The app allows users to access key account information, including the estimated annual income the individual is on track to receive in retirement.
The app also includes a “quick enroll” feature, which allows non-participants to enroll in their employer-sponsored retirement plan with a date of birth, last five digits of a Social Security number and zip code. The individual will then be able to start contributing a specified amount to the plan’s default investment option, which is typically a target-date fund (TDF).
Future account transactions require full authentication, but participants can move between the mobile experience and full web experience without authenticating again.
“Inertia is extremely powerful, and many individuals don’t
overcome the obstacle of resetting a password,” said Donn Hess, managing
director and head of product development for J.P. Morgan Retirement
Plan Services. “In this case, individuals can attend 401(k) plan
informational meetings and enroll before they even leave the room. We
want to eliminate any barriers to saving.”