To simplify your DC plan for members, consider addressing the savings side rather than the investment side, says Marc Poupart, director of pension and retirement programs for Hudson’s Bay Company. Am I going to have enough to retire? When can I retire? How can I do it? These are the basic questions your members want answered—and the answers all come down to savings.
“In the past, we’ve been trying to make all our members investment managers, explaining how to invest,” says Poupart. “In my view, savings is more critical. If you don’t put money away, you can be the best investment manager but you won’t get any compounding of it.”
He says his organization now tries to deemphasize the investment side and focuses on encouraging plan members to save.
Watch the video to find out what else Poupart has to say.