B&PM - But What Does It Mean (June14)

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Benefits and Pensions June 2014
Volume 24, Number 4
The Canadian Magazine Of Employee Pension Fund Investment And Benefits Plan Management
www.bpmmagazine.com
PM#40008000
Employer’s Role In
Retirement Income pg 24
Social Media:
A Game-changer pg 32
Annual Report
on legal firms pg 36
Benefit & Pension
CONSULTANTS
Annual Report & Directory
www.bpmmagazine.com jmclaine@powershift.ca

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DEPARTMENTS
4 EDITORIAL
6 PEOPLE
8 NEWS
9 Trend Spotting
10 HEALTH MATTERS
45 Conferences
46 THE BACK PAGE
FEATURES
13 Benefit & Pension Consultants
Annual Report & Directory
But What Does It Really Mean?’
Chris Bonnett
16 Benefit & Pension
Consultants Directory
24 DC Pensions
Level Of Retirement Income:
What Is The Employer’s Role?
Eric Tardif
26 Investment
Rising Rates Are On The
Horizon: How Absolute
Return Strategies Benefit
Fixed Income Portfolios
Ben Steiner & Alex Johnson
29 Investment
Fire! Fire! Is Low Volatility
A Crowded Trade?
Harry Marmer
32 Technology
The Game-changing
Conversation
Nathalie Laporte & Éric Filion
35 Pensions
The New B.C. Wills, Estates,
And Succession Act: What It
Means For Pension Plans
Rupe Prasad & Sonia Massicotte
36 Benefits & Pensions Legal
Firms Annual Report &
Directory
Lessons On Pension Plan
Governance From Indalex
Ian McSweeney & Louise Greig
39 Benefits & Pensions Legal
Firms Directory
42 Benefits
Head To Toe Return
Yolanda Billinkoff
44
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Executive Editor, Joseph Hornyak
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Art and Creative Designer, Keith Boa
Production, Geoffrey Dufton
Website Manager, Heather Field
Circulation & Administration,
Cathy McKerchar
Randy Bauslaugh, McCarthy Tétrault
Sylvie Charest, Consultant
Bruce Curwood, Russell Investments
Rudy Dabideen, Heather Cox & Associates
Mike Gillis, Greystone
Bruce Grantier, InvestorLit
Greg Hurst, Greg Hurst & Associates
Joan Johannson, Johannson Consulting
Marilyn Lurz, Lynmar Associates
Karen Matsubayashi, TD Bank Group
Mark Newton, Newton HR Law
Hugh O’Reilly, Cavalluzzo Shilton
McIntyre Cornish
Graeme Ozburn, RBC
Ted Patterson, Humber Centre for
Employee Benefits
Stuart Plummer, CIBC Mellon
John Poos, George Weston
Angela Vidakovich, Brookfield
Robert Weston, Omers
President & CEO, D. Brian McKerchar
Vice-President,
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| EDITORIAL |
Volume 24, Number 4 June 2014
P
ast performance is no predictor of future performance.
That is the caution that every single money
manager makes to their clients when presenting
their historic performance. It is a legal thing which
enables them to protect themselves against any-
one who wants to sue them because they didn’t get the returns
they expected based on previous performance.
But, there are cases where past performance is a clear indi-
cator of future results and the current state of defined benefit
pension plans is a perfect example. And there are other cases
where we are so hung up on the past that we can’t contemplate
anything different in the future.
So let’s begin.
At a Queen’s Centre for Law in the Contemporary Work-
place pension conference recently, Murray Gold, of Koskie
Minsky, outlined his objections to New Brunswick’s shared risk
pension plan model. With these plans, the province has broken
a fundamental pension promise, he said. An historic (emphasis
on historic) bedrock of pension legislation is that accrued pen-
sion benefits are protected by statute. Once earned, they cannot
be reduced. However, the conversion to shared risk, in fact, puts
the accrued benefits of employees at risk, he said.
Etched In Stone
So there is part of the problem. History says accrued pension
benefits are etched in stone, the 11th
commandment, if you will.
But, they’re not, never have been. Just ask any Nortel worker
if their pension benefits were etched in stone.
In hindsight, the biggest benefit of the New Brunswick shared
risk plans is that it was the result of combined efforts by the
employers, employees, and government. Rather than get bogged
down on historic bedrocks, they found a way to dig themselves out
and find a common solution. Unfortunately, as is often the case, it
was do or die – either change the pension structure or face a future
with greatly reduced or no benefits, proving once again the threat
of financial failure is perhaps the greatest motivator for change.
But does that have to be the case? At the same conference,
Jo-Ann Hannah, director, pensions and benefits, for UNIFOR,
talked about efforts that her union is prepared to make to save
DB plans and employee pension plans. This includes discussing
shared risk plans. The question is, are they prepared to act now,
before DB pension costs threaten the viability of an employer,
or wait until it is on the brink?
Potential Liability
The situation today is entirely due to past performance. It
was labour negotiations where unions and employers traded
a bit of pay for better pensions and pension benefits. Perhaps
they didn’t appreciate that while there is pension plan solvency,
there is no solvency funding for a company payroll. There are
no actuaries trying to figure out how much money a company
needs to cover its payroll obligations for as long as its current
labour force is working. There are no surplus issues.
Would it have been worth more pay over the last 30 years to
get out from under a big pension liability? That is perhaps the
subject of a think-tank study. However, perhaps if we had been
paying more in wages, instead of future wages, some of those
employees may have started putting a little aside for their future
retirement. It’s possible. BPM
Breaking With The Past
By: Joe Hornyak, Executive Editor
jhornyak@powershift.ca

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| PEOPLE |
Moore Segall
Bauslaugh Humphrey
Plotkin Bhaduri
Bang McCreadie
Sylvia Boyle
GE
Geoff Moore is a senior vice-president
and institutional sales leader – Canada
at GE Asset Management (GEAM).
Based in its Montreal, QC, office, he has
overall responsibility for managing and
growing its institutional business in the
Canadian market. He has over 20 years
of experience in the asset management
industry serving clients and consultants
in Canada.
Greystone
Simon Segall is vice-president, busi-
ness development, at Greystone Man-
aged Investments Inc. Prior to joining
the firm, he was the CEO and head of
sales at BNP Paribas Investment Part-
ners Canada Ltd. He has worked as a
sales executive with a number of other
investment managers and as a consultant
within the industry.
AGF
Kevin McCreadie is president and
chief investment officer at AGF Invest-
ments Inc. In this role, he will provide
direction and leadership to its invest-
ment management teams and lead the
firm’s global institutional business. He
brings more than 30 years of investment
management experience to AGF, with
extensive expertise in retail and insti-
tutional asset management and direct
portfolio management as well as over
a decade of experience as CIO for a
major U.S. financial services firm.
Sun Life
Carl Bang is president of Sun Life Invest-
ment Management Inc. He is the executive
leader responsible for investment strategy,
product, business development, client
relationships, and operations for its new
third-party asset management business in
Canada.
CPBI Hall Of Fame
Randy V. Bauslaugh, a partner and
the national leader of the pensions,
benefits, and executive compensation
practice at McCarthy Tétrault, and
Burk Humphrey, an associate partner
at Aon Hewitt, are the 2014 inductees
into the CPBI Hall of Fame. Baus-
laugh has been a CPBI member since
1987 and served as chair of the Ontario
man in 1997. He was also chairman of
the CPBI national board of directors
from 2007 to 2009.
Mackenzie
Chris Boyle will join Mackenzie Invest-
ments as senior vice-president, insti-
tutional, in August. He brings 20 years
of experience in the financial services
industry to the position, most recently
as senior vice-president of institutional
business at AGF Management.
Oncidium
Judith Plotkin (MSW) is executive
vice-president of Oncidium, a national
health and disability provider. She will
be responsible for strategic development
throughout Canada. She was previously
with firms such as Homewood Health
and Shepell.fgi where she headed both
growth and operational divisions.
Sigma
Dr. Ranjan Bhaduri is chief research
officer for Sigma Analysis Man-
agement. Previously, he was the chief
research officer at AlphaMetrix Alter-
native Investment Advisors, where he
designed and led an institutional due
diligence and research program.
Empire Life
Mark Sylvia is president and chief
executive officer of the Empire Life
Insurance Company. He was previously
president of Clarity Underwriting Man-
agers Inc., an insurance consultancy firm
he founded in 2010.
Healy
Priscilla H. Healy is continuing her pen-
sion legal practice under her name. The
new firm provides pension and retire-
ment related legal advice. Her niche is
individuals and small businesses. Most
recently, she was a consultant in the
area of pensions and benefits at Fogler,
Rubinoff LLP. BPM
regional council from 1995 to 1997.
Humphrey has been involved with the
CPBI since 1996. He was a member of
the Pacific regional council where he
held various positions, including chair-
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| NEWS |
CAP Replacement
Level Slips
Replacement income levels generated
by capital accumulation plans (CAP)
declined to 63 per cent in the first quarter
of 2014, says Eckler’s ‘Capital Accu-
mulation Plan Income Tracker (CAPit).’
While investment returns were strong in
the quarter, the drop (from 64 per cent
in the last quarter of 2013) was driven
by a combination of lower interest rates
which raised annuity prices, and wage
increases. A variety of factors influence
replacement income levels generated by
CAPs, including interest rates, contribu-
tion levels, fees, investment returns, and
changes to members’ pay. BPM
Homewood
Acquires OHI
Homewood Health Inc. has acquired
Organizational Health Inc. and Orga-
nizational Health (Ontario) Inc. (OHI),
providers of disability management ser-
vices, employee and family assistance
programs, substance management ser-
vices, and a growing suite of organiza-
tional wellness services. OHI is head-
quartered in Edmonton, AB, and has
offices in Vancouver, BC, and the greater
Toronto, ON, area.
‘SmartPATH 2.0’
Earns Awards
‘SmartPATH 2.0,’ Great-West Life’s
interactive online retirement education,
planning and saving resource for group
retirement plan members, has earned
Communicator Awards of distinction in
the categories of interactive multi-media
education and financial services web-
sites. “We created ‘smartPATH 2.0’ to
help employers engage plan members in
a memorable way and to encourage those
members to embrace planning for their
financial futures,” says Jeff Aarssen,
senior vice-president of group retire-
ment services for Great-West Life. Pre-
sented in a first-person point of view, its
immersive virtual neighbourhood can be
customized to reflect the details of each
participating employer’s group retire-
ment and savings plan.
Business Needs
Healthy Workers
To compete today, businesses need
employees who are healthy, engaged,
and productive. “Yet all of these quali-
ties are negatively impacted by stress,”
says Alan Torrie, president and CEO
of Morneau Shepell. Speaking at
INK+BEYOND, the Canadian newspa-
per industry’s annual conference, he said
“since 2009, our cases from employee
assistance calls have shown a signifi-
cant increase in workplace stress, a dou-
bling of cases from financial stress, and
a tripling of cases from personal stress.”
At the same time, the conversation in
Canada about the relationship between
stress, mental health, and the workplace
– and very specifically, the impact of
stress on workforce productivity in Can-
ada today – needs to intensify.
Pavilion Adds
Investment
Consulting Firm
Pavilion Financial Corporation has
acquired LP Capital Advisors (LPCA), an
investment consulting firm. Established
in 2004, LPCA provides professional ser-
vices to institutions investing in various
alternative asset classes. Clients include
several of the world’s largest public pen-
sion plans, sovereign wealth funds, high
net worth family offices, and other orga-
nizations that typically deploy up to $5 bil-
lion annually into alternative assets. Head-
quartered in Winnipeg, MB, Pavilion
offers institutional investment consulting
through Pavilion Advisory Group.
Addenda
The following listing was not available
at press-time for the 2014 Real Estate
and Alternative Investment Managers
Annual Report and Directory in the May
issue of Benefits and Pensions Monitor.
AURIONCAPITALMANAGEMENT
INC. Grant Bunker, Vice-president, Busi-
ness Development, 120 Adelaide St. W.,
Ste. 2205, Toronto, ON M5H 1T1 PH:
416-866-2445 Fax: 416-363-6206 eMail:
gbunker@aurion.ca Web: www.aurion.
ca Alternative Assets Under Management:
$1,020.64M Ownership: Principals - 40%,
Third-party - 60% Managed Since: 1984
benefits_news.php

