The program also emphasizes the importance of participants including pension information in their overall retirement planning.
“In this era of record-low unemployment, companies are working harder and harder to attract and retain talent. One way is to offer more benefits, such as stock options, retirement plans, generous health plans and the like. Another way is to increase the visibility and understanding level of existing benefits, like pension plans,” said Susan Schochet, director of conversions and communications at NYLB.
Traditionally, pension communications to participants have been limited.
Pension plans are often harder to comprehend since employees rarely interact with the accounts, and do not direct the investments as they do with many 401(k) plans.
The new program includes:
- a participation kit detailing the plan and plan services
- face-to-face participant education meetings
- access to Benefits Complete, NYLB’s interactive retirement planning Website and phone services
- a series of train-the trainer meetings to help internal personnel further educate employees
- promotional postcards and wallet cards.