According to a Prudential news media release, the new system sends messages to participants based on their account activity and demographic profiles. The company cited a hypothetical example of a newly enrolled participant putting 100% of his or her assets into a money market fund who would get a message stressing inflation impact and proper asset allocation.
Also among Prudential’s personalized materials is its Retirement Planning Guide, which includes a participant’s financial data as well as messages and images applying to that person’s situation, the announcement said.
Each participant receives a status report that reflects salary, age, contribution rate, and company match. Employees are shown how much they could save based upon their own data, Prudential said.
The company said that plan sponsors also benefit from having their company name, logo, slogan and artwork as part of the booklet’s design so that it completely reflects their business. Many of the guide’s features also are offered via Prudential’s participant Web site, where participants can interact with the site to determine their personal savings goals and asset allocation strategies.
Prudential will be rolling out the new participant education service to its clients throughout 2003, the company said.