employees’ lack of understanding on the
value of the organization’s total reward
program (50 per cent). It also found less
than half of those surveyed (49 per cent)
had a written global benefits strategy in
place at their organization and more than
60 per cent faced issues regarding global
benefits administration efficiency.
Benefits Cost
Stabilizes
The cost of providing employee health-
care benefits has stabilized around the
globe, says a survey by Towers Watson.
However, the ‘2014 Towers Watson
Global Medical Trends Survey’ suspects
a new round of increases may be on the
horizon for employers. The survey also
found that health promotion and well-
ness programs are becoming more wide-
spread in all regions as employers look
to supplement traditional cost manage-
ment tactics to contain rising costs. The
cost of employee healthcare benefits is
projected to increase 8.3 per cent glob-
ally this year, slightly higher than the 7.9
per cent and 7.7 per cent increases expe-
rienced in the past two years.
Pension At
70 Criticized
The Australian government is being
criticized for its plan to raise the state
pension age to 70. Increasing the pen-
sion eligibility age to 70 by 2035 was a
budget measure to help Australia cope
with the costs of an aging population.
Critics argue it is unfair for those in
physically demanding jobs, the poor,
and indigenous people. The govern-
ment contends Australians should no
longer be retiring at a pension age that
was set when their life expectancy was
55 years. Average life expectancy in
Australia is now 85.
ETF Use Increasing
The use of exchange-traded funds
(ETFs) by institutional investors is
increasing, says a Greenwich Associ-
ates’ report. ‘ETFs: An Evolving Tool-
set for U.S. Institutions’ shows that as
recently as 2011, fewer than 15 per cent
of U.S. institutions were using ETFs in
their portfolios. This reached 21 per cent
in 2013.
Search For Yield
Continues
Institutional investors continue to search
for yield in multi-asset strategies and
alternatives, says Mercer. Its ‘2013
Global Manager Search Trends’ report
shows overall search activity was similar
to that in 2012, with 760 total searches
last year compared with 776 in 2012.
Search activity across Asia, Europe
ex-UK, and the UK increased, while
the number of searches in Australia and
North America declined. BPM
Norway Should Look
To CPPIB
The Norwegian Ministry of Finance and
Norges Bank Investment Management
should look to Canada for inspiration on
how to better manage the Government
Pension Fund Global, says a review by
three international experts. Andrew Ang,
the Ann F. Kaplan professor of business
at Columbia Business School; Michael
Brandt, Kalman J. Cohen professor of
business administration at the Fuqua
School of Business at Duke University;
and David Denison, former president
and CEO of the Canada Pension Plan
Investment Board; recommend that the
fund should take more risk and should
adopt a cost management model that was
pioneered by the CPPIB. In the review,
they wrote that the opportunity cost
model “represents a compelling alterna-
tive to traditional asset class portfolio
construction and investing.” The model
uses a consistent and coherent frame-
work to analyze and benchmark invest-
ment decisions across private markets
and some parts of the public markets.
Multi-nationals Face
Benefit Challenges
The majority of multi-national busi-
nesses are facing significant challenges
with administering, communicating,
and engaging employees when it comes
to benefits packages, says a study from
Thomsons Online Benefits. The ‘Global
Employee Benefits Watch 2014’ report
found that the most commonly cited
challenge regarding global benefits
strategy for multi-nationals was their
| TREND SPOTTING |
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longed nose bleeds, bleeding from gums, prolonged bleeding
from minor cuts, and heavy or prolonged menstrual bleeding.
Money Matters
As might be expected, both the individual who is living with
hemophilia and their family members commonly experience a
myriad of emotions throughout their lives. For those relying
on regular employment income, there is often an ever-present
concern that a ‘catastrophe’ will strike at any time. Sometimes
aspirations and career plans are interrupted and quality of life
is compromised.
Physical limitations may occur as individuals living with
hemophilia age and lose mobility and dexterity, often making
adjustments to the physical environment at home and accom-
modations in the workplace a necessity to minimize risk of
injury. If an injury does occur as an employee with hemophilia
ages, they might require extended time off work to heal, par-
ticularly if internal bruising has occurred.
Advances And Treatment
These days, people with bleeding disorders are living longer,
better lives thanks to specialized healthcare. Factor replace-
ment therapy is the usual treatment for patients as it replaces
the missing clotting factor.
Scientists understand the causes and now have the ability to
detect and eliminate the inhibitors found in many hemophilia
patients to significantly reduce risk factors. In fact, children
who start appropriate treatment early and maintain it will
most likely experience fewer breakthrough bleeds and less
secondary complications than their predecessors.
As with many conditions, strict adherence to the
prescribed treatment plan and getting regular medi-
cal screening to detect other illnesses at an early,
potentially treatable stage are measures to avoid
complications. Exercise, once discouraged, and a
healthy diet are now considered key elements of a
well-managed treatment plan and living well with
the condition. And, the concerns of aging with a
blood disorder, while seemingly a long way off for
many, can be reduced through forward planning for
appropriate living arrangements near appropriate health-
care resources and strategic lifestyle management. BPM
J
ohn is a Manitoba resident and is just one of 3,000
Canadians currently living with hemophilia. Accord-
ing to Christine Keilback, executive director of the
Canadian Hemophilia Society, Manitoba chapter,
“John, who has been chosen as a Hemophilia Cham-
pion [by Bayer Worldwide], is an inspiration to parents and
children alike whose lives are turned up-side-down when a
diagnosis occurs. As a role model he demonstrates that the dis-
order does not have to define, nor does it have to keep people
from living healthy, fulfilling lives.”
One in 100 Canadians carries an inherited bleeding disorder
gene and one in 10 of these, or approximately 35,000 Cana-
dians, may have symptoms that are serious enough to require
ongoing medical care. Unfortunately, many of these individuals
are not yet correctly diagnosed.
Hemophilia
Founded in 1953, the Canadian Hemophilia Society’s mis-
sion is to improve the health and quality of life for people
living with inherited bleeding disorders and ultimately to help
find a cure (www.hemophilia.ca). In its case for support, the
Canadian Hemophilia Society suggests that “blood disorders
are a family of diseases in which blood proteins or platelets
that help the blood to clot are missing or do not function
properly, resulting in prolonged bleeding.” Hemophilia is a
lifelong, hereditary disorder that can affect both men and
women alike. In one out of three cases, there is no his-
tory of the disorder in the family and the cause is a new
genetic mutation.
There are two types of hemophilia, A and B. Hemo-
philia A involves low levels or the absence of clot-
ting factor VIII, while those who have Hemophilia
B are deficient of clotting factor IX. About eight
out of 10 people who have hemophilia have type
A. The blood of people with hemophilia doesn’t
clot normally; they don’t bleed more profusely
or more quickly than others, but they bleed for
a much longer period when they are not treated.
External wounds are not considered as serious as
internal bleeding into joints and muscles, which can
be painful and potentially lead to severe disability if left
untreated.
von Willebrand Disease
While hemophilia is more widely known, von Willebrand
Disease (VWD) is actually the most common type of bleeding
disorder, affecting an estimated one per cent of the world’s pop-
ulation. People with VWD have a problem with a blood protein
which helps platelets to clot. It takes longer for their blood to
clot and the bleeding to stop.
Symptoms of VWD include easy bruising, frequent or pro-
| HEALTH MATTERS |
By: Caroline Tapp-McDougall
Living With A Bleeding Disorder
Caroline Tapp-McDougall is the publisher
of Solutions: Canada’s Family Guide to Home
Health Care and Wellness and the author of
The Complete Canadian Eldercare Guide.
solutions@bcsgroup.com �
solutions@bcsgroup.com

inalco.com/yourmoney

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firm, Eckler has been helping clients manage uncertainty for more than 85 years through the delivery of
informed and unbiased advice. It’s all about innovation and creativity – and the discipline to get the numbers
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T
here is a well-worn ancient Chinese curse: “May
he live in interesting times.” U.S. Senator Rob-
ert F. Kennedy revived it in a 1966 speech. It
turns out those words may not have originated
in China after all. However, it remains an apt
phrase to describe our times and it’s also useful because it’s not
what it seems.
There have been a number of reports released in recent
months which could help inform – even transform – the way we
look at health benefit plan management and, more importantly,
the health of the workforce. But these studies may also confuse
and mislead. There are conflicting and sometimes narrow per-
spectives. The lines between fact and opinion and advocacy are
easily blurred. Conclusions may be drawn that aren’t supported
by evidence. And if you like what you read, can you implement
similar strategy or tactics and get the same results? The answer
isn’t obvious. In fact, the only honest answer is one you’ll rarely
read: “It depends.”
Practical Research
Practical research can help business leaders see beyond
headlines and news releases. Facts, data, and anecdotes do
not tell the whole story, and ‘the results’ may not be what they
seem. Like never before, sound and timely decisions depend on
better information, critical thinking, and spirited debate.
The first lesson is to take all such opinions, including mine,
with a grain of salt. I have biases, experience, and imperfect
knowledge – like every author and reader – that shape my opin-
ions and interpretations. You do too.
These three studies may help illustrate the good, the bad, and
the uncertainty of what we read.
The Sanofi Canada Healthcare Survey (SCHS)
Background: Over the last 17 years, the SCHS1
has become
an industry benchmark and linked employee views on health
By: Chris Bonnett
‘But What Does It Really Mean?’
Benefit Pension consultants
ANNUAL Report Directory
16 Benefit Pension Consultants Directory
For complete directory information, visit
www.bpmmagazine.com/benefits_directories.html �
INSIDE
chris@hthree.ca

benefits with healthy workplaces and
provincial health programs and policy.
Strengths: For good reason, this is
a survey with high credibility and a
strong national reputation. It is one of
the few that have ever targeted health
plan member perspectives and revealed
important changes in those attitudes
over time. In recent years, the SCHS has
reported complementary responses from
employer surveys. Cross-tabs illustrate
statistical associations between different
findings. Its value also lies in the quality
of its methods, the balance between its
sponsorship and the external members of
a diverse and highly qualified advisory
board, and the large sample size which
holds up well when sub-group analyses
are used to provide detail by region or
demographic factors.
Keep in Mind: The SCHS measures
opinions from a convenience sample
that is adjusted only for age, gender, and
region. Results vary each year depend-
ing on the sample and respondent expe-
riences, as well as the question wording
and external issues.
Even high-quality surveys can’t iden-
tify and control all variables that may
influence results. For example, large
workplaces are often disproportionately
represented and respondents must be flu-
ent in English or French to participate. The
views of employees from other cultural
backgrounds may not be reflected. And
while it’s enlightening to have both plan
members and sponsors involved, the two
survey groups are completely independent
of each other, so the two perspectives must
be compared with some caution.
The Impact of Community
Pharmacy on Hypertension
Management
Background: As the pharmacy indus-
try business model changes, the profes-
sion has been repositioning itself as an
accessible and knowledgeable ally in
the management of both medications
and chronic disease. In January 2014,
the Ontario Pharmacists Association
(OPA) and Green Shield Canada (GSC)
released a collaborative study involv-
ing 27 community pharmacies and 118
patients with diagnosed hypertension.
Strengths: One highlight of this study
is the collaboration between the OPA
and GSC. In a real-world setting, the
study used a randomized controlled trial
(RCT) design to separate the pharmacists
into intervention and control groups.
The intervention group provided medi-
cation review and optimization, life-
style education, and aimed to improve
treatment adherence. The control group
provided usual care such as dispensing
and counselling. The study helped dem-
onstrate how pharmacists could help
their patients better manage high blood
pressure. The sponsors reported that the
intervention resulted in better hyperten-
sion control and adherence, and high
levels of patient satisfaction.
Keep in Mind: The news release that
announced the study provided a gener-
ous interpretation of the results. For
example, the program apparently “qua-
drupled the number of patients” with
controlled blood pressure. However, the
actual numbers in the report indicated an
impressive increase of 92 per cent, but
much lower than reported.
There were also conflicting results
for changes in adherence and no analy-
sis of results supported the claim that
such studies are cost-effective. The
lesson here is to read news releases
and even study abstracts (summaries)
with caution. Always read the full
study; you may come to different con-
clusions than the authors or communi-
cation experts.
Plus, you can contact researchers. In
this case, the OPA’s representative was
very helpful in explaining the approach.
Prescription Drug Cost, Value,
and Plan Sustainability
Background: Two reports were
released in March 2014 by Dr. Brett
Skinner, an executive of RxD, the
brand drug manufacturer industry asso-
ciation. One article focused on a June
2013 drug policy report by the Canadian
Life and Health Insurance Association
(CLHIA) and the other asked employers
to consider the value of their drug plans.
Strengths: Dr. Skinner challenges
the notion that drug plans are unsus-
tainable. The rise in drug plan costs has
indeed been flat for the last two years
and there may be only a tiny increase in
2014, according to IMS Brogan. Drug
plans haven’t changed much over the
years and cost pressures can be largely
managed through plan design and pool-
ing. It’s much easier to count costs than
assess value which is subjective and
challenging … and more necessary as
plan use rises, professional fees increase,
and plan administration costs escalate in
www.cwt.ca
cwt.marketing@cwt.ca

