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Joe Hornyak
Former editor of Benefits and Pensions Monitor and founder of Joe Hornyak Communications
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Powershift Communications Inc. Acquired By KM Business Information Group
Powershift Communications Inc, the publisher of Benefits and Pensions Monitor and Home Improvement Retailing, was on 11 April 2023 acquired by the KM Business Information group (www.keymedia.com).
KM is an award-winning global B2B information provider with 340 staff working on around 25 websites, 14 magazine titles and 60 annual events in Canada, Australia, USA, UK, New Zealand and Philippines.
With a 21-year history of rapid growth, the team at KM brings a solid track record and an unwavering passion for delivering exceptional content and service to readers and clients across the finance, HR, wealth, insurance and law sectors.
“We’re thrilled to welcome Powershift’s people to KM, and we look forward to delivering even stronger results to its titles and clients by leveraging our cutting-edge technology and global resources,” said Tim Duce, North America and UK President of KM.
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KM is home to some of the world’s most trusted B2B media brands, including Wealth Professional Canada, Human Resources Director (in five countries) and Canadian HR Reporter, and Insurance Business (in six countries).
“We pride ourselves on creating high-quality content, accessed by people when and how they want, while recognizing and celebrating excellence in wealth, finance, HR and executive leadership,” said Duce. “We bring businesspeople together so that they can thrive and grow.”
RRIF Rules Stuck In Past
Rules for registered retirement income funds (RRIFs) and similar retirement vehicles are stuck in the past and need revamping or removal, says a C.D. Howe Institute report. In ‘Live Long and Prosper? Mandatory RRIF Drawdowns Raise the Risk of Outliving Tax-Deferred Saving,’ authors William Robson and Alexandre Laurin show that, with seniors living longer and investment returns on safe assets being lower, current age limits and mandatory withdrawals will leave too many seniors with negligible income from their tax-deferred saving in their later years. They show how the framework for RRIFs established in 1992, when life expectancies were shorter and safe assets were yielding returns much higher than inflation, gave RRIF holders a good chance of preserving the purchasing power of their withdrawals through their lifetimes. Since then, life expectancy at age 71 – the age at which savers in defined contribution pension plans and registered retirement savings plans (RRSPs) must stop contributing to their plans – has risen, and real returns on safe assets have fallen close to zero. But the RRIF framework has undergone only one lasting change – a modest reduction of mandatory minimum withdrawals in 2015. They calculate that the purchasing power of minimum RRIF withdrawals could fall to half their initial value by the time their holder reaches age 94 – which one in eight men and one in five women age 71 can expect to see. Abolishing age limits on saving and mandatory withdrawals would make sense, they say. Failing that, they urge raising the age limits and shrinking mandatory withdrawals, and/or establishing a threshold below which RRIF holders do not need to make withdrawals at all.
For details on these stories, visit www.bpmmagazine.com