Employees under age 35 are likely to be more dependent on DC plans for their retirement savings than previous generations—but less attention is being paid to them than on their boomer counterparts, according to a U.S.-based study by Northern Trust.
Plan sponsors need to take a holistic view to their members’ retirement savings and understand that at different stages in employees’ lives, they face different challenges, says Robin Pond, investment consultant with Buck Consultants.
Watch this video There’s a perception that DC plan members don’t feel responsible for managing risk, says Marcus Turner, senior investment consultant with Towers Watson Canada Inc. Anecdotally, this disengagement has been attributed to members feeling like they don’t have to take responsibility because they belong to a large corporation that will take care of […]
From Lafarge’s perspective, why is focusing on health and wellness a good business strategy? If we’re spending money on benefits above and beyond what the actual cost should be, it takes money out of the actual business operating budget, and we need to come up with that money somewhere else. Has Lafarge received recognition for […]
Watch this video With DC plans, there’s no guarantee that members will end up with a sufficient retirement income at the end, warns Michelle Loder, Canadian DC business leader with Towers Watson Canada Inc. However, monitoring the plan’s performance—not necessarily based on a retirement benefit adequacy promise but rather on how plan members will fare […]
Time and tools are the key factors in an effective benefits education program, according to research from Unum, a benefits services provider for the U.S. and the U.K. The firm’s study of more than 1,700 employed adults points to a “three-plus-three communication strategy,” in which members have at least three weeks to review at least […]
In a capital accumulation plan (CAP), there will be two types of members: those who are engaged and understand enough basic investment concepts to do it themselves; and those who are unengaged and would rather not learn how to invest and make investment decisions. Compounding problems for the unengaged member is a tendency for engaged […]
CIBC Mellon has announced the Canadian release of its Workbench Mobile app for the iPad. The new app enables the firm’s institutional clients to authorize instructions and view reports and account information on the go. Available features include: Recent reports—view Workbench reports run over the past 10 days in PDF format. Dashboard—view account valuation changes and […]
While plan sponsors across the country are retreating from DB arrangements that are costly to the bottom line in good times—and even more so in economic downturns such as those we’ve faced over the past decade—more and more are looking to DC as an alternative retirement savings option for their employees. According to the 2011 […]
What’s the best way to communicate with your DC plan members? It’s a question many plan sponsors struggle with as they try to educate and engage their members. Unfortunately, there’s no quick and easy answer. Communication methods are always changing, and sponsors are increasingly required to implement a variety of techniques. “I think the methods […]