During Benefits Canada’s annual DC Plan Summit, plan sponsors participated in interactive sessions. They split into small groups and were given questions to discuss. Based on these discussions, moderators later offered their insights and relayed key take-aways.
Jennifer Gregory, national vice-president, business development, group savings and retirement, Standard Life shares the best ideas from the topic they discussed.
The Challenge:
The goal for many plan sponsors in establishing a group savings and retirement program is to assist members in saving for retirement. By assessing the information available within various reports, sponsors can determine if members are on track and address any anomalies that may be evident. This reporting can help determine whether the plan meets members’ needs, their level of engagement and if they are taking full advantage of the program.
Survival Tips for Employers:
- Report card: Before launching an education or communication campaign, establish the purpose of the campaign and its target. Create a report card. This will help to establish thresholds and benchmarks.
- Total rewards statements: Total rewards statements with targeted messages can be very effective in getting people to take action. Whether it is on paper or online, making these types of reports available to plan members helps draw attention to the benefits of the retirement plan.
- Retirement goal: Tracking whether a member has set a retirement goal can give a plan sponsor a sense of overall plan health. Members who have taken the time to plan and set a goal are likely to be more engaged in the plan
Additional videos from the DC Plan Summit can be found here.