Specifically, those participants deferring 7% or more in their 401(k) plans as well as those with account balances greater than $50,000 are more likely to prefer seek information on the Internet, according to the results of the 2000 participant satisfaction survey by American Express Retirement Services.
Participants serviced by American Express with deferral rates of 7% or more into their 401(k)are:
- 31% more likely to be interested in their provider’s Web site as a dissemination channel
- 36% more likely to be interested in their company’s Intranet site for information
- 49% more likely to care about the asset class or type of investments in the fund
- 22% less likely to view as important the advice of a co-worker, friend or family member
Participants who have account balances in excess of $50,000 are:
- 34% more likely to prefer the American Express Web site as a dissemination channel
- 35% more likely to be interested in plan distribution options
- 27% less likely to be satisfied with the variety of investment options overall
The survey results were based on 546 responses to a survey of more than 5,000 participants nationwide. The Spectrem Group administered the survey.