Understanding retirement plan participants and their behaviors is helpful when developing communications and education. For example, perhaps a participant wouldn’t take a loan from his defined contribution (DC) plan if he was informed of the potential consequences and other options. The best financial wellness program design can also be determined by considering participants’ life stages and money behaviors. Retirement plan sponsors should consider different mediums for communications and education. National Retirement Security Week is coming soon, and the National Association of Government Defined Contribution Administrators (NAGDCA) is offering free communications materials for plan sponsors to use. Enjoy this edition of PLANSPONSOR Weekend, focused on financial wellness and employee education.
“Millennials in particular should pay off student loans and other debt, so that they can take steps to focus on longer-term issues, such as retirement security,” says Anna Rappaport, with the Society of Actuaries.Read more >