If you’re already losing sleep over potential legal challenges from the members of your DC pension plan, here’s another item to add to the sobering list of reasons to be concerned—fee disclosure. Plan sponsors are required to provide members with a description of the fees they pay. That’s been the case since 2005 when the […]
Canadian plan sponsors, administrators and providers give clear communication and plain language around benefits, pensions and other HR programs lip service, but few make any serious effort to put the principles of plain language into practice. Even fewer have formal quality assurance processes to monitor their application. In fact, in a world in which plan […]
Few Canadians will voluntarily educate themselves about financial matters—especially when it comes to retirement planning. Just ask the many plan sponsors and providers that have spent big money on member education materials and financial planning tools that sit largely ignored and unused. Thanks to the Capital Accumulation Plans Guidelines (CAP Guidelines), there’s not a well-governed […]
In 2008, Americans voted in record numbers, with millions submitting early ballots and others standing in lines that snaked around the block—sometimes in pouring rain. Fast-forward to 2010. Voter turnout for the recent mid-term primaries was the lowest of any mid-term primary season in U.S. history, with the exception of 2006. Young voters were the […]
When you think about employee communications, what comes to mind? Websites, presentations, pamphlets, emails? If so, you’re not alone. For most organizations—and most plan sponsors—communication refers to the tools we use to deliver information after everything else is done. When it comes to changing a benefits plan, for instance, the process typically looks something like […]
It may be stating the obvious, but people who work in the pension industry tend to have an affinity for things financial, at least one would hope they do (on many levels). This being the case, they are often mystified by the apparent disengagement and disinterest displayed by so many defined contribution pension plan members. […]
They aren’t sexy and you won’t find them on the program at the next big pension conference, but the option forms you provide plan members when they leave or retire are, perhaps, the single most important piece of communication you’ll ever give them. Of course, we’ve all seen our share of bad forms—forms written in […]
“Red faces at retailer as dozens of staff post insulting comments about its customers on internet forum” — U.K. Daily Mail “Nearly half of office employees access Facebook during work” — Nucleus Research “Employees publish inappropriate pictures of customers online” — http://sethsimonds.com As headlines like these become increasingly common, many organizations are debating whether employees should have access […]
It affects many organizations, but is seldom viewed as a major issue—and rarely mentioned in the context of pensions and benefits. The reality is, however, that many employees lack the literacy skills needed to read and absorb information about their pension and benefits plans. Sure, they may be equipped to handle the written materials required […]
Pension plan sponsors that have opted to take advantage of provincial or federal funding relief measures face strict disclosure requirements. For many organizations, complying with these requirements means holding their nose and having their actuary prepare the briefest-possible member notification. But sending members a cryptic, official-looking document loaded down with actuarial terminology is counter-productive at […]