Struggling to engage your plan members? Michele Leroux, manager of pensions and benefits with McMaster University, and Tracey Riccardi, manager of compensation and benefits with Caesars Windsor, shared their advice and best practices in member communications at a session moderated by Marcia McDougall of Hewitt Associates at the 2009 ACPM National Conference in Montreal today.
Case Study #1: McMaster University
With three defined benefit pension plans, a group RRSP and supplemental plans for high earners, McMaster elected to implement a strategic communications strategy as an employer of choice, explained Leroux. “We take a holistic approach, we take our time and we do it right.”
Like many employers, McMaster faced challenges in developing its communications program, including funding, internal red tape and finding a provider that could offer the full range of services that the university needed at the right price. McMaster was particularly concerned with taking a “humanitarian” approach to retirement education that would combine both financial and life planning elements.
The campaign that was implemented spans a range of media, including print and online resources, presentations and interactive employee workshops. To ensure that the communications are hitting the mark, they are targeted to different age groups within the employee population. McMaster also expects to integrate the group RRSP into its communications strategy in the future.
When it comes to finding the best way to communicate with plan members, Leroux stressed the importance of continually reassessing the communications program and keeping it fresh. “Don’t get too comfortable,” she added.
Case Study #2: Caesars Windsor
With a defined contribution plan of 3,700 members, including 2,800 unionized employees, Caesars Windsor’s goal was to develop a strategy that would build awareness of the plan among employees and encourage shared responsibility for retirement planning.
Challenges for Caesars Windsor included reaching a diverse employee group (many of whom work variable shifts in the 24/7 facility), lack of email access at work for the unionized employees and limited access to the corporate intranet from home. But what was the biggest challenge? According to Riccardi, pensions simply weren’t viewed as a significant issue.
The company implemented a three-year plan designed to: build awareness (Year 1); increase plan participation (Year 2); and focus on account management and “smart investing” (Year 3). Communications materials include newsletters, planning checklists, branded information sessions, materials posted on the corporate intranet and web links to carrier information.
Caesars Windsor also implemented Pension Education Week, a multi-day event with activities such as distribution of plan literature, question-and-answer sessions for employees, retirement planning seminars and one-on-one meetings with a financial advisor.
How does Caesars Windsor know the communications strategy was a success? In the first year, it received 623 requests to increase contributions—primarily as a result of the one-on-one meetings with a financial advisor, Riccardi added. Planned improvements in the future include increased use of technology and a move toward electronic enrollment.
Riccardi believes the communications program has been successful because Caesars Windsor has a solid understanding of its plan membership and is flexible in adjusting its approach based on the results it receives. “Get to know your audience,” she advised. “Do whatever it takes. Don’t be afraid to try something new if what you’re doing isn’t working.”
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