Most of the books reviewed in this issue deal with pension plans, retirement planning and estate planning in the Canadian context. They’re aimed at HR practitioners and at individual workers.
We also take a look at a new Canadian book on employee ownership, a structural form of equity in the company that comprises part of the compensation package, but also potentially affects the employment relationship and philosophy of management. Finally, a recent U.S. publication offers a comprehensive guide to flexible benefit programs.
Canadian Pensions and Retirement Income Planning
By consulting firm Watson Wyatt
451 pages, CCH Canadian (2001) ISBN 1-55141-011-7
(416) 224-2248 or 1-800-268-4522, www.cch.ca
Updated to incorporate changes to the Income Tax Act to late 2001, this book has three main focus areas:
•pension adjustments, past service pension adjustments and pension adjustment reversals;
•RRSP contribution rules; and
•registration rules for registered pension plans and deferred profit sharing plans.
The book is organized using short, clearly labeled sections, numerous examples, definitions and legal references with full consideration of both defined contribution and defined benefit plans, as well as tax-sheltered retirement savings vehicles, money purchase plans and multi-employer plans.
The book will be useful to HR professionals with pension-related responsibilities, accountants, actuaries and others who need to work with retirement income policies and tax rules.
Specific target readers are:
•retirement plan sponsors, tax advisors and pension consultants, to help them understand the complex tax rules that apply in Canada; and
•plan administrators, to help them determine pension adjustments, past service adjustments and reversals, and to fulfill reporting requirements.
Employee Ownership
By Carol Beatty and Harvey Schachter
263 pages, Wiley (2002)
ISBN 0-471-64641-5
1-800-567-4797, www.wiley.com
Based on a seven-year study of employee ownership situations, this book provides a roadmap for adoption and implementation of this approach to a new kind of management-employee relationship. Case studies include: Algoma Steel, Tembec Inc., Provincial Papers, Canadian Pacific Express, SFG Technologies and Great Western Brewery.
Issues addressed include the rationale and circumstances giving rise to the employee ownership model, management-union relations, effects on employee motivation and retention, and legislative and financing considerations.
This book looks at both high-tech industries and older, unionized sectors where employee ownership has been implemented in Canada. Readers with an interest in this subject may include general management and entrepreneurs, senior executives in finance, HR or strategy, union leaders and strategists, and students or consultants interested in the policy and philosophical ramifications.
Flexible Benefits: A How-To Guide
By Richard Johnson
383 pages, 6th ed., International Foundation of Employee Benefit Plans (2002)
ISBN 0-89154-559-X
1-888-33-IFEBP, www.ifebp.org
This U.S. book covers the basics of flexible benefits and the reasons for their continuing popularity from both the employer and employee points of view. There’s also an overview of the range of flex program designs and options, as well as a step-by-step process for implementing flexible benefits programs. Specific chapters also provide information to help employees understand flex programming and a systematic approach to communicating programs to the employee audience.
HR professionals in companies with operations in both Canada and the U.S., and compensation and benefits practitioners and program designers with a need to understand U.S. legislation and practices, will find this book useful for its considerable emphasis on the U.S. legislative environment and its influence on program design, program components, regulations and funding.
Is your Retirement at Risk?
By Ranga Chand and Sylvia Carmichael
177 pages, Stoddart (2002)
ISBN 0-7737-6281-7
(416) 213-1919, www.stoddartpub.com
Subtitled ”Winning strategies for a financially secure future,” this book recognizes the trend in the Canadian population toward longer life, and the value of taking action to:
•set up a worry-free strategic retirement portfolio;
•determine how much you need to be saving;
•realistically understand government programs and benefits; and
•anticipate economic and investment market trends and changes.
Professionals in the fields of economics and mutual funds analysis, the authors issue a wake-up call for Canadians who are too complacent about their future income needs.
Intended readers include all Canadians who would agree with this premise: “Living to the age of 100 is no longer as remarkable as it once was. But, though we’re living longer, few of us are planning financially for that eventuality. Many of us will outlive our retirement savings. Others of us will find that we have to work well into our senior years. On top of all that, market declines or cutbacks in government programs could mean a serious drop in our retirement standard of living. Can you avoid this bleak future? In a word, Yes.”
