're involved with to use a conservative asset allocation fund as the default as opposed to a money market fund,” says Don McGowan. “We also work with our clients to ensure that appropriate and periodic pension/retirement plan education is taking place.”
For more information and to discuss your company’s retirement plans, call Don McGowan at 1- 800-749-7549.
[Back
to Top]
McGowan Insurance Services offers a ‘better option’ for Personal Pension Plans
We have a Canada Revenue Agency (CRA)-approved method of greatly enhancing business owners’ ability to save for their future retirement by:
- Removing the Investment Management Fees (IMF) / Management Expense Ratio (MER) from investment returns – which in an investment climate where earning 6% over the long-term is a realistic expectation for market-based funds, with the IMF / MER typically set at 2% to 3% - this can enhance “Net” investment returns by 50% (from 4% “Net of the IMF / MER” to 6%) to 100% (from 3% “Net” of the IMF / MER to 6%);
- Recognizing “past service” from as early as 1991 and “future service” to create significant greater contribution room
- The IMF and MER that are no longer impairing your investment returns, would be supported by an expense directly billed to your company, but at +/- 1% of your retirements vs. the IMF / MER typically set at 2% to 3%;
- All of the above could result in a very significant reduction in your corporation taxes payable;
The outcome of implementing this CRA-approved plan is that you will have a much larger income when you ultimately retire.
We can also help your employees save for their future retirement in a more efficient manner than if they are currently doing so on their own, by using a “Group” approach that:
- Reduces their IMF / MER from the typical 2% to 3% to a level that enhances their “Net” investment returns;
- Reduced income taxes payable with every pay period;
- The opportunity to access “Institutional” Fund Managers not normally available to individual investors;
The approach that we take to Employer-Sponsored Retirement Plans is the same approach that we take regarding other employee benefits, particularly group life, disability, health, dental, critical illness / long-term care and employee assistance plans – we find value for our clients by looking at their needs, goals and objectives, from a better perspective.
Disclaimer:
The opinions and advice in this e-News Bulletin are provided
for the general guidance and benefit of McGowan Insurance
Services Ltd. customers based on information we believe to
be accurate. We cannot guarantee its accuracy or completeness
for individual circumstances. While we strive to provide reliable,
informative material herein, we cannot account for all industry
conditions and legislative changes that occur. |
