During Benefits Canada’s annual DC Plan Summit, plan sponsors participated in interactive sessions. They split into small groups and were given questions to discuss. Based on these discussions, moderators later offered their insights and relayed key take-aways.
Jean-François Pelletier, vice-president with Desjardins Financial Security shares the best ideas from the question he moderated: What drives plan satisfaction? Are there gaps between what plan sponsors believe and what members say they are?
Whether it be reviewing the enrollment package, visiting the website, opening their statement or contacting the customer call centre, the more interaction members have with the plan, the more it will be successful and the easier it will be for them to reach their retirement goals. Employers may believe they are already doing plenty to promote participation in the plan, but our experience shows that they probably need to actively push those tools to plan members so that they take action.
Call to action:
- Plan sponsors should adapt the way they communicate with plan members. Use different enrollment sessions and communication methods for different demographics.
- Entice participation for newcomers: have a retiree come in and talk about his or her experience in the plan.
- Communicate all the time. “It’s not the case that if you build it, they will come.” Ensure that members understand the plan, that they know what’s available, and follow up.
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