Arnerich Massena is pleased to announce the publication of a new white paper, Retirement Plan Best Practices: Participant Education. This paper is the last of a five-part series outlining retirement plan best practices; the series includes Plan Governance, Plan Design, Investment Menu Construction, and Plan Monitoring, and now concludes by covering participant education. Participant Education examines best practices for a plan sponsor in designing education and engagement programs to improve participants’ financial wellness and long-term retirement outcomes.
“The defined contribution retirement system has been continually refined over the last 30-40 years as the industry and plan sponsors work to improve retirement outcomes by providing participants with high-quality investment choices,” the paper states. “Few people would argue, however, the fact that those investment choices have become more complex over time… Participants want and need help navigating through this maze of information and choices, which can be intimidating and overwhelming.” With the National Institute on Retirement Security showing that the U.S. retirement savings deficit is between $6.8 and $14 trillion, retirement planning and investment education has never been more important.
Whether plan sponsors are working alone or with an education provider, the paper offers guidance on how to build and implement a successful program that reaches their employees. Readers learn about using different channels of communication, targeting life stages, understanding behavioral economics and participant decision-making, and measuring the success of their efforts.
“Arnerich Massena has been delivering award-winning participant education services since 1993,” notes Terri Schwartz, managing director of institutional services and business development. “With our repertoire of experience in participant education, including hire-to-retire materials and workshops (including some geared specifically toward women), videos, online tools, and custom campaigns, we’re pleased to offer some ideas for plan sponsors looking to help their participants learn how to plan and invest for a secure retirement.”
Contributors to the paper include Jillian Perkins; Kathy Peterson, CPRC®; Terri Schwartz; and Chris Van Dyke, CFA, CAIA
To read or download Retirement Plan Best Practices: Participant Education, visit http://arnerichmassena.com/Research-Resources/ or click on the image below.