You can work toward improving your plan participants’ retirement readiness levels with these tips.
Tip #1—Be involved with and support employee education.
We believe the single biggest determinant of education success is the degree to which the employer encourages education efforts. Do you offer access to meeting rooms? What communication channels work best for reaching your employees and can these be made available for employee education?
Tip #2—Survey employees annually.
Employee populations and needs can change over time. Even if your organization is experiencing low employee turnover, it is important to stay in tune with what employees are looking for when it comes to investment education.
Employers who regularly survey their employees about what they are interested in learning about can provide the Employee Education Consultant with key information the Consultant can use to design and implement the annual employee education plan—leading to potentially better results.
Tip #3—Encourage onsite meetings with the plan’s Employee Education Consultant.
Even in the digital era, our Employee Education Consultants report that personal interaction remains a highly effective way of delivering education to employees.
Employee participation levels and contribution rates tend to be higher—in some cases, much higher—when Employee Education Consultants meet with employees in groups and in one-on-one sessions.
Our Employee Education Consultants encourage all employers to support offering both group and individual meetings, where appropriate, as each are proven methods of increasing participation and contribution levels.
To discuss your plan’s education program for 2018, please contact your PNC Employee Education Consultant.
1. “Stable Value vs. Money Market Funds – Common Objective, Different Approach”, Galliard Capital Management, Inc. (2016)
2. “Stable Value – Now May Be a Good Time to Consider (or Reconsider)”, T. Rowe Price (2016)
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