Enroll123 is a one-page, personalized communication that targets eligible, non-contributing employees. The company said it enables employees to enroll by reviewing illustrations and deferral options based on actual salary and census data; checking a box and selecting a deferral rate; and returning the signed, self-sealing mailer to Ascensus using prepaid business reply postage. Enroll123 also provides contact information for employees to enroll online or through an interactive voice response phone system.
The company’s pilot program showed respondents setting their average salary deferral rates at 7%. In addition, many plans experienced double-digit response rates, including one plan with 30% of recipients electing to enroll, the company said in an announcement.
“Inertia is one of the biggest challenges to getting people enrolled in their company retirement plan. For people who are strapped for time or unsure about the enrollment process, Enroll123 offers a simple strategy to get them started,” explained Kathleen Endres, Executive Vice President, Client Services at Ascensus. “By taking just a few minutes out of the day to complete and return the mailer, individuals are able to position themselves for a better, more secure future.”