HR and Pensions

HR Professionals may find themselves in scenarios where they need to implement a benefits plan. Prior to gathering information regarding related services from financial services organizations and then developing a defined benefit pension plan, the following initial step should be considered first.

Key points to remember:
- clarify how a pension plan will support the organization's business and human resource strategy

Key Terms
This week’s HR terminology includes:

Canada Pension Plan (CPP)
A mandatory earnings-related pension plan implemented January 1, 1966 to provide basic retirement income to Canadians between the ages of 18 and 70 who work in all the provinces and territories, except in the province of Quebec. Quebec operates its own pension plan similar to the CPP for persons who work in that province.