Canadian pension plan sponsors are caught in a difficult balancing act in which they must manage regulation compliance while also mitigating costs and offering a positive member experience, according to a report by Towers Watson.
In 2007, Teck Resources Ltd. undertook an extensive communication campaign to determine what its employees needed when it came to better understanding and participating in their DC plan.
We know it’s important to invest now for the future. So why is it so hard to save for retirement?
Amassing adequate retirement savings is a challenge for individuals trying to plan for retirement.
Helping DC plan members with their retirement planning is difficult but also necessary, says Idan Shlesinger, managing partner, CAP services, with Morneau Shepell Ltd.
For many mid-size plan sponsors, finding ways to keep employees engaged in retirement saving during the years when retirement is not top of mind is one of the primary considerations in plan design.
Planning for retirement brings with it many complex emotions—anxiety, fear, uncertainty—and addressing these emotions is one way DC plan sponsors can help employees better prepare for retirement.
Surgeons are recognized for their precision more so than for their communication skills—and for that reason, there’s a lot we can learn from them about communicating with our employees.
Within Canada and around the world, the conversion of DB plans to DC plans has been accelerating as plan sponsors look to reduce their pension risk.
Blair Richards’ ability to build consensus and lead strong teams has been a driving factor behind the success of the Halifax Port ILA/HEA Pension Plan.