As social media feeds flood with click bait and half-baked stories and reporting from respected American media institutions comes under fire as fake news by anyone who disagrees with it, there’s an important lesson for plan sponsors. People want the truth. They crave trustworthy content and want information but they often struggle with how difficult it can be […]
Two new legislative requirements in Ontario will have an impact on pension plan communication in 2017. First, as of Jan. 1, 2017, organizations of all sizes must be in compliance with the Accessibility for Ontarians with Disabilities Act’s information and communication standard. The standard is the latest milestone in the timeline for the act, which […]
Leading defined contribution pension plan sponsors are shifting their focus from building account balances to building income adequacy. This outcomes-based approach means plan sponsors need to help members understand how their current savings level will translate into retirement income — and do it while members are in their prime saving years instead of waiting until […]
With escalating drug costs and the strain of retiree benefits dragging down balance sheets, it’s no wonder employers are looking for creative ways to limit their liabilities and get a handle on their expenses. One way to do that is with an employee life and health trust that offers a defined contribution approach to funding […]
Is it your job as a plan sponsor to educate your employees about the Canada Pension Plan expansion? Most employers will consider it the federal government’s responsibility — but there’s a lot to gain from connecting with employees on government benefits. Here’s why: 1. CPP expansion is making headlines and will continue to be in […]
Time and time again, research reveals that defined benefit and target benefit plan members rank their annual pension statement as the single most important piece of plan communication they get. That holds true across industries, income levels, ages, genders and provinces. So if plan sponsors are looking for one tool that can have an enormous impact on […]
The difference in male and female annuity rates can have a big impact on each gender’s income at retirement. You may wonder why it matters given that almost nobody is buying annuities these days. There’s no question that the high cost of annuities in today’s environment of low interest rates is driving them out of favour, but that’s […]
According to the results of a recent survey by the International Foundation of Employee Benefit Plans the top challenge with benefits plan communication is getting participants to open and read materials. With so many competing interests constantly vying for our attention, this is hardly a surprise. Here are five tips for grabbing plan members’ attention: 1. Make […]
No matter which position you take on the Ontario Retirement Pension Plan (ORPP), one thing is certain: its introduction offers a unique opportunity to engage and educate Ontario employers and employees on the issue of retirement income adequacy. In other words, how much is enough? When it comes to the ORPP, employers and employees fall into […]
In our collective search for ways to offer retirement income security while maintaining contribution stability, jointly-sponsored pension plans (JSPPs), target benefit plans (TBPs) and shared risk plans (SRPs) have much to offer. Combining a defined contribution approach to funding with a defined benefit approach to benefits addresses many of the perceived shortcomings of both types […]