During the 2007 ACPM National Conference’s Open Forum, ACPM members expressed concern regarding the level of plan members’ general financial literacy. They were specifically concerned about plan members’ awareness of the need to save adequately for retirement, along with their ability to do so.
The Strategic Communications Committee formed the Education Sub-committee. In order to narrow the focus of its mandate, the sub-committee determined that, as a first step, it would focus on canvassing plan sponsors across Canada regarding “best practices” for communicating about retirement plans and educating plan members around the need for adequate retirement savings.
Plan sponsors were invited to roundtables hosted by ACPM in Vancouver, Calgary, Toronto, Montréal and Halifax. These roundtables were relatively small groups – approximately 10-12 plan sponsors in each city – so as to encourage discussion and provide everyone with an opportunity to express what tactics, media and messages they were using, and whether these efforts were successful. The last roundtable was held in January 2009.
The sub-committee is currently preparing a draft report to discuss with ACPM members at the 2009 National Conference.