When it comes to pensions, effective member engagement requires tailored efforts, said David Morrell, director of university benefits at the State University of New York.
At Benefits Canada‘s 2016 DC Plan Summit, Morrell discussed the university’s optional retirement plan, the largest public defined contribution retirement plan in the United States. “We’re huge, we’re very diverse, we have people from all walks of life and who have all different needs,” he said.
Morrell said the university works to make the communications relevant to specific groups. It offers specific workshops and communications tailored to various groups, including women, the gay community, Spanish speakers, and people in different stages of their careers and different departments. “We feel that being around their own personal colleagues and friends makes them more comfortable, more willing to ask questions and has led to better outcomes and increased change,” said Morrell in reference to department-specific training.
He also said it’s important to help employees not just leading up to retirement but also afterwards. “Just because they’ve left you doesn’t mean that we feel you should leave them and abandon them to the wolves. Continue to work to provide them with services throughout their retirement,” said Morrell.