DST Systems announced the implementation of a streamlined enrollment functionality on its TRAC recordkeeping platform that allows eligible plan participants to enroll in their retirement plan in as little as two clicks.
“This enhancement to the current enrollment platform offers an even faster pathway for hesitant or time-pressed employees, allowing them to quickly navigate enrollment, deferral, and investment selections in the plan,” the firm explains. “The new streamlined enrollment can be leveraged in both the traditional and mobile versions of the DST TRAC web applications.”
DST anticipates the simplified enrollment process will help improve plan participation and increase assets under management for retirement plans.
John Geli, president of DST Retirement Solutions, adds the new enhancement enables the firm to “capture potential plan participants, especially Millennials, who know they want to be in a plan, but want an easy process to complete enrollment. We see this added capability as an exciting and valuable new path to retirement readiness for participants, plan sponsors and advisers.”
Research regarding the enrollment experience was conducted in association with DST and the Oculus Partners, LLC, the firm explains. The research included interviews with actual plan participants to identify requirements for the new streamlined enrollment.
The findings concluded that a major obstacle to enrollment was the perception that the process could be intimidating and time consuming, Geli concludes. During the design process, DST used the insights gained from the research and interviews to improve overall customer experience by developing this new streamlined enrollment process.
More information is online here.