|This year alone, the federal government and several provinces introduced changes to their public sector pension plans. The most common change cited? Increasing employee contributions.There are a number of reasons governments are changing their approach to retirement plans—changing demographics, legal and financial challenges, policy changes, politics and recession, just to name a few. These changes can confuse and frustrate your team. If your agency is one of the many implementing change, keep on top of the game by conveying these changes to your employees. A proactive approach to communication can be a great way to minimize confusion and questions.|
Types of retirement plans
Communicating retirement plan changes
Handouts, including a side-by-side comparison of the different plans, the benefits of saving for retirement, and different investment options can be helpful—organize this useful information in a binder or folder, and imprint a message promoting retirement savings, such as “Save more today for a better tomorrow.” Include a business card calculator imprinted with important contact information employees can access to get more information or ask questions.
Remember, change can be stressful and frustrating, especially when it involves employee benefits. A dollar sign stress reliever, a tin of mints and a pen are a nice way to thank employees for their time and patience. To make an added impression, toss it all together in a logo’d grab bag and call it “Your Retirement Plan Change Survival Kit.”
Regardless of what is coming down the pike with your agency’s retirement planning strategy, proactive communication can go a long way toward keeping employees informed. And, in return, informed employees just may be more receptive to—and accepting of—change.
“Alberta Pension Plans to See Major Changes.” CBC News. Retrieved 16 Sept. 2013.
“Center Summit Debates Widespread Changes to Retirement Plans.” SLGE. N.p., 24 April 2013. Web. Retrieved 11 Sept. 2013.
“What’s a Defined Benefit Plan?” CNNMoney. Cable News Network, n.d. Web. Retrieved 11 Sept. 2013.
“How Do Defined Contribution Plans Work?” CNNMoney. Cable News Network, n.d. Web. Retrieved 11 Sept. 2013.
Barkin, Robert. “Government Pensions Shifting to Hybrid Retirement Plans.” American City & County Home Page. N.p., 11 April 2012. Web. Retrieved 11 Sept. 2013.
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