Rx For Participant Satisfaction? – Goal Setting

December 13, 2000 (PLANSPONSOR.com) - Plan sponsors looking to improve plan satisfaction should encourage participants to set retirement goals, a new study reports.

Participants that have done so are not only more confident of their planning – they are more satisfied with their plan than other participants.

Confident participants scored 15 points higher in overall plan satisfaction than other participants, according to the American Express Retirement Services survey, sent out annually to participants in American Express’ clients’ 401(k) plans nationwide.

Anxious For Advice

The survey also found that confident participants are 33% more likely to have calculated a retirement goal than non-confident participants.  It also found that participants with Internet access are more likely to have set a goal.  

Participants appear anxious to know more, with 60% of survey respondents desiring advice and guidance in making investment choices.  Nearly two-thirds (65%) said they are “eager” to receive additional, non-retirement financial services through their workplace.

The survey also found:

  • 76% of respondents were satisfied with their retirement plan
  • 62% said they were satisfied with their plan features
  • 58% noted overall satisfaction with the information provided to them to assist in investment decisions

Over half (56%) of respondents with Internet access have checked out their account online. 

The participant satisfaction survey was mailed to over 5,000 randomly selected 401(k) plan participants, with results based on 546 returned surveys.  American Express worked with Spectrem Group in administering the survey.