lock-step with claims. Responding to
the CLHIA’s call for much more govern-
ment action, he asks an important ques-
tion about whether governments should
intervene in private drug plans.
Keep in Mind: For private payers,
are the most relevant questions being
asked? First, both papers focus only on
patented medicines, but private health
plans fund much more. Drug plan
cost increases will accelerate, driven
by underlying chronic disease and
increased use of specialty drugs. Better
information and analysis will identify
where to invest and to cut. Not all new
drugs or services create value. Until
health plan designs change, employ-
ers are effectively choosing to accept
whatever cost increases occur. Perhaps
the question is not whether drug plans
are sustainable, but under what condi-
tions. RxD and CLHIA members can
better equip plan sponsors with prac-
tical, sophisticated tools that create
value and reflect our changing world.
The lesson here is to always consider
the broader context in which argu-
ments are made.
Health benefits today are no longer
quite so simple and predictable.
Requires Trade-offs
There are over one million employ-
ers in Canada and they are all differ-
ent. Managing health benefits requires
trade-offs. New data are everywhere, but
insight is still rare and certainly no one
has all the answers. But there are impor-
tant opportunities for each stakeholder
to increase their value by investing in
and helping design, interpret, and apply
new research that addresses common,
chronic, and costly workplace health
problems. Collaboration will be crucial.
Too often all we have are anec-
dotes and opinions, which are helpful
but incomplete. Absent a solid under-
standing of new research, we set our-
selves up to fail in the moment when
our most important clients say: “I
need more”. BPM
1. Disclosure: I have been a volunteer external member of
the advisory board since 2003.
Chris Bonnett is
president of H3
Consulting
chris@hthree.ca �
Tips
C
heckthatthedesign,meth-
ods, outcomes and conclu-
sions of new research are
relevant to your own situ-
ation. Context matters. For example:
 Findings from well-designed ran-
domized controlled trials (RCT) are
important to prove cause-and-effect,
but are unlikely to reflect typical
patients living in real-world settings.
 RCTs are not always the ‘gold
standard’ in research. Workplace
health promotion studies are often
less expensive and more relevant
and generalizable when other
designs are used.
 Statistical significance means the
results are not likely due to chance,
usually with 95 per cent certainty.
Clinical significance and practical
implementation should also be
considered.
 Be cautious when general state-
ments are made about employers.
Big and small employers have dif-
ferent organizational structures,
drivers, cultures, and philosophies
about total compensation.
 All studies have assumptions and
limitations which should be iden-
tified because any changes could
impact the validity and reliabil-
ity of results. Funding sources
and potential conflicts of interest
should be disclosed. BPM
www.pbiactuarial.ca

