Moderators: David Devine, regional vice-president, western region, group retirement services, wealth management; and Christine van Staden, vice-president of national accounts at Great-West Life

Most plan sponsors agreed that defined contribution plans traditionally focus on those nearing retirement, said van Staden. “But everyone agreed there is a need to take a step back, rebalance the pendulum and look at what we are going to do to support the younger generation.”

Key takeaways:

❱ Everyone is experiencing the challenge of trying to get employees engaged in saving for retirement. Employees can’t be forced to take action, but it’s important to ensure a proper default option is in place. And while it may be painful, continuing diligence around communications is necessary to meet fiduciary responsibilities.

❱ Plan sponsors are trying to reach younger employees through new communication strategies, such as mobile technology and welcome calls from plan providers when new people join the organization.

❱ It’s important to leverage data to understand what’s happening in employees’ lives. Targeting people with text messages, emails or online communications that encourage them to take action can be helpful.

Read more stories from the DC Plan Summit

Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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