The Pension Puzzle
By Bruce Cohen and Brian Fitzgerald
212 pages, Wiley (2002)
ISBN 0-471-64642-3
1-800-567-4797, www.wiley.com
This book is as non-technical as a book on pension plans can be, outlining types of government, employer and personal retirement benefits. It comes with lots of examples, tips and worksheets for assessing:
•how much you need for retirement;
•the value of OAS payments;
•the value of C/QPP payments;
•a pension plan shopping list; and
•what you should be saving for retirement.
Defined contribution and defined benefit plans are explained, as are RRSPs, RRIFs and annuities.
Billed as an “owner’s manual” for the average Canadian who has a retirement savings or pension plan, the book will help those who want to clear some of the confusion that surrounds the topic. It’s useful for readers who want to better understand the set-up and rules relating to employer plans, or how to best manage their RRSP strategy and tactics at various phases of working and retirement years. There’s a companion website at: www.wiley.com/canada/pensionpuzzle.
You Can’t Take it with You
By Sandra Foster
319 pages, 4th ed., Wiley (2002) ISBN 0-470-83156-1
1-800-567-4797, www.wiley.com
A popular staple on Canadian bookshelves since its first edition came out, this “common sense guide to estate planning” has been revised and updated. Some of the topics covered:
•death, taxes, and final tax returns;
•preparing a will;
•family law and estate plans;
•life insurance, trusts, gift planning;
•business succession planning; and
•health care considerations.
The book contrasts the distribution of an estate through a will, with various options for “giving it away now.” There’s an emphasis on getting organized, keeping good records, and staying up to date on changes in laws and practices.
“If you own a house, RRSPs, or even just have some savings stashed away, then you have an estate.” This book advises individuals on what to do to manage the distribution of their assets, rather than have the government do it for them.
Particularly helpful are the forms, checklists and worksheets that can be used in a self-paced, independent manner or in workshops and seminars to help employees address this important aspect of financial planning. For this reason, HR practitioners may find the book a valuable resource to provide or recommend to employees.
Ray Brillinger is a senior consultant with the IBM Consulting Group. He provides change management, business transformation and organization effectiveness services to client organizations. He can be reached at (905) 316-8733 or [email protected].
We also take a look at a new Canadian book on employee ownership, a structural form of equity in the company that comprises part of the compensation package, but also potentially affects the employment relationship and philosophy of management. Finally, a recent U.S. publication offers a comprehensive guide to flexible benefit programs.
Canadian Pensions and Retirement Income Planning
By consulting firm Watson Wyatt
451 pages, CCH Canadian (2001) ISBN 1-55141-011-7
(416) 224-2248 or 1-800-268-4522, www.cch.ca
Updated to incorporate changes to the Income Tax Act to late 2001, this book has three main focus areas:
•pension adjustments, past service pension adjustments and pension adjustment reversals;
•RRSP contribution rules; and
•registration rules for registered pension plans and deferred profit sharing plans.
The book is organized using short, clearly labeled sections, numerous examples, definitions and legal references with full consideration of both defined contribution and defined benefit plans, as well as tax-sheltered retirement savings vehicles, money purchase plans and multi-employer plans.
The book will be useful to HR professionals with pension-related responsibilities, accountants, actuaries and others who need to work with retirement income policies and tax rules.
Specific target readers are:
•retirement plan sponsors, tax advisors and pension consultants, to help them understand the complex tax rules that apply in Canada; and
•plan administrators, to help them determine pension adjustments, past service adjustments and reversals, and to fulfill reporting requirements.
Employee Ownership
By Carol Beatty and Harvey Schachter
263 pages, Wiley (2002)
ISBN 0-471-64641-5
1-800-567-4797, www.wiley.com
Based on a seven-year study of employee ownership situations, this book provides a roadmap for adoption and implementation of this approach to a new kind of management-employee relationship. Case studies include: Algoma Steel, Tembec Inc., Provincial Papers, Canadian Pacific Express, SFG Technologies and Great Western Brewery.
Issues addressed include the rationale and circumstances giving rise to the employee ownership model, management-union relations, effects on employee motivation and retention, and legislative and financing considerations.