ABACUS RETIREMENT SERVICES INC. Muneer
Feeroze, President; 5160 Explorer Dr., Ste. 11, Missis-
sauga, ON L4W 4T7 PH: 289-805-1240 Fax: 289-805-
1241 eMail: mfeeroze@abacusretirement.com
ACQUAINT FINANCIAL INC. Asaf Shad, President
CEO; 4 - 2131 Williams Pkwy., Brampton, ON L6S 5Z4
PH: 905-595-1323 eMail: ashad@acquaintfinan-
cial.com Web: www.acquaintfinancial.com
ACTUARIAL SOLUTIONS INC. Joe Nunes, President;
1695 Manning Rd., Ste. 202, Tecumseh, ON N8N 2L9
PH: 519-979-4600 Fax: 519-979-4699 eMail: joe@
actuarialsolutionsinc.com Web: www.actuarialso-
lutionsinc.com
ACTUBEN CONSULTING INC. Brian Jenkins, President;
102-2680 Matheson Blvd. E., Mississauga, ON L4W 0A5
PH: 905-823-7942 Fax: 888-892-2018 eMail: bjen-
kins@actuben.com Web: www.actuben.com
ADVISORY CAPITAL GROUP Mary Linton, Manag-
ing Partner; 110 Yonge St., Ste. 1702, Toronto, ON M5C
1T4 PH: 416-322-3339 Fax: 416-322-1440 eMail:
mlinton@advisorycanada.com Web: www.adviso-
rycanada.com Client Profile (By # of Employees)
1,000+: 55,000 Professional Staff: 10 Group Ben-
efit Services: Group Benefit Plans, DB Pension Plans,
DC Pension Plans Investments Services: Investment
Consulting, Manager Search, Performance Measure-
ment, Asset Allocation, Portfolio Modelling, Attribution
Analysis, Compliance Investment, Policy Development,
Education Communication, Risk Management, Transi-
tion Management Software Technology Services:
Investment Management, Portfolio StyleAnalysis, Invest-
ment Manager Selection, Fund Reporting, DC Pension
AGA BENEFIT SOLUTIONS Martin Papillon, President;
4150 Sainte-Catherine St. W., Ste. 490, Westmount, QC
H3Z 2W8 PH: 514-935-5444 eMail: martin.papil-
lon@gfaga.com Web: www.gfaga.com
AMPERSAND ADVISORY GROUP Gerry Wahl, Senior
Consultant; 4221 Canterbury, North Vancouver, BC V7R
3N4 PH: 604-987-9783 eMail: wahl@ampersan-
dadvisory.com Web: ampersandadvisor.com
AON HEWITT Nicolle Guillen, Corporate Marketing;
225 King St. W., Ste. 1600, Toronto, ON M5V 3M2 PH:
416-225-5001 Fax: 416-227-5744 eMail: info@
aonhewitt.com Web: www.aonhewitt.com/canada
Other Offices: Vancouver, Calgary, Edmonton, Regina,
aqgroupsolutions.com Web: www.aqgroupsolu-
tions.com
ASSOCIUM Neil Iddon, Director of Benefits; One Con-
corde Gate, Ste. 802, North York, ON M3C 3N6 PH:
416-867-9350 Fax: 416-849-3312 eMail: ndi@asso-
cium.com Web: www.associum.com
AUTOMATED ADMINISTRATION SERVICES INC
Keith M. Foot, President; 200 Town Centre Blvd., Ste.
102, Markham, ON L3R 8G5 PH: 905-513-9868 Fax:
905-513-9893 eMail: info@aasinc.ca Web: www.
aasinc.ca
BAYNES WHITE James White, President; 20 Eglinton
Ave.W., Ste. 1006,Toronto, ON M4R 1K8 PH: 416-863-
9159 Fax: 416-863-9158 eMail: info@bayneswhite.
com Web: www.bayneswhite.com Client Profile
(By # of Employees) 1 to 100: 70 101 to 500:
15 501 to 1,000: 5 1,000+: 7 Group Benefit
Services: Group Benefit Plans, DB Pension Plans, DC
Pension Plans, Actuarial Services, Administration Out-
sourcing Investments Services: Investment Con-
sulting, Manager Search, Performance Measurement,
Policy Development, Education Communication, Risk
Management, Transition Management Healthcare
Services: Disability Management, Claims Management,
Return To Work, Drug Cost Management, Employee
Assistance Program Record-keeping Third-party
Administration Services: Claims Payment, Adminis-
trative Support, Employee Assistance, Premium Billing
Collection, Eligibility Verification, Healthcare Spending
Account Administration, DB Pension Plan Administration
Software Technology Services: DB Pension
BELTON BOISSELLE BENEFITS PENSIONS Kasey
Boisselle, President, Group Benefits Pensions; 1620-
155 Carlton St.,Winnipeg, MB R3C t3H8 PH: 204-956-
9863 Fax: 204-956-9869 eMail: kasey@beltonbois-
selle.com Web: www.beltonboisselle.com
BENEFACT BENEFIT CONSULTANTS Sandy Marincic,
Partner; 57 Augusta St., Hamilton, ON L8N 1P8 PH: 905-
387-8300 Fax: 905-387-8301 eMail: sandy@ubenefit.ca
BENEFEX CONSULTING INC. Wade Cox, Principal;
10504 - 123 St. N.W., Edmonton, AB T5N 1P1 PH: 780-
784-2612 Fax: 780-451-4494 eMail: wade@benefex-
consulting.com Web: www.benefexconsulting.com
Saskatoon, Winnipeg, London, Ottawa, Montreal, Que-
bec City, Halifax Professional Staff: 1,800 Group
Benefit Services: Group Benefit Plans, DB Pension
Plans, DC Pension Plans, Actuarial Services, Adminis-
tration Outsourcing, Talent, Engagement, Communica-
tion, Organizational Change, Plan Design Optimization,
Mergers Acquisitions Investments Services: Invest-
ment Consulting, Manager Search, Performance Mea-
surement, Asset Allocation, Portfolio Modelling, Attribu-
tion Analysis, Compliance Investment, Policy Develop-
ment, Education Communication, Risk Management
Healthcare Services: Disability Management, Claims
Management, Return To Work, Drug Cost Management,
Flexible Benefits, Plan Design, 360 Absence Manage-
ment Solutions, Health Strategies, Wellness Record-
keeping Third-party Administration Services:
Administrative Support, Call Centre, Premium Billing
Account Administration, Claims Advocacy, DC Pension
Plan Administration, DB Pension Plan Administration,
Group RRSP Administration, HR BPO including recruit-
ment, training and development, workforce analytics, HR
Cloud Solutions, Disability Claims Administration
API ASSET PERFORMANCE INC. Vaino Keelmann,
Partner; 5160 Yonge St., Ste. 802,Toronto, ON M2N 6L9
PH: 416-922-2822 Fax: 416-922-8599 eMail: vkeel-
mann@apiasset.com Web: www.apiasset.com
Other Offices: Vancouver Investments Services:
Investment Consulting, Manager Search, Performance
Measurement, Asset Allocation, Portfolio Modelling,
Attribution Analysis, Compliance Investment, Policy
Development, Education Communication, Risk Man-
agement,Transition Management
APTUS BENEFITS INC. Bill Watt, Principal; 205 - 409
Granville St.,Vancouver, BCV6C 1T2 PH: 604-424-8030
Fax: 604-424-8031 eMail: admin@aptusbenefits.ca
Web: www.aptusbenefits.ca Professional Staff:
5 Group Benefit Services: Group Benefit Plans, DC
Pension Plans Investments Services: Investment
ment, Asset Allocation, Portfolio Modelling, Compliance
Investment, Policy Development, Education Communi-
cation Healthcare Services: Disability Management,
Claims Management, Drug Cost Management Record-
Administrative Support, Claims Advocacy
AQ GROUP SOLUTIONS Laura Lomow, President;
202-226 Osborne St. N., Winnipeg, MB R3C 1V4 PH:
204-989-2006 Fax: 204-989-2009 eMail: info@
Benefits and Pensions Monitor directories can be found at www.bpmmagazine.com
ANNUAL Directory
jmclaine@powershift.ca
Coming In August Issue
Report and Directory:
Managers of US Assets
eMail John L. McLaine
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BENEFIT EXCHANGE, THE (BEN-X) Stephen Cum-
ming, National Sales Manager; 234 Eglinton Ave. E.,
Toronto, ON M4P 1K5 PH: 855-557-2369 eMail:
scumming@ben-x.ca Web: www.ben-x.ca Client
Profile (By # of Employees) 1 to 100: 30 101
to 500: 5 501 to 1,000: 5 1,000+: 2 Other
Offices: Burlington Professional Staff: 3 Group
Benefit Services: Group Benefit Plans, Adminis-
tration Outsourcing Healthcare Services: Claims
Management, Drug Cost Management Record-
keeping Third-party Administration Ser-
vices: Claims Adjudication, Claims Payment, Admin-
istrative Support, Call Centre, Eligibility Verification,
Healthcare Spending Account Administration, PBM
Partnership to provide cost-effective electronic
claims adjudication; Specialty Services for Health-
care Spending Accounts Software Technology
Services: Benefits Administration, Health Claims
Adjudication, Software Solutions for Adjudication
and TPA Services
BENEFIT PLANADMINISTRATORS LIMITED Stephen
Houston, Director of Consulting; 90 Burnhamthorpe Rd.
W., Ste. 300, Mississauga, ON L4B 3C3 PH: 905-275-
6466 Fax: 905-275-6461 eMail: shouston@bpa-
group.com Web: www.bpagroup.com
BENEFIT SOURCE, THE Michael Nadler, President;
2552 Bristol Circle, 2nd Floor, Oakville, ON L6H 5S1 PH:
905-785-0084 Fax: 905-829-1019 eMail: michael@
benefitsource.ca Web: www.benefitsource.ca
BENEFITDECK CONSULTING LTD. Donald Chu, Prin-
cipal; 170-422 Richards St.,Vancouver, BC V6B 2Z4 PH:
604-808-0328 Fax: 604-909-2641 eMail: info@ben-
efitdeck.com Web: www.benefitdeck.com
BENEFITS COMPANY, THE Rob Tamblyn, President;
2795 Kew Dr., Windsor, ON N8T 3B7 PH: 519-258-
5948 Fax: 519-974-1575 eMail: rtamblyn@the-
benefitscompany.ca Web: www.thebenefitscom-
pany.ca
BENEFITS DIRECT CORP. Jacob S. E. Clark, President
Lead Consultant; 195 Dufferin Ave., Ste. 610, London,
ON N6A 1K7 PH: 519-672-3476 Fax: 519-672-0554
eMail: jclark@benefitsdirect.ca Web: www.ben-
efitsdirect.ca
BENEFITS TRUST, THE Robert Crowder, President;
3800 Steeles Ave W., Ste. 102W, Vaughan, ON L4L
4G9 PH: 905-264-8990 Fax: 905-264-1123 eMail:
rcrowder@thebenefitstrust.com Web: www.the-
benefitstrust.com
BENEPLAN CO-OPERATIVE Yafa Sakkejha, General
Manager; 150 Ferrand Dr., #500, Toronto, ON M3C 3E5
PH: 800-387-1670 Fax: 416-863-5157 eMail: yafa@
beneplan.ca Web: www.beneplan.ca
Management Healthcare Services: Disability Man-
agement, Return To Work Record-keeping Third-
party Administration Services: Call Centre, DC
Pension Plan Administration, DB Pension Plan Adminis-
tration Software Technology Services: Benefits
Administration, Client Server Technology, Investment
Management, Investment Manager Selection, Fund
Valuation, DB Pension, DC Pension
BUFFETT TAYLOR, A PEOPLE CORPORATION
COMPANY David Czuczman, Practice Leader; 701
Rossland Rd. E., Ste. 209, Whitby, ON L1N 8Y9 PH:
905-666-1300 Fax: 905-666-4887 eMail: david.
czuczman@buffetttaylor.com Web: www.buffett-
taylor.com
C C INSURANCE CONSULTANTS LTD. Jeff Ische,
President; 6 - 22425 Jefferies Rd., Komoka, ON N0L 1R0
PH: 519-657-1446 Fax: 519-657-4520 eMail: jeff.
ische@ccinsurance.ca Web: www.ccinsurance.ca
C-SURANCE.CA GLOBAL SERVICE INC. Richard
Sirois, President CEO; 3455 de la Piniere, #201, Terre-
bonne, QC J6X 0A1 PH: 866-629-6158 eMail: rs@c-
surance.ca Web: www.c-surance.ca
CANADIAN BENEFITS ASSOCIATES INC. Muneer
Feeroze, Managing Partner; 5160 Explorer Dr., Ste. 11,
Mississauga, ON L4W 4T7 PH: 289-724-0013 Fax:
289-997-6383 eMail: muneerfeeroze@canadian-
benefitsassociates.com Web: www.canadianben-
efitsassociates.com
CARTESIA Nathalie Charette, Consultant; 318 Royal,
Beaconsfield, QC H9W 5W5 PH: 514-258-5502 Fax:
514-933-5502 eMail: nathalie@cartesia.ca Web:
www.cartesia.ca
CARTIN ASSOCIATES James Cartin, President; 101
- 1100 8th Avenue S.W., Calgary, AB T2P 3T8 PH: 403-
266-2816 Fax: 403-265-9895 eMail: james.cartin@
shaw.ca Web: www.cartin.ca
CEM BENCHMARKING INC. Alan Torrance, Partner;
372 Bay St., Ste. 1000,Toronto, ON M5H 2W9 PH: 416-
369-1078 eMail: alan@cembenchmarking.com
Web: www.cembenchmarking.com
COLES BENEFITS CONSULTING INC. Alan Coles,
President; 2000 Barrington St., Ste. 900, Halifax, NS B3J
3K1 PH: 902-421-1770 Fax: 902-425-8905 eMail:
alancoles@colesgroup.com Web: www.coles-
group.com
CONNEX HEALTH CONSULTING Denise Balch, Presi-
dent; 600 Brant St., Burlington, ON L7R 2G9 PH: 905-
637-2775 Fax: 866-738-4870 eMail: denisebalch@
connexhc.com Web: www.connexhc.com
CONNOLLY GROUP Shayne Connolly, Vice-president;
109 Richmond St., Charlottetown, PE C1A 1H7 PH:
902-892-5433 Fax: 902-894-3863 eMail: shayne@
connollygroup.ca Web: www.connollygroup.ca
CONTE FINANCIAL SERVICES INC. Tony Conte,
President; 205 - 460 W. Hunt Club Rd., Ottawa, ON K2E
0B8 PH: 613-667-3667 Fax: 613-667-4667 eMail:
tconte@cfservices.ca Web: www.cfservices.ca
BFINANCE CANADA Brian Cyr, Managing Director;
1250 Rene-Levesque W., Ste. 2200, Montreal, QC H3B
4W8 PH: 514-393-4899 Fax: 514-934-4640 eMail:
bcyr@bfinance.com Web: www.bfinance.ca Client
Profile (By # of Employees) 1 to 100: 60 Profes-
sional Staff: 3 Group Benefit Services: DB Pension
Plans, DC Pension Plans, Administration Outsourcing
Investments Services: Investment Consulting, Man-
ager Search, Performance Measurement, Asset Alloca-
tion, Portfolio Modelling, Risk Management
BFL CANADA CONSULTING SERVICES INC. David
Vanasse, President; 3448 Stanley, Montreal, QC H3A
1R8 PH: 514-315-3335 Fax: 514-843-3842 eMail:
dvanasse@bflcanada.ca Web: www.bflcanada.ca
BILSLAND GRIFFITH BENEFIT ADMINISTRATORS
Janice Young, Admin Assistant; 501-4445 Lougheed
Hwy., Burnaby, BC V5C 0E4 PH: 604-433-8899 Fax:
604-433-8894 eMail: janice.young@bgbenefitsad-
min.com Web: bgbenefitsadmin.com
BNY MELLON GLOBAL RISK SOLUTIONS Catherine
Thrasher, Managing Director; 320 Bay St., 10th Floor,
Toronto, ON M5H 4A6 PH: 416-775-5450 eMail:
catherine.thrasher@bnymellon.com Web: www.
bnymellon.com
BPC GROUP, THE Susan Gillespie, Partner; 27 - 2155
Dunwin Dr., Mississauga, ON L5L 4M1 PH: 905-569-
0505 Fax: 905-569-6886 eMail: susan@thebpc-
group.com Web: www.thebpcgroup.com
BROCKHOUSE COOPER INC.* Eric Bolduc, Vice-
president, Service Development; 1250 René-Lévesque
Blvd. W., Ste. 4030, Montreal, QC H3B 4W8 PH: 514-
932-1548 Fax: 514-846-1159 eMail: ebolduc@
pavilioncorp.com Web: www.pavilioncorp.com
* - In Sept 2012 the company name changed to Pavilion Advisory Group
BUCK CONSULTANTS Greg Fayarchuk, Canadian Mar-
ket Leader, Consulting Outsourcing; 155 Wellington
St. W., Toronto, ON M5V 3H1 PH: 416-644-9252 Fax:
416-865-1099 eMail: greg.fayarchuk@buckconsul-
tants.com Web: www.buckconsultants.ca Other
Offices: Montreal, Ottawa Group Benefit Services:
Group Benefit Plans, DB Pension Plans, DC Pension
Plans, Actuarial Services, Administration Outsourcing,
Communications Investments Services: Investment
Consulting, Manager Search, Asset Allocation, Compli-
ance Investment, Education Communication, Risk
ANNUAL Directory

