Moderators: David Devine, regional vice-president, western region, group retirement services, wealth management; and Christine van Staden, vice-president of national accounts at Great-West Life
Most plan sponsors agreed that defined contribution plans traditionally focus on those nearing retirement, said van Staden. “But everyone agreed there is a need to take a step back, rebalance the pendulum and look at what we are going to do to support the younger generation.”
Key takeaways:
❱ Everyone is experiencing the challenge of trying to get employees engaged in saving for retirement. Employees can’t be forced to take action, but it’s important to ensure a proper default option is in place. And while it may be painful, continuing diligence around communications is necessary to meet fiduciary responsibilities.
❱ Plan sponsors are trying to reach younger employees through new communication strategies, such as mobile technology and welcome calls from plan providers when new people join the organization.
❱ It’s important to leverage data to understand what’s happening in employees’ lives. Targeting people with text messages, emails or online communications that encourage them to take action can be helpful.
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