This book looks at both high-tech industries and older, unionized sectors where employee ownership has been implemented in Canada. Readers with an interest in this subject may include general management and entrepreneurs, senior executives in finance, HR or strategy, union leaders and strategists, and students or consultants interested in the policy and philosophical ramifications.
Flexible Benefits: A How-To Guide
By Richard Johnson
383 pages, 6th ed., International Foundation of Employee Benefit Plans (2002)
ISBN 0-89154-559-X
1-888-33-IFEBP, www.ifebp.org
This U.S. book covers the basics of flexible benefits and the reasons for their continuing popularity from both the employer and employee points of view. There’s also an overview of the range of flex program designs and options, as well as a step-by-step process for implementing flexible benefits programs. Specific chapters also provide information to help employees understand flex programming and a systematic approach to communicating programs to the employee audience.
HR professionals in companies with operations in both Canada and the U.S., and compensation and benefits practitioners and program designers with a need to understand U.S. legislation and practices, will find this book useful for its considerable emphasis on the U.S. legislative environment and its influence on program design, program components, regulations and funding.
Is your Retirement at Risk?
By Ranga Chand and Sylvia Carmichael
177 pages, Stoddart (2002)
ISBN 0-7737-6281-7
(416) 213-1919, www.stoddartpub.com
Subtitled ”Winning strategies for a financially secure future,” this book recognizes the trend in the Canadian population toward longer life, and the value of taking action to:
•set up a worry-free strategic retirement portfolio;
•determine how much you need to be saving;
•realistically understand government programs and benefits; and
•anticipate economic and investment market trends and changes.
Professionals in the fields of economics and mutual funds analysis, the authors issue a wake-up call for Canadians who are too complacent about their future income needs.
Intended readers include all Canadians who would agree with this premise: “Living to the age of 100 is no longer as remarkable as it once was. But, though we’re living longer, few of us are planning financially for that eventuality. Many of us will outlive our retirement savings. Others of us will find that we have to work well into our senior years. On top of all that, market declines or cutbacks in government programs could mean a serious drop in our retirement standard of living. Can you avoid this bleak future? In a word, Yes.”
The Pension Puzzle
By Bruce Cohen and Brian Fitzgerald
212 pages, Wiley (2002)
ISBN 0-471-64642-3
1-800-567-4797, www.wiley.com
This book is as non-technical as a book on pension plans can be, outlining types of government, employer and personal retirement benefits. It comes with lots of examples, tips and worksheets for assessing:
•how much you need for retirement;
•the value of OAS payments;
•the value of C/QPP payments;
•a pension plan shopping list; and
•what you should be saving for retirement.
Defined contribution and defined benefit plans are explained, as are RRSPs, RRIFs and annuities.
Billed as an “owner’s manual” for the average Canadian who has a retirement savings or pension plan, the book will help those who want to clear some of the confusion that surrounds the topic. It’s useful for readers who want to better understand the set-up and rules relating to employer plans, or how to best manage their RRSP strategy and tactics at various phases of working and retirement years. There’s a companion website at: www.wiley.com/canada/pensionpuzzle.
You Can’t Take it with You
By Sandra Foster
319 pages, 4th ed., Wiley (2002) ISBN 0-470-83156-1
1-800-567-4797, www.wiley.com
A popular staple on Canadian bookshelves since its first edition came out, this “common sense guide to estate planning” has been revised and updated. Some of the topics covered:
•death, taxes, and final tax returns;
•preparing a will;
•family law and estate plans;
•life insurance, trusts, gift planning;
•business succession planning; and
•health care considerations.
The book contrasts the distribution of an estate through a will, with various options for “giving it away now.” There’s an emphasis on getting organized, keeping good records, and staying up to date on changes in laws and practices.
“If you own a house, RRSPs, or even just have some savings stashed away, then you have an estate.” This book advises individuals on what to do to manage the distribution of their assets, rather than have the government do it for them.
Particularly helpful are the forms, checklists and worksheets that can be used in a self-paced, independent manner or in workshops and seminars to help employees address this important aspect of financial planning. For this reason, HR practitioners may find the book a valuable resource to provide or recommend to employees.
Ray Brillinger is a senior consultant with the IBM Consulting Group. He provides change management, business transformation and organization effectiveness services to client organizations. He can be reached at (905) 316-8733 or [email protected].
