iJoin has been in pilot phase since December 2010 and 200 workers have been participating from eight companies across the country, in industries ranging from professional firms to farming equipment and manufacturing, the companies said.
The program provides a personalized analysis of a worker’s retirement situation, according to Left Coast Solutions. Participants can use their own smartphone or a supplied mobile device, and are led through an interactive decision-making process. Using applied behavioral finance techniques, iJoin helps participants answer questions such as:
- How much must they save for retirement to replace their monthly income?
- If they are not on track to achieve their monthly income goal, what they can do to achieve the desired goal?
- Based on their individual preferences, what are some suitable investments?
Left Coast Solutions recommends that iJoin is used in conjunction with a financial adviser, to help analyze the situation and provide solutions. At the end of a session, a retirement planning report is emailed to each participant.
The company says that the pilot phase has had successful results, including:
- 97% chose to participate in their company retirement plan compared to industry average of 78.8%
- 68% selected a higher contribution percentage than what they were currently deferring
- Workers increased their savings or deferral rate resulting in a 10.6% average deferral rate compared to industry average of 7.5%
"The mission of iJoin is to improve the retirement security of millions of American workers who are depending on 401(k) plans to generate needed income once they stop working. Mobile technology is a game changer. By partnering with financial advisers, iJoin offers a turnkey technology solution and consistent guidance process that dramatically improves individual retirement outcomes," said Fred Greenstein, CEO, Left Coast Solutions, Inc.
For more information, go to: http://www.ijoinplan.com/