7 keys to 401(k) engagement


Offering a 401(k) plan to employees is only half the benefit; sponsors need to design plan features to maximize enrollment and communicate the advantages of the plan. With strong plan construction and sound communication and financial education campaigns to support it, employers can help workers save and plan adequately for retirement.

Based on suggestions from a Diversified retirement white paper and from Kristi Mitchem, senior managing director and head of global defined contribution for State Street Global Advisors, EBN has compiled seven tips for plan sponsors to help engage employees in retirement saving and planning.

1. No jargon or investment speak 2. Narrow the number of investment options 3. Understand the frame and devise easy-to-use translation tools 4. Design employer contributions to maximize plan objectives
5. Don’t underestimate savings potential. 6. Automate success 7. Limit plan loans

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