There was a time when many workers didn’t have to worry about saving money for retirement. After all, that’s what their DB pension plan was for. Then the pendulum shifted and companies began switching to DC plans, putting more of the responsibility on employees to make investment decisions for their retirement savings.
The Saskatchewan Pension Plan (SPP) has been called “Canada’s best-kept secret” and a “made-in-Saskatchewan success story,” with the potential to do for pension reform what medicare did for healthcare in the country. SPP general manager Katherine Strutt refers to it as “an overnight sensation that only took 28 years.”
United Technologies Corp. (UTC) knows a thing or two about building features into its products to make them last. So it’s not surprising that the company behind Pratt & Whitney jet engines and Otis elevators became one of the first major U.S. employers to incorporate a lifetime income feature into its 401(k) retirement plan.
Our 2014 DC Plan Summit explored ways to keep members on track to retire successfully—and save them from themselves.