July 9, 2012 (PLANSPONSOR.com) – Diversified has released a white paper about improving retirement plan enrollment.
“10-Minute Enrollment: Scaling Back Meeting Content to Drive Higher Enrollment Rates” focuses on how simplifying the retirement savings plan enrollment process can help increase participation rates.
Traditional enrollment meetings are typically scheduled in 45- to 60-minute blocks, with time allotted to suitably review an employer’s retirement savings plan, including eligibility rules, employer match formulas, loan availability—even distribution options. During this comprehensive review of plan benefits, enrollment can become a secondary focus, and as a result, the objective of enrolling employees is not always achieved, Diversified contends.
“We’ve witnessed firsthand the higher success rates that occur when enrollment meetings are shortened to 10 minutes—focused only on why employees should be in the plan, not on a comprehensive review of plan benefits," ” said Patricia Advaney, senior vice president, participant solutions at Diversified, and the author of the white paper."Subsequent targeted communications can address the retirement savings needs of specific employee segments, and are most effective when they get the right message to the right person at the right time."