KPMG in Canada is aiming to boost plan member engagement with its retirement savings programs with a host of changes, including a refreshed defined contribution plan investment lineup, a new first home savings account, financial education programming, digital tools and switching record keepers.
The changes, launched in early October, stemmed from a review of the organization’s savings plans, said Christine McCloskey-Bruno, senior total rewards manager for KPMG in Canada, during a session at Benefits Canada’s 2025 DC Investment Forum.
The management consulting services copmany didn’t initially set out to change record keepers, but as it evaluated its organizational priorities and employee feedback, the move started to make sense. It wanted to provide a modernized plan experience, boost member engagement and meet the evolving needs of employees. It was also hearing from employees that they wanted “more transparency, they wanted flexibility, they wanted personalization and more education as it related to financial well-being and wellness,” she said.
The organization also factored inflation, market volatility and the rising cost of living into its decision-making, according to McCloskey-Bruno, who noted the cost-of-living crisis was a huge issue for its employees under age 35 who make up 60 per cent of its workforce.
KPMG in Canada moved from passively to actively managed target-date funds with an aim to improve employee outcomes, she said, but it also kept funds its employees valued from the previous record keeper, including a Shariah-compliant option introduced two years ago. “We’ve already received feedback from our employees about whether a Shariah-compliant fund could be offered as target-date funds. This is an interesting challenge: how do we involve inclusivity in our investment design while maintaining scale and cost efficiency?”
It also introduced a first home savings account to support employees on their home-buying journeys, as well as adding two decumulation options — a registered retirement income fund and life income fund.
McCloskey-Bruno said the organization’s new record keeper now offers a mobile app for plan members to see their savings on the go, as well as scenario planning tools so they can understand the impact of their decisions. It also provides ongoing and tailored financial education for members, which is aimed at “sustaining engagement, not just sparking it.”
KPMG in Canada already had its own financial well-being hub, she added, and its new record keeper provides multi-channel financial education, including webinars and one-on-one coaching. The record keeper will also use personalized nudges to encourage better savings habits and surface educational information related to someone’s age and life stage.
“Financial well-being isn’t just a one-time event, it’s a journey that evolves through a person’s life and through their career. The financial questions and challenges our members face at [age] 25 look very different from those they face at age 55,” she said.
Read more coverage of the 2025 DC Investment Forum here.