Retirement Plan Participants Want More Help
A new study finds that 60% of retirement plan participants want more personalized and effective communications, especially using current technologies such as Web sites, proactive e-mails, mobile, or on-demand videos.
According to the 2nd annual DC Participant Experience Study Mathew Greenwald & Associates and KK & Company, participants want help and providers’ and sponsors’ efforts will work best if they make it as easy as possible for participants. More than half said they have used a calculator or worksheet at least once, but 44% want to spend less than half an hour on any calculation or plan.
“Similar to last year’s findings, less than half of the participants are satisfied with the support they receive from their plan sponsor regarding their retirement plan,” said Kendall Kay, President, KK & Company, in a press release.
The survey also found almost 80% of participants are interested in proactive analysis and messaging that recommends how they could improve their retirement plan savings; over a third are interested in an investment option that would produce monthly income for life; and the majority of employee’s want specific retirement planning assistance.
Information was gathered through a 17-minute interview with a total of over 1,002 participants in July 2010, and 1,049 participants in August 2009.
For more information, go to http://www.greenwaldresearch.com.