Employers want to help employees in retirement

Employers are revisiting how they view their retirement programs and how they view their role when active employees become retirees, said Nigel Branker, partner and leader of Morneau Shepell’s DC pension consulting practice in Ontario, at the firm’s Trends in Human Resources event in Toronto.

But the survey of the same name reports that 21% of employers want to reduce the costs and risks in their retirement plans.

DB plan sponsors are looking at ways to de-risk their plans, said Branker. They’re looking at both investment strategies and plan design.

The survey indicated 38% are reviewing their investment strategy, and the same percentage are reviewing their plan design. Only 18% are looking to convert their DB plan to a DC.

DC plan sponsors, on the other hand, are becoming more interested in the adequacy of retirement income. They’re looking at ways to provide payment options for retirees, Branker said, adding that the industry has not seen “waves of employees retiring from DC plans yet.”

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