Despite the complexity of designing, communicating and administering a DC plan, employers do their best to get plan members engaged and on track with retirement savings. However, for each employer that does this, this poses some unique challenges.
With this in mind, Benefits Canada sat down with four plan sponsors and asked each one to share a piece of advice or one lesson learned with fellow plan sponsors.
Michelle Peshko, senior advisor, pension investments, with Xstrata, thinks that although plan sponsors need to provide adequate investment options, these options aren’t going to please everyone. See what else she has to say.
Marc Poupart, director of pension and retirement programs with Hudson Bay Company, says that information is key when trying to get plan members to save more. Watch this video.
Larry Ketchabaw, manager, pensions and benefits, with Unisource Canada, thinks employers should offer advice to employees—although his company shies away from it. Find out why.
Alain Malaket, senior director, pensions and benefits, with George Weston Ltd./ Loblaw Companies Ltd., says plan sponsors need to continue to work with their vendors to engage employees and to work on tailoring any of the products offered. Watch this video.