The firm says Principal Real Start has been a game-changer in driving positive retirement savings outcomes.
The proposed rule, which the OMB has up to 60 days to review is aimed at reducing costs and improving participant understanding of retirement plan disclosures.
Jennifer Benz, senior vice president, who was CEO of Benz Communications, said her firm has been experimenting with new things that The Segal Group’s current clients will have access to.
Studies from Empower Institute found many commonly used industry terms don’t make sense to their intended audience, and employees perceive retirement plan communications as wordy and long, complex and confusing, generic, overwhelming and wasteful.
The term “glide path” resonated with only 4% of participants surveyed by Invesco, despite being the most common term used by advisers, providers and plan sponsors when talking about target-date funds; survey data shows numerous other areas where industry jargon holds back participant understanding.
Plan participants in the 50 and up age group are thinking about the transition to retirement because it is on the horizon, while the younger age groups are more preoccupied with budgeting and managing debt.
To improve engagement with financial wellness programs, companies are employing new tools based in behavioral science and powered by responsive technology.
The firm recently announced a new initiative to expand its 401(k) business, and it has now unveiled a texting solution aimed at simplifying compliance and recordkeeping in text-based client communications.