CORPORATE BENEFIT ANALYSTS, INC. Dean How-
ard, President CEO; 515 Riverbend Dr., Ste. 102,
Kitchener, ON N2K 3S3 PH: 519-579-7749 Fax: 519-
579-4422 eMail: cba@corpben.com Web: www.
corpben.com
COUGHLIN ASSOCIATES LTD. Brian Bockstael,
President; 466 Tremblay Rd., Ottawa, ON K1G 3R1 PH:
613-231-2266 Fax: 613-231-2345 eMail: bbocks-
tael@coughlin.ca Web: www.coughlin.ca
COWAN INSURANCE GROUP LTD. Teresa Norris-Lue,
Vice-president, Group Benefits Retirement Indi-
vidual Life Wealth; 705 Fountain St. N., Cambridge,
ON N1R 5T2 PH: 519-650-6363 Fax: 519-650-6433
eMail: teresa.norris-lue@cowangroup.ca Web:
www.cowangroup.ca
CPAS SYSTEMS INC. Jeanette Willis, Vice-president
Marketing Sales; 250 Ferrand, Ste. 700, Toronto,
ON M3C 3G8 PH: 416-422-0563 Fax: 416-422-
5617 eMail: JeanetteW@cpas.com Web: www.
cpas.com
CUBIC HEALTH INC. Mike Sullivan, President; 26 Soho
St., Ste. 390, Toronto, ON M5T 1Z7 PH: 416-203-1446
Fax: 416-203-6202 eMail: msullivan@cubichealth.
ca Web: www.cubichealth.ca
CYNTHIA L. BOWDEN INSURANCE AGENCY LIM-
ITED Cindy Bowden, President; 7030 Woodbine Ave.,
Markham, ON L3R 6G2 PH: 905-477-8029 Fax: 905-
944-0808 eMail: cbowden@cindybowden.com
Web: www.cindybowden.com
DIXON ACTUARIAL SERVICES INC. Karen Dixon,
Chief Actuary; 1673 Richmond St., Ste. 301, Lon-
don, ON N6G 2N3 PH: 519-630-1395 eMail:
karen@dixonactuarial.com Web: www.dixonac-
tuarial.com
DONALDSON VINCENT ASSOCIATES LIMITED Don
Armstrong, Senior Actuary/Consultant; 38 Lesmill Rd.,
Toronto, ON M3B 2T5 PH: 416-447-7900 Fax: 416-
445-4504 eMail: armstrongd@dvassociates.com
Web: dvassociates.com
DTA Don Tettmar, President; 1205 Cameron Ave. S.W.,
Calgary,AB T2T 0K8 PH: 403-244-9663 Fax: 403-244-
9675 eMail: ddont@shaw.ca
DUGGAN BENEFITS INSURANCE AGENCIES INC.
Mike Duggan, President; 202 - 135 Matheson Blvd. W.,
Mississauga, ON L5R 3L1 PH: 905-275-7100 Fax: 905-
275-7103 eMail: mike@dugganbenefits.com Web:
www.dugganbenefits.com
DUNHELM CONSULTING INC. James Clark, Presi-
dent; 39 Tradewind Dr., Oakville, ON L6L 6K9 PH:
905-849-4385 eMail: James@dunhelm.ca Web:
EXPRESS SCRIPTS CANADA Nancy Tibbo, Manager,
Marketing Communications; 5770 Hurontario, Missis-
sauga, ON L5R 3G5 PH: 905-712-8615 Fax: 905-712-
9986 eMail: ntibbo@express-scripts.com Web:
www.express-scripts.ca Other Offices: Montreal,
Moncton,Winnipeg, Burnaby
FAIRFIELD WATSON LEWIS INC. Ian Watson,
Partner; #22, 4550 - 112th Ave. S.E., Calgary, AL T2C
2K2 PH: 403-262-7278 Fax: 403-262-7251 eMail:
ian@fairfieldwatson.com Web: www.fairfieldwat-
son.com
FIRM CONSULTING INC. Jacob S. E. Clark, President
Lead Consultant; 195 Dufferin Ave., Ste. 610, London,
ON N6A 1K7 PH: 519-672-3476 Fax: 519-672-0554
eMail: jake@firmconsulting.ca Web: www.firm-
consulting.ca
FORT EMPLOYEE BENEFITS CONSULTANTS INC.
Chris Payne, Director; 1115-3400 de Maisonneuve W.,
Montreal, PQ H3Z 3B8 PH: 514-481-4021 eMail:
cpayen@fort-group.com Web: www.fortinsur-
ance.com
FSEAP | INTEGRATED WORKPLACE SOLUTIONS
(IWS) Janet McLellan, Director, Strategic Account Man-
agement Business Development; 2 Carlton St., Ste.
1005, Toronto, ON M5B 1J3 PH: 416-585-9985 Fax:
416-642-1902 eMail: info@fseap.com Web: www.
fseap.com
GALLIVAN ASSOCIATES STUDENT NETWORKS*,
A PEOPLE CORPORATION COMPANY 470 Weber
St. N., Waterloo, ON N2L 6J2 PH: 519-746-0200 Fax:
519-746-0215 eMail: studentnetworks@gallivan.ca
Web: www.gallivan.ca
* A People Corporation Company
GEM FINANCIAL GROUP INC. Rasa Lannoo, CEO;
42 Riddell St., Woodstock, ON N4S 6M1 PH: 519-537-
2216 Fax: 519-537-8778 eMail: rasa@gemfinan-
cialgroup.ca Web: www.gemfinancialgroup.ca
GEORGE BELL CONSULTING INC. Brendan George,
Partner; 400 - 601 W. Broadway Ave.,Vancouver, BC V5Z
4C2 PH: 604-871-4151 Fax: 604-871-4150 eMail:
info@georgeandbell.com Web: www.georgeand-
bell.com
GLOBAL INVESTMENT SOLUTIONS Jeffrey Hand,
Managing Director; 208 Wyecroft Rd., Ste. 201, Oakville,
ON L6K 3T8 PH: 905-842-4242 Fax: 416-760-3365
eMail: jhand@global-i-s.com Web: www.global-
i-s.com
GOODEN ACTUARIAL CONSULTANTS LTD. Bill
Gooden, President Actuary; 2472, 246 Stewart Green
S.W., Calgary, AB T3H 3C8 PH: 403-263-5027 eMail:
wgooden@gooden.ca Web: www.gooden.ca
dunhelm.ca Client Profile (By # of Employees) 1
to 100: 1 1,000+: 1 Professional Staff: 1 Invest-
ments Services: Investment Consulting, Manager
Search, Asset Allocation, Compliance Investment,
Policy Development, Membership of Governance and
Oversight Committee, Independent Review and Analy-
sis of Existing Pension Fund Management Arrange-
ments
ENCON GROUP INC. Rhonda Sommerville, Senior
Vice-president; 55 Standish Ct., 6th Floor, Missis-
sauga, ON L5R 4B2 PH: 905-755-2063 eMail:
rhonda.j.sommerville@encon.ca Web: www.
encon.ca
ANNUAL Directory
ECKLER LTD. Greg Malone, Principal; 110 Shep-
pard Ave. E., Ste. 900, Toronto, ON M2N 7A3
PH: 416-696-3098 Fax: 416-429-3794 eMail:
gmalone@eckler.ca Web: www.eckler.ca Cli-
ent Profile (By # of Employees) 1 to 100:
120 101 to 500: 160 501 to 1,000: 40
1,000+: 60 Other Offices: Vancouver, Winni-
peg, Montreal, Halifax, Quebec City Professional
Staff: 210 Group Benefit Services: Group
Benefit Plans, DB Pension Plans, DC Pension Plans,
Actuarial Services, Administration Outsourcing
Investments Services: Investment Consulting,
Manager Search, Performance Measurement,
Asset Allocation, Portfolio Modelling, Attribution
Analysis, Compliance Investment, Policy Develop-
ment, Education Communication, Risk Manage-
ment, Transition Management Healthcare Ser-
vices: Disability Management, Claims Manage-
ment, Return To Work, Drug Cost Management,
Employee Assistance Program Record-keeping
Third-party Administration Services:
Administrative Support, Call Centre, Eligibility
Verification, DC Pension Plan Administration, DB
Pension Plan Administration, Group RRSP Admin-
istration Software Technology Services:
Benefits Administration, Client Server Technology,
Portfolio Style Analysis, DB Pension, DC Pension,
Trading Workstations
Eckler Ltd. is a leading consulting and actuarial
firm with offices across Canada and the Carib-
bean. Owned and operated by active Principals,
the company has earned a reputation for ser-
vice continuity and high professional standards.
Our select group of advisers offers excellence
in a wide range of areas, including financial
services, pensions, benefits, communications,
investment management, pension administra-
tion, change management and technology. Eck-
ler Ltd. is also a founding member of Abelica
Global – an international alliance of indepen-
dent actuarial and consulting firms operating in
over 20 countries.

H3 CONSULTING Chris Bonnett, President; 27 Crest-
wood Pl., Guelph, ON N1E 4M4 PH: 416-458-5468
eMail: chris@hthree.ca Web: www.hthree.ca
HAMILTON+PARTNERS* Ian Farrer, Partner; 1500,736
6th Ave. S.W., Calgary, AB T2P 3T7 PH: 403-232-4578
Fax: 403-262-2074 eMail: ifarrer@hamiltonandpart-
ners.com Web: www.hamiltonandpartners.com
HART ACTUARIAL CONSULTING LTD. David C. Hart,
Consulting Actuary; 2851 Rainbow Cr., Mississauga,
ON L5L 2H7 PH: 905-820-4810 Fax: 905-820-5520
eMail: dhart@an-actual-actuary.com Web: www.
an-actual-actuary.com
HEALTHSOURCE PLUS* Domenic Monopoli, Director,
Consulting Services; 2225 Sheppard Ave. E., Ste. 1400,
Toronto, ON M2J 5C2 PH: 416-445-0000 Fax: 416-
445-2222 eMail: domenic.monopoli@healthsour-
ceplus.com Web: www.healthsourceplus.com
HUB INTERNATIONAL HKMB LTD. Cara Bowman,
Benefit Administrator; 515-900 Bay St., Toronto, ON
M5G 2E3 PH: 416-597-0555 eMail: cara_bowman@
hotmail.com Web: www.hkmb.com
HUB INTERNATIONAL STRATA BENEFITS CON-
SULTING Glen J. Middleton, President; Unit B2 - 1150
Waverley St., Winnipeg, MB R3T 0P4 PH: 204-984-
JOHNSON INC. Jason Durdle, Director PB Operations;
10 Factory Lane, St. John’s, NL A1C 6H5 PH: 709-738-
2884 eMail: jdurdle@johnson.ca Web: www1.
johnson.ca
JOHNSTON GROUP INC. Jackie Olinkin, Manager,
Marketing Services; 582 King Edward St., Winnipeg,
MB R3H 0P1 PH: 204-774-6677 Fax: 204-774-6698
eMail: info@johnstongroup.ca Web: www.john-
stongroup.ca
JONES DESLAURIERS BLEVINS Debbie Ormsby, Chief
Operating Officer; 30 Quarry Ridge Rd., Barrie, ON L4M
7G1 PH: 705-727-3775 Fax: 705-721-0352 eMail:
dormsby@jdbgroup.ca Web: www.jdbgroup.ca
JSL INC. Tom Lowden, Practice Leader; 4550 Highway
7, Ste. 225, Vaughan, ON L4L 4Y7 PH: 905-264-2410
Fax: 905-264-2401 eMail: bev@jslinc.ca Web:
www.jslinc.ca
KRIEGER + ASSOCIATES David Krieger, President; 43
Front St. E., Ste. 300, Toronto, ON M5E 1B3 PH: 416-
363-1221 eMail: dkrieger@kriegerandassociates.
com Web: www.kriegerandassociates.com
LENNOX FINANCIAL GROUP INC. Chris Lennox,
President; #23-1730 McPherson Ct., Pickering, ON L1W
3E6 PH: 905-492-7888 Fax: 888-883-8427 eMail:
clennox@lennoxfinancial.ca Web: www.lennoxfi-
nancial.ca
9450 Fax: 204-984-9460 eMail: info@stratagroup.
ca Web: www.hubstrata.ca
HUMAN CAPITAL BENEFITS Chris Pryce, Managing
Director; 249 Yonge Blvd., Toronto, ON M5M 3J1 PH:
416-924-8280 Fax: 416-323-1984 eMail: chris-
pryce@humancapitalbenefits.com Web: www.
humancapitalbenefits.com
INVESTMENT GUILD, THE* Michael Thomas, Senior
Advisor; 2225 Sheppard Ave. E., Ste. 1400, Toronto,
ON M2J 5C2 PH: 905-470-9840 Fax: 905-470-6723
eMail: info@investmentguild.com Web: www.
investmentguild.com
JD BENEFITS INC.Todd Rappitt, President; 228-8901
Woodbine Ave., Markham, ON L3R 9Y4 PH: 905-477-
7088 Fax: 905-477-2249 eMail: general@jdben-
efits.com Web: www.jdbenefits.com
J.J. MCATEER ASSOCIATES INCORPORATED
Susan Bird, President; 45 McIntosh Dr., Markham, ON
L3R 8C7 PH: 905-946-8655 Fax: 905-946-2535
eMail: sbird@mcateer.ca Web: www.mcateer.ca
JDM ACTUARIAL EXPERT SERVICES INC Peter
Gorham, President Actuary; 313 Powell Rd., Whitby,
ON L1N 2H5 PH: 905-999-4763 Fax: 905-438-1330
eMail: pgorham@jdmactuarial.com Web: www.
jdmactuarial.com
ANNUAL Directory
aonhewitt.com/canada
info@aonhewitt.com

