People don’t consciously control a lot of their behaviour. For plan sponsors, this is frustrating, because getting employees engaged in benefits and retirement plans is all about behaviour change.
Governments around the globe will need to gradually increase their retirement ages in order to keep their pension systems sustainable, according to a new report from the Organisation for Economic Co-operation and Development (OECD).
During this period of reform, there’s been a lot of discussion about how to improve pension coverage across Canada, and how to keep the current system sustainable.
It appears CAP investors are keen for target date funds (TDFs). According to Vanguard’s Target-Date Fund Adoption in 2011 report, nearly one in four 401(k) plan participants invest solely in TDFs—marking a six-fold increase over the past five years.
Employees under age 35 are likely to be more dependent on DC plans for their retirement savings than previous generations—but less attention is being paid to them than on their boomer counterparts, according to a U.S.-based study by Northern Trust.
Like most western countries, the level of pension savings in Canada is a major issue for the government, and increased life longevity is driving concerns about how Canada can provide for its senior citizens in the future.
For employers that are trying to help their employees prepare for retirement, the challenge has always been finding ways to craft a program that is efficient, affordable, sustainable, reliable and attractive to participants.
Watch this video With DC plans, there’s no guarantee that members will end up with a sufficient retirement income at the end, warns Michelle Loder, Canadian DC business leader with Towers Watson Canada Inc. However, monitoring the plan’s performance—not necessarily based on a retirement benefit adequacy promise but rather on how plan members will fare […]
The number of U.S. employees using auto-enrollment features for their benefits plans has more than doubled since 2005, reports the Guardian Life Insurance Company of America. According to Guardian’s study, 62% of workers now enrol online for their employee benefits, compared with only 29% in 2005. In the past year alone, the use of online […]
Some insurance companies now provide online claiming for non-drug benefits (electronic adjudication of drug claims has been around for years). But how has this increase in online claiming affected—positively or negatively—group insurance fraud? What impact has this new claiming channel had upon the “misuse, abuse and overuse of benefits?” Unfortunately, fraudulent activities continue to thrive. […]