"We are trying to solve the wrong problem,” Jacqueline Taggart, associate partner and regional practice leader with Aon Hewitt, told the audience in the Getting It Right: Tailoring Benefits Plan Communications session at Benefits Canada’s Benefits &; Pension Summit in Toronto. She was talking about benefits communications and why so many plan sponsors are struggling to make members care about their plans.
The year 2013 resulted in fantastic news for DC plan members: great returns from most asset classes and increases in interest rates, translating into both larger accumulated savings and better expected retirement income levels—particularly for those planning to purchase a life annuity.
Sun Life Financial has launched a new online program that incorporates a gamification strategy to engage workers in learning more about their workplace retirement and savings plans and increase their financial literacy.
When it comes to protecting the environment and our planet—sustainability is a word people can usually get behind. But ask plan members how they feel when sponsors start talking about sustainability in the context of pensions, and chances are you’ll get an earful.
Principal Financial Group has introduced a new quick enrollment method that lets American employees to sign up to save for retirement in their DC plan by sending a text message.
Dale Carnegie’s 1936 classic, How to Win Friends and Influence People, might have been written directly for DC plan sponsors. While plan sponsors can’t force members to join a DC plan, they can influence them. But they have to know how their members think. Understanding the psychology behind their decisions can only help plan sponsors to influence employee behaviour.
Of the seven billion people on this planet, two billion are connected to the Internet, six billion use mobile technology, and one billion have smartphones. From these statistics, it’s hard to imagine a world where mobile technology won’t be a part of the way providers and plan sponsors communicate and connect with their members.
The Saskatchewan Pension Plan uses social media to connect with members by providing financial-related information.
Following an education campaign for its DC plan members, Niagara Casinos wanted to keep the momentum going.
There are three ways plan sponsors can motivate their employees to increase their commitment to retirement savings.