LESLIE GROUP LIMITED, THE Rob Campbell, Vice-
president, Consulting; 40 Wynford Dr., Ste. 220,Toronto,
ON M3C 1J5 PH: 416-510-8966 Fax: 416-510-8964
eMail: rob@lesliegroup.com Web: www.leslieg-
roup.com
MCFBEDARD GROUP INC. Charles Bedard, President;
465 Richmond St., Ste. 200, London, ON N6A 5P4 PH:
519-690-1452 Fax: 519-690-1463 eMail: cbedard@
mcfbedard.com Web: www.mcfbedard.com
MDM INSURANCE SERVICES INC. Michael D. McKay,
President;834 Gordon St.,Guelph,ON N1G 1Y7 PH: 519-
837-1531 Fax: 519-836-4909 eMail: inquiry@mdm-
insurance.com Web: www.mdm-insurance.com
MEDIDIRECT INC. Murray Malley, President; 215,
5403 Crowchild Trail N.W., Calgary, AB T3B 4Z1 PH:
403-537-6298 Fax: 403-539-5511 eMail: murray.
malley@medidirect.ca Web: www.medidirect.ca
Pension Plans, Actuarial Services, Administration Out-
sourcing, Asset Risk Management, Total Pension Out-
sourcing, DC Consulting, Legal Services - Governance and
Plan Restatements, Retirement Planning Services, Benefits
Communications, Shared Risk Pension Plans, Target Ben-
efit Pension Plans Investments Services: Investment
Consulting, Manager Search, Performance Measurement,
Asset Allocation, Portfolio Modelling,Attribution Analysis,
Compliance Investment, Policy Development, Education
Communication, Risk Management, Transition Manage-
ment Healthcare Services: Disability Management,
Claims Management,ReturnToWork,Drug Cost Manage-
ment, Employee Assistance Program, Health Productiv-
ity Solutions, Integrative Health Wellness Solutions, Full
Health Productivity Support, Risk Assessment, Atten-
dance Disability Management, Plan Implementation
Maintenance, Counselling, Training, Benefits, Crisis Situa-
tions, Worker’s Compensation Targeted Health Record-
Claims Adjudication, Claims Payment,Administrative Sup-
port, Employee Assistance, Call Centre, Premium Billing
Plan Administration, DB Pension Plan Administration,
Group RRSP Administration Software Technology
Services: Benefits Administration, Client Server Technol-
ogy, Investment Management, DB Pension, DC Pension
MORROW, CROSSDALE ASSOCIATES INC. Paul
Crossdale, Consultant; 10 Station Lane, Unionville, ON
L3R 1R3 PH: 905-853-2569 eMail: paul.crossdale@
morcro.ca Web: www.morcro.ca
MOSEY MOSEY INSURANCE AGENCY LTD. John
Mosey Jr., Senior Vice-president; 100 Milverton Dr.,
#604, Mississauga, ON L5R 4H1 PH: 905-361-2014
Fax: 905-361-2015 eMail: jmoseyjr@mosey.on.ca
Web: www.moseyandmosey.com
MYBENETECH INC. Jason Robinson, Director of
Operations; 124 Main St. S., Georgetown, ON L7G 3E6
PH: 416-642-1355 eMail: jason@mybenetech.com
Web: www.mybenetech.com
ORGANIZATIONAL SOLUTIONS INC. Liz R. Scott, Prin-
cipal CEO; 2186 Mountain GroveAve., #253, Burlington,
ON L7P 4X4 PH: 866-674-7656 Fax: 905-315-7945
eMail: lscott@orgsoln.com Web: www.orgsoln.com
PAL BENEFITS INC. Sarah Beech, President; 1052
Yonge St., Toronto, ON M4W 2L1 PH: 416-969-8588
Fax: 416-962-1711 eMail: sbeech@palbenefits.
com Web: www.palbenefits.com
PATON CONSULTING INC. Hugh Paton, President;
109 Richmond St., Charlottetown, PE C1A 4B3 PH:
902-894-5256 Fax: 902-894-3863 eMail: hugh@
patonconsulting.ca Web: www.patonconsulting.ca
MELDRUM HORNE ASSOCIATES Michael Horne,
Partner; 220 Laurier Ave. W., Ste. 520, Ottawa, ON K1P
5Z9 PH: 613-233-9105 Fax: 613-233-7270 eMail:
michael@meldrumhorne.com Web: www.mel-
drumhorne.com
MERCER Stephen Lee, Canada Sales Leader; 161 Bay
St.,Toronto, ON M5J 2S5 PH: 416-868-2882 Fax: 416-
868-2136 eMail: stephen.lee@mercer.com Web:
www.mercer.ca Client Profile (By # of Employees)
101 to 500: 2,715*
501 to 1,000: 285 1,000+: 672
Other Offices: Calgary, Edmonton, Halifax, London,
Montreal, Ottawa, Quebec City, Regina, Saskatoon,Van-
couver, Winnipeg Professional Staff: 1,300 Group
Benefit Services: Group Benefit Plans, DB Pension
Plans, DC Pension Plans, Actuarial Services, Administra-
tion Outsourcing Investments Services: Investment
Education Communication, Risk Management, Tran-
sition Management, Delegated Solutions, Operational
Reviews, Fee Consulting Healthcare Services: Disabil-
ity Management, Claims Management, Return To Work,
Drug Cost Management, Employee Assistance Program
Record-keeping Third-party Administration
Services: Claims Adjudication, Administrative Support,
Call Centre, Eligibility Verification, Healthcare Spending
Plan Administration, DB Pension Plan Administration
* 1-500 employees
MHB BENEFITS INC. Candice Woodard, President;
2625 CR 10, RR 3, Picton, ON K0K 2T0 PH: 613-476-
0069 Fax: 866-415-8826 eMail: candice@isource-
benefits.ca Web: www.isourcebenefits.ca
MITCHELL SANDHAM FINANCIAL SERVICES
Andrew Kilpatrick, Partner; 2000 - 438 University Ave.,
Toronto, ON M5G 2K8 PH: 416-862-1750 Fax: 416-
862-1975 eMail: akilpatrick@mitchellsandham.
com Web: www.mitchellsandham.com
MORNEAU SHEPELL Randal Phillips, Executive Vice-
president and Chief Client Officer; 895 Don Mills Rd.,
Tower One, Ste. 700, Toronto, ON M3C 1W3 PH: 416-
445-2700 Fax: 416-445-7989 eMail: info@mor-
neaushepell.com Web: www.morneaushepell.com
Other Offices: Vancouver, Winnipeg, Calgary, Freder-
icton, Halifax, Kitchener, Montreal, Quebec City, London,
Ottawa Professional Staff: 3,400 Group Benefit
Services: Group Benefit Plans, DB Pension Plans, DC
ANNUAL Directory
MANION WILKINS ASSOCIATES LTD. Mike
Neheli, President; 500 - 21 Four Seasons Place,
Toronto, ON M9B 0A5 PH: 416-234-3528 Fax:
416-234-2058 eMail: mneheli@manionwilkins.
com Web: www.manionwilkins.com Other
Offices: Woodbridge Professional Staff: 115
Group Benefit Services: Group Benefit Plans,
DB Pension Plans, DC Pension Plans, Administra-
tion Outsourcing, Group Insurance Marketing, Per-
sonal Financial Consulting Services (Life Insurance,
Out of Country, Executive Benefits) Investments
Services: Investment Consulting, Manager Search,
Performance Measurement, Asset Allocation, Port-
folio Modelling, Attribution Analysis, Compliance
Investment, Policy Development, Education Com-
munication, Risk Management, Group RRSP Market-
ing Healthcare Services: Disability Management,
Claims Management, Return To Work, Drug Cost
Management Record-keeping Third-party
Administration Services: Claims Adjudication,
Claims Payment,Administrative Support, Call Centre,
Premium Billing Collection, Eligibility Verification,
Healthcare Spending Account Administration, Claims
Advocacy, DC Pension Plan Administration, DB Pen-
sion Plan Administration Software Technology
Services: Benefits Administration, Health Claims
Adjudication, DB Pension, DC Pension
Manion is a third party administrator / consultant
providing administration, benefit and pension
adjudication and payment, and a full range of
consulting and personal financial services to cor-
porate, multi-employer and union clients of all
sizes. We offer unique and innovative solutions
that help our clients save money and enhance
their benefit offering, and provide exceptional
customer service.
�

PAVILION ADVISORY GROUP LTD. Eric Bolduc, Vice-
president, Service Development; 1250 René-Lévesque
Boul. W., Ste. 4030, Montreal, QC H3B 4W8 PH: 514-
932-1548 Fax: 514-846-1159 eMail: ebolduc@
pavilioncorp.com Web: www.pavilioncorp.com
Other Offices: Winnipeg, Toronto Professional
Staff: 24 Investments Services: Investment Consult-
ing, Manager Search, Performance Measurement, Asset
Allocation, Portfolio Modelling, Attribution Analysis,
Policy Development, Education Communication, Risk
Management, Transition Management Software
Technology Services: Investment Manager Selection
PBAS GROUP, THE Terry Crawley, Director, Marketing;
110 - 61 International Blvd., Toronto, ON M9W 6K4
PH: 416-674-3350 Fax: 416-674-8018 eMail: terry_
crawley@pbas.ca Web: www.pbas.ca
ANNUAL Directory
PBI ACTUARIAL CONSULTANTS LTD. Riley St.
Jacques, Market Leader Senior Consulting Actu-
ary; Ste. 1070, One Bentall Centre, 505 Burrard St.,
Box 42,Vancouver, BCV7M 1L5 PH: 604-647-3206
Fax: 604-687-8074 eMail: riley.stjacques@pbi-
actuarial.ca Web: www.pbiactuarial.ca Other
Offices: Toronto, Montreal Professional Staff:
67 Group Benefit Services: Group Benefit Plans,
DB Pension Plans, DC Pension Plans, Actuarial
Services, Administration Outsourcing, Target Ben-
efit Pension Plans, Implemented Risk Management
(IRM) Investments Services: Investment Consult-
ing, Manager Search, Performance Measurement,
Asset Allocation, Portfolio Modelling, Attribution
Analysis, Compliance Investment, Policy Develop-
ment, Education Communication, Risk Manage-
ment, Portable Alpha Overlay Strategies, Alterna-
tive Assets Investment (Real Estate, Hedge Funds,
Infrastructure) Healthcare Services: Health
Welfare Plan Design, Plan Implementation, Insurer
Selection, Service Integration, Service Provider
Performance Monitoring, Funding Claim Risk
Analysis, Retiree Valuation. Record-keeping
Third-party Administration Services: Admin-
istrative Support; DB Pension Plan Administration;
Record-keeping Services; Benefit Calculations; One-
on-one Member Meetings; Marriage Breakdown
Calculations; Research Advice regarding Pension
Legislation, Government Filings; Educational Semi-
nars; Annual Member Statements; Reconciliation of
Expenses, Contributions, Hours Reported Benefit
Payments; Organization Attendance at Trustee
Meetings, Preparation of Meeting Minutes; Annual
Member Meetings; Member Communications Soft-
ware Technology Services: Pension Benefit
Calculation Tools, Web-based Pension Administra-
tion System
An associates-owned company focused on help-
ing pension and group benefit plans in meeting
and managing their fiduciary obligations. Inde-
pendent, innovative and impartial, PBI specializes
in risk management.
�
toron-ami.com

