A number of studies, including a 2018
survey External link. Opens in a new window. by the Canadian Payroll Association, have identified how employees are increasingly open to, or expecting, the support of their employers when it comes to their financial wellness. In this Benefits Canada
article External link. Opens in a new window., we learn how Riley Pye, Vice President at JD Irving Ltd., has leveraged this interest and collaborated with Desjardins experts to maximize the benefit of their workplace savings plan. Thanks to a comprehensive education campaign, plan members were successfully sensitized to the importance of establishing a retirement plan and using the right tools to get there.
In recent years, a new generation of retirement planning tool has emerged – focused on translating projected lump-sum assets into anticipated retirement income and providing a more holistic assessment of an employee’s financial situation. Desjardins’s Maria-José Perea, Director, Business Solutions, describes how our On Target Retirement online goal tracker can help plan members better gauge their optimal savings level, by taking their income sources beyond group savings, as well as their risk tolerance, into account.
She also explains how Desjardins’ retirement goal tracker helps address concerns around financial literacy; the likelihood of reaching a given rate of return is upfront and centre and plan members are encouraged to view underlying assumptions. Furthermore, the tool allows plan members to view the impact of changes in their savings decisions on retirement income. Our friendly personalized videos have also proven to be an effective way of addressing these concerns, by sharing next best actions across multiple devices, be it desktop, tablet or mobile.
The fact that close to a third of J.D. Irving employees are actively using On Target Retirement is not only a reflection of its usefulness and accessibility, but also an illustration of how a supportive plan sponsor can positively impact member engagement. We’re committed to evolving our suite of educational tools to help your plan members establish, and follow, a roadmap to reaching their financial goals. You can look forward to the launch of our fourth educational video on retirement planning in the coming month.