PENAD PENSION SERVICES LIMITED Matthew
Price,Vice-president, Global Business Development; 194
Weber St. E., Kitchener, ON N2H 1E4 PH: 519-743-
9000 Fax: 519-743-8346 eMail: mprice@penad.
ca Web: www.penad.ca Client Profile (By # of
Employees) 1 to 100: 3 101 to 500: 3 501 to
1,000: 2 1,000+: 15 Professional Staff: 15 Group
Benefit Services: DB Pension Plans, DC Pension Plans,
Actuarial Services Investments Services: Manager
Search Record-keeping Third-party Admin-
istration Services: DC Pension Plan Administration,
DB Pension Plan Administration, Group RRSP Adminis-
tration Software Technology Services: Benefits
Administration, Client Server Technology, DB Pension,
DC Pension, Group Life Health Benefits Administration
Invoicing Software Systems; Social Security/Insurance
Civil Servant Pension Plan Software Systems
PENMORE GROUP INC. Lio Spagnuolo, Managing
Partner; 8800 Dufferin St., Ste. 103, Concord, ON L4K
0C5 PH: 905-669-5577 Fax: 905-669-5738 eMail:
lio@penmore.com Web: www.penmore.com
PENSUL INC. Frederic Belhumeur, Senior Partner; 460-
2075 University, Montreal, QC H3A 2L1 PH: 514-288-
5900 Fax: 514-288-5787 eMail: fbelhumeur@pen-
sul.com Web: www.pensul.com
PEOPLE CORPORATION Jim Edmands, Regional Vice-
president; 2225 Sheppard Ave. E., Ste. 1400, Toronto,
ON M2J 5C2 PH: 416-445-0000 Fax: 416-445-2222
eMail: jim.edmands@peoplecorporation.com
Web: www.peoplecorporation.com
PROSURE GROUP* Jason Faulkner, Practice Leader;
1400 - 2225 Sheppard Ave. E.,Toronto, ON M2J 5C2 PH:
416-609-0989 Fax: 416-609-9551 eMail: jason@pro-
sure-group.com Web: www.peoplecorporation.com
PROTECTORS GROUP BENEFITS, THE R. Brian Porter,
President; 215 George St. N., Peterborough, ON K9J 3G7
PH: 705-748-5181 Fax: 705-748-4831 eMail: brian-
porter@protectorsgroup.com Web: www.protec-
torsgroupbenefits.com
PROTEUS PERFORMANCE MANAGEMENT INC.
Peter Henry,President;250 Ferrand Dr.,Ste.303,Toronto,
ON M3C 3G8 PH: 416-421-3557 Fax: 416-421-1348
eMail: phenry@proteusperformance.com Web:
www.proteusperformance.com # of Clients: 105*
Professional Staff: 15 Group Benefit Services:
don Hart, CEO; 310-700 Richmond St., London, ON
N6A 5C7 PH: 888-327-5777 Fax: 519-675-1331
eMail: gord@selectpath.ca Web: www.select-
path.ca
* 50% ownership of Carswell Partners Human Resources Advisory
SMITH PENSION ACTUARIAL CONSULTANTS
Donald M. Smith, Partner; Ste. 2000, 1188 W. Georgia
St., Vancouver, BC V6E 4A2 PH: 604-443-3712 eMail:
don_smith@smithpac.ca
SPECIAL BENEFITS INSURANCE SERVICES Gavin
Prout, Vice-president; 366 Bay St. - 7th Floor, Toronto,
ON M5H 4B2 PH: 416-601-0429 Fax: 416-601-0308
eMail: gavin@sbis.ca Web: sbis.ca
SPENCER HEALTH NETWORK INC., THE Donald
Sklar, Managing Director; 675 Cochrane Dr., East Tower
- 6th Floor, Markham, ON L6A 4C1 PH: 416-512-1616
Fax: 416-800-2708 eMail: don@spencerhealth.com
Web: www.spencerhealth.com
STEVEN COHEN INSURANCE AGENCY INC. Steven
R. Cohen, President; 200 Evans Ave., Ste. 201, Toronto,
ON M8Z 1J7 PH: 417-250-1166 Fax: 416-259-5885
eMail: steven@stevencohenins.ca Web: www.ste-
vencohenins.ca
DB Pension Plans, DC Pension Plans, Pension Gover-
nance, Investment Consulting, Administration/Actuarial
Evaluation Search, Executive Retirement Plans, Retire-
ment Planning Investments Services: Investment
Education Communication, Risk Management, Tran-
sition Management, Pension Governance, Foundation
Governance, Retirement Planning Workshops/Seminars,
Retirement Planning Counseling, Administration Review
Search, Executive Retirement Plans Software
Technology Services: Portfolio Style Analysis, Invest-
ment Manager Selection, Fund Reporting, DC Pension
* Plan Sponsors (Defined Benefit, Defined Contribution),
Foundations, Family Trusts
RALPH MOSS LIMITED Jeanne D. Foot, President; 102
- 200 Town Centre Blvd., Markham, ON L3R 8G5 PH:
905-513-9868 Fax: 905-513-9893 eMail: info@ral-
phmoss.ca Web: www.ralphmoss.ca
RBC INVESTOR TREASURY SERVICES Scott Mac-
Donald, Managing Director, Pensions; 155Wellington St.
W.,Toronto, ON M5V 3L3 PH: 416-974-9548 Fax: 416-
974-0073 eMail: scott.macdonald@rbc.com Web:
www.rbcits.com
RETIREMENT EDUCATION CENTRE INC. Avrom (Av)
Lieberman, President; 151 Frobisher Dr., Unit B-108,
Waterloo, ON N2V 2C9 PH: 800-637-6140 eMail:
avl@iretire.org Web: www.iretire.org
ROBERTSON, EADIE ASSOCIATES LTD. John
Deinum, Partner; 481 Morden Rd., Ste. 210, Oakville,
ON L6K 3W6 PH: 905-338-7002 Fax: 905-338-7022
eMail: jdeinum@re-a.com Web: www.re-a.com
RUSSELL INVESTMENTS Tom Lappalainen, Director,
Strategic Advice; 100 King St. W., Ste. 5900, Toronto,
ON M5X 1E4 PH: 416-640-2472 Fax: 416-362-4494
eMail: tlappalainen@russell.com Web: www.rus-
sell.com/ca/ Client Profile (By # of Employees)
1,000+: 1,800 Other Offices: Montreal, Calgary,
Vancouver Professional Staff: 572 Group Ben-
efit Services: DB Pension Plans, DC Pension Plans
Investments Services: Investment Consulting,
Manager Search, Asset Allocation, Portfolio Model-
ling, Policy Development, Education Communica-
tion, Risk Management, Transition Management,
Implemented Solutions, Governance Reviews, Asset
Liability Studies
RWAM INSURANCE ADMINISTRATORS INC. Dan
Galloway, Chief Operating Officer; 49 Industrial Dr.,
Elmira, ON N3B 3B1 PH: 519-669-1632 Fax: 519-669-
1923 eMail: dan.galloway@rwam.com Web: www.
rwam.com
SELECTPATH BENEFITS FINANCIAL INC.* Gor-
ANNUAL Directory
SEGAL ROGERSCASEY CANADA* Ruo Tan,
President; 65 Queen St. W., Ste. 2020, Toronto, ON
M5H 2M5 PH: 416-642-7792 Fax: 416-304-0570
eMail: rtan@segalrc.com Web: www.segalrc.
ca Other Offices: Montreal, Edmonton Profes-
sional Staff: 7 Investments Services: Invest-
ment Consulting, Manager Search, Performance
Measurement, Asset Allocation, Portfolio Model-
ling, Attribution Analysis, Compliance Investment,
Policy Development, Education Communication,
Risk Management, Transition Management, Port-
folio Management, Investment Research, Invest-
ment Product Design Software Technology
Services: Investment Management, Portfolio Style
Analysis, Investment Manager Selection
* Member of The Segal Group
Segal Rogerscasey Canada (www.segalrc.ca), a
member of The Segal Group, is a leading global
investment solutions firm that provides innova-
tive, client-driven consulting advice and outsourc-
ing solutions. The firm has been in operation for
more than 40 years in Canada and the United
States. Clients include corporations, non-profit
organizations, endowments, foundations, state
and local governments, and joint boards of
trustees administering multi-employer benefits
plans. The firm works with financial service firms
through Rogerscasey, a division of Segal Advisors.
The firm is also a founding member of the Global
Investment Research Alliance.

STINER GROUP BENEFITS SOLUTIONS INC. Monica
Stiner, President; 1188 Bonnybank Ct., Oakville, ON L6M
1V6 PH: 905-469-6819 Fax: 905-469-4682 eMail:
info@stinergroup.ca Web: www.stinergroup.ca
STRATEGIC BENEFITS INSURANCE SERVICES
LTD. Debra Dobing, Owner Employee Benefits Con-
sultant; 945 Princess St., Kingston, ON K7L 3N6 PH:
877-507-4433 Fax: 613-507-4401 eMail: debra@
strategicins.ca Web: www.strategicins.ca
STRATEGIC INCOME SECURITY SERVICES LTD.
David Lee, Senior Consultant; 501 - 4445 Lougheed
Hwy., Burnaby, BC V5C 0E4 PH: 604-633-2114 Fax:
604-633-2115 eMail: info@siss.ca
SUSTAINALYTICS Heather Lang, Director, Institutional
Relations Canada; 215 Spadina Ave., Ste. 300, Toronto,
ON M5T 2C7 PH: 416-861-0403 Fax: 416-861-0183
eMail: heather.lang@sustainalytics.com Web:
www.sustainalytics.com
T. I. HULL BENEFIT CONSULTANTS CORP. Brent R. Fra-
ser, Senior Vice-president Practice Leader; 200 Bay St.,
Ste. 600, Toronto, ON M5J 2W4 PH: 416-865-0131 Fax:
WINCH GROUP INC., THE Gary Winch, President;
3027 Harvester Rd., Burlington, ON L7N 3G7 PH:
905-639-4287 Fax: 905-639-9352 eMail: g.winch@
winchgroup.com Web: www.winchgroup.com
WORKPLACE PENSION SOLUTIONS (CANADA)
INC. Scott Aver, Managing Director; 1066 W. Hastings
- Ste. 2000,Vancouver, BC V6E 3X2 PH: 604-904-0700
Fax: 604-669-3844 eMail: scott.aver@wps-canada.
com Web: www.wps-canada.com BPM
416-865-0896 eMail: brent_fraser@thehullgroup.com
T.E. WEALTH Steven Belchetz, President; 26 Wellington
St. E., #710, Toronto, ON M5E 1S2 PH: 416-366-1451
Fax: 416-368-9801 eMail: sbelchetz@teic.com
Web: www.tewealth.com
THOMAS MURRAY IDS Janet Wynn, Director, Busi-
ness Development - North America; 5000 Yonge St.,
Ste. 1901, Toronto, ON M2N 7E9 PH: 416-628-3872
eMail: jwynn@thomasmurray.com Web: ids.thom-
asmurray.com
THORPE BENEFITS Roger Thorpe, President; 402-45
St. Clair Ave. W., Toronto, ON M4V 1K9 PH: 416-966-
9229 Fax: 416-966-1701 eMail: roger@thorpeben-
efits.com Web: www.thorpebenefits.com
TOWERS WATSON Nicolas Crook, Managing Consul-
tant; 175 Bloor St. E., Ste. 1701, Toronto, ON M4W 3T6
PH: 416-960-2773 Fax: 416-960-2819 eMail: nico-
las.crook@towerswatson.com Web: www.tower-
swatson.com
TRG GROUP BENEFITS PENSIONS, INC. Greg Pal-
lone, Managing Director; Ste. 800 - 1177 W. Hastings
St., Vancouver, BC V6E 2K3 PH: 604-714-4400 Fax:
604-714-4401 eMail: info@trggroup.com Web:
www.trggroup.com
TRI FIT Susan Pridham, President; 1307 Devon Rd.,
Oakville, ON L6J 2L7 PH: 905-845-0006 Fax: 905-845-
0020 eMail: sue@trifit.com Web: www.trifit.com
WESTCOAST ACTUARIES INC. Stephen Cheng, Manag-
ingDirectorSeniorConsultingActuary;908-1166Alberni
St.,Vancouver, BC V6E 3Z3 PH: 604-730-1898 Fax: 604-
730-1886 eMail: stephen.cheng@westcoast-actuar-
ies.com Web: www.westcoast-actuaries.com
WESTERN COMPENSATION BENEFITS CONSUL-
TANTS Barry D.Cook,Partner;2000 - 1188W.Georgia St.,
Vancouver,BCV6E 4A2 PH: 604-683-9155 Fax: 604-687-
2315 eMail: wcbc@wcbc.ca Web: www.wcbc.ca
WHITE WILLOW BENEFIT CONSULTANTS INCOR-
PORATED* Cathy Fuchs, Practice Leader; 212-86 Ring-
wood Dr., Stouffville, ON L4A 1C3 PH: 905-640-9142
Fax: 905-640-2349 eMail: cathy@whitewillow.ca
Web: www.whitewillow.ca
WIEGERS FINANCIAL BENEFITS Cliff Deb Wieg-
ers, Partners; 120 33rd St. E., Saskatoon, SK S7K 0S2
PH: 306-244-0949 Fax: 306-244-4026 eMail: deb.
wiegers@wiegers.ca Web: www.wiegers.ca
ANNUAL Directory
Information for this directory was provided by the
participants. Benefits and Pensions Monitor takes
no responsibility for the information provided.
WILLIAMSON GROUP, THE Don Williamson,
President; 225 King George Rd., Brantford, ON
N3R 7N7 PH: 800-265-9973 Fax: 519-756-5773
eMail: don@williamsongroup.com Web: www.
williamsongroup.com Client Profile (By # of
Employees) 1 to 100: 220 101 to 500: 87
501 to 1,000: 15 1,000+: 13 Professional
Staff: 75 Group Benefit Services: Group Benefit
Plans, DB Pension Plans, DC Pension Plans,Actuarial
Services, Administration Outsourcing Investments
Services: Investment Consulting, Manager Search,
Asset Allocation, Policy Development, Education
Communication, Risk Management, Institutional
Brokerage, Transition Management Healthcare
Services: Disability Management, Claims Manage-
ment, Return To Work, Drug Cost Management,
Employee Assistance Program Record-keeping
Third-party Administration Services: Claims
Adjudication, Claims Payment, Administrative Sup-
port, Call Centre, Premium Billing Collection,
Eligibility Verification, Healthcare Spending Account
Administration, Claims Advocacy, DC Pension Plan
Administration, DB Pension Plan Administration,
Group RRSP Administration Software Technol-
ogy Services: Benefits Administration, DB Pension
Providing integrated solutions for employer spon-
sored group benefits, pensions, and disability man-
agement that foster healthier and more productive
work environments—experience the difference
between being listened to, and being heard.
SEGAL GROUP, THE Cameron McNeill, Senior
Vice-president; 45 St. Clair Ave. W., Ste. 802,
Toronto, ON M4V 1K9 PH: 416-969-3963 Fax:
416-961-2101 eMail: cmcneill@segalco.com
Web: www.segalco.ca Other Offices: Mon-
treal, Edmonton Professional Staff: 20 Group
Benefit Services: Group Benefit Plans, DB Pen-
sion Plans, DC Pension Plans, Actuarial Services,
Asset Liabilty Modeling, Participant Communica-
tions Investments Services: Investment Consulting,
Manager Search, Performance Measurement, Asset
Allocation, Portfolio Modelling, Attribution Analy-
sis, Policy Development, Education Communica-
tion, Risk Management, Transition Management
Healthcare Services: Plan Design Budgeting,
Claims Eligibility Audits, Plan Data Analysis, Well-
ness, Vendor Bidding Software Technology
Services: Multi-employer Fund Website Develop-
ment, Information Technology Assessment, Tech-
nology Acquisition Implementation Operation
Organization Assessments, Feasibility Studies for
Benefits Administration Options, Liability Driven
Investing,Asset Liability Modeling
The Segal Group (www.segalco.ca) is a lead-
ing employee benefits, compensation, human
resources, actuarial, and investment consulting
firm in Canada. The firm is headquartered in New
York and has nearly 1,000 employees throughout
the U.S. and in Canada. Clients include state and
local governments, multi-employer pension and
health and welfare plans, corporate and non-
profit employers, and professional service firms.
www.bpmmagazine.com

Level Of Retirement Income:
What Is The Employer’s Role?
By: Eric Tardif
| DC PENSIONS |
W
hat role do employers or sponsors of a
capital accumulation plan play in meeting
member retirement goals? Do they have
any influence on a member’s level of retire-
ment income? These are major questions
that extend beyond philosophical musings.
When employers decide to create or participate in a capi-
tal accumulation plan, they make a moral decision to try to
enhance the well-being of employees beyond the employees’
active contribution to the business and to play a role in prepar-
ing for their retirement.
Mission
The mission or purpose of a pension plan is to provide pen-
sion benefits to members. A pension plan is an important com-
ponent of the overall compensation package that complements
the benefits provided by government plans and personal sav-
ings to provide greater financial security for members after

| DC PENSIONS |
retirement. Employer contributions may
be considered as deferred wages and
members must be made aware of this.
Moreover, if employees are not educated
on the importance of retirement plan-
ning, it is quite possible that they will
have to retire later than anticipated. This
decision could have a significant impact
on the employer in question.
So how can employers help members
achieve the plan’s objective?
First of all, here’s a reminder on how
retirement income is calculated in a cap-
ital accumulation plan. The basic equa-
tion is always the same, regardless of the
type of plan:
Benefit = contributions + net income
As a result, two elements can be
worked on to increase retirement
income: total contributions and invest-
ment income net of expenses.
With regard to the contribution level,
the objective is to maximize opportuni-
ties. Don’t worry, we are not saying that
employers necessarily have to increase
their plan contributions if they want to
help employees prepare financially for
retirement. We are aware that employers
must respect their own ability to pay and
their overall compensation policy. How-
ever, one of the roles of an employer
who sets up a pension plan is to educate
employees about the importance of par-
ticipating and preparing for retirement.
Proper Buy-in
Employers must start by getting
proper buy-in to their pension plan
and by properly explaining the level of
employer contributions, that employer
contributions are part of overall com-
pensation, and that employees should
maximize employer contributions in
order to maximize their earnings. This
means that if your pension plan provides
a balanced formula (matching contribu-
tions) and that the level of employer con-
tributions is directly linked to the level
of employee contributions, it is the duty
of the plan sponsor to ensure employees
know and understand that if they do not
maximize the level of employer contri-
butions, they deprive themselves of part
of the total compensation available to
them. In other words, they would basi-
cally be leaving money on the table.
It is, therefore, paramount for
employers to implement a good commu-
nications plan, in co-operation with their
suppliers, to ‘sell’ the pension plan. The
employers’ communications plan should
also be able to convince employees to set
a personal and realistic objective for the
replacement of pre-retirement income.
We know that pension plan members
who take the time to set a retirement
goal tend to increase their contribution
levels. The task becomes simpler when
members set a target with the help of
available tools. They can see whether
they are nearing their target and, if they
want to achieve the desired level of pre-
retirement income replacement at the
expected retirement age, what adjust-
ments must be made.
It is important to use available retire-
ment modelling tools because if you
look only at the accumulated amounts
in a defined contribution pension plan,
for example, it is difficult to figure out
whether or not you are on your way to
reaching your goal. Indeed, what would
be the retirement income of a mem-
ber who has accumulated $300,000,
$400,000, or even $700,000? It would
be quite abstract for most of us.
Since one of the objectives is to
increase total retirement savings, an
employer could also allow employees to
contribute additional sums to their pen-
sion accounts or set up additional plans
to which the employees could contrib-
ute through payroll deductions, such as
a group RRSP or a group TFSA. A plan
design that forces employees to con-
tribute to receive the employer match
is a good solution to increase awareness
about contributing, as long as the for-
mula seems generous in the eyes of the
employees.
By The Hand
The other element of the equation is
net investment income. The role of the
employer is, therefore, to put in place
proper investment options, giving every-
one the ability to achieve their perfor-
mance objectives according to their level
of risk tolerance. We believe that the best
solution to help members is to provide
target date funds, combined with a lim-
ited ‘cafeteria’ offering of more specific
investment options.
On the one hand, target date funds
guide members who don’t have the
required level of knowledge, interest,
or time. On the other hand, a limited
cafeteria offering provides an inter-
esting solution to those who want to
make investment selections them-
selves. Again, the important thing is
to communicate and explain to plan
members the different options avail-
able to them.
The intent is to maximize the yield-
risk relationship – that is, to implement
investment solutions that try to maxi-
mize the expected yield according to
the desired risk level, while providing
good capital protection, which is to say
that they take calculated risks. As indi-
cated in the capital accumulation plan
guidelines and in any good governance
plan, properly tracking your investment
options will help ensure you always
have a powerful overall investment
solution, which in the long term will
likely generate added value.
Last Variable
Fees are the last variable in which
the employer may play a role in achiev-
ing the members’ retirement objectives.
Employers must make sure that they are
paying a fair price for the investment
solution and the tools available. The
question is whether they are actually
getting value for money. When mak-
ing a decision regarding the addition or
removal of an investment option, man-
agement fees should be part of the equa-
tion. We are not suggesting that employ-
ers simply choose the cheapest solution,
but rather the ones that will allow them
to maximize expected net performance.
An employer can play an important
role in employees’ retirement income
levels, and not only by increasing contri-
butions to the plan.The important thing is
to regularly communicate with members
to ensure they understand their plan and
the various tools available to help them
make the right decisions. Retirement is
an important issue for the company, and
we all have a role to play in ensuring a
comfortable retirement with an adequate
level of income for all. BPM
Eric Tardif is senior
consultant, investment
consulting, for DC Con-
sulting, at Aon Hewitt.

Rising Rates Are On The Horizon: How Absolute
Return Strategies Benefit Fixed Income Portfolios
By: Ben Steiner Alex Johnson
| Investment |
A
bsolute return fixed income strategies have
received increased interest over recent years as
investors anticipate interest rates moving higher.
Retail and institutional investors alike view fixed
income as a lower risk allocation compared to
equities and alternatives. However, in a rising rate environment,
bond math requires that prices fall for fixed income securities
with positive duration. Absolute return fixed income strategies
provide the opportunity to not just avoid this risk associated
with rising rates, but also to benefit from them. The solution is
not the replacement of traditional strategies with absolute return
strategies, but rather a combination of the two that is superior to
each one individually in the longer term.
Current Conundrum
The current interest rate environment presents an inflection
point for investors: anticipating that interest rates will move
higher, but, at the same time, cognizant that fixed income still
features in their asset allocations. Most investors benchmark
their fixed income portfolios against an index that has positive
duration. Investors are currently facing a conundrum: even if
they are able to outperform a market bond index consistently,
the total return in a rising rate environment is likely to be nega-
tive. Or, in other words, a manager will have achieved only
slightly better, but still negative, performance.
Expanding traditional core fixed income strategies to ‘plus’
sectors may not help in rising rate environments either. This
is true not only because these portfolios are still benchmarked
Bond yields have fallen for 30 years (Figure 1) and some
have called it ‘the end of the bond bull market.’ In a low,
but rising rate environment with persistent bouts of vola-
tility, investors are turning to strategies such as absolute
return. As rates rise, many investors believe they will need
to reallocate assets away from traditional fixed income
strategies correlated with the direction of interest rates
and move to pure alpha-generating sources, with returns
uncorrelated with those movements.
Figure 1
‘The End Of The Bond Bull Market’. Yields Have Fallen Over The Last 30 Years.
US 10 years treasury yield. Source: Bloomberg.
ben.steiner@fftw.com alex.johnson@fftw.com

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