Recordkeepers Kick Off the New Year by Enhancing Online Participant Education

by on Feb 08, 2018

It is not even midway through February, and already half of Retirement Plan Monitor’s 20 coverage group firms  have introduced new educational content to participant websites this year. Five firms added tools, and another five added resources that cover retirement and financial wellness topics. For the past two years, the Year in Review portion of our annual Monitor Awards has discussed the rising, industry-wide focus on employee retirement and financial wellness education, and the first weeks of 2018 indicate this trend will continue. Below is a summary of the new tools followed by a summary of the new resources:

  • AXA introduced a retirement income projection tool, the first educational resource accessible from the participant site. The tool imports participant data and includes projections for multiple timeframes, dynamic modeling, contribution rate suggestions and peer comparisons.

AXA Income Projection Tool

  • John Hancock unveiled a Financial Wellness Assessment that addresses participants’ financial concerns and goals to provide wellness scores and recommend educational resources. The score is represented by a tachometer-style infographic, with red, orange and green indicating participants’ progress. 
  • Lincoln Financial Group launched its Small Change, Big Savings tool, which shows participants how reducing expenses could impact their future retirement savings. Participants can see how cutting out things like a weekly coffee and monthly movie ticket could impact their retirement savings 20 years in the future.

Lincoln Small Change, Big Savings Tool

  • Nationwide introduced the Retirement Readiness Report tool, which allows participants to review their progress toward income goals quickly and easily. It automatically imports data and provides the income projection, gap analysis and a related tachometer-style infographic. The firm also incorporates the tool’s results within the participant site homepage.

Nationwide Retirement Readiness Report Tool

  • Transamerica added two new calculators: Roth 401(k)/403(b) and Roth IRA vs. Traditional IRA. Powered by third-party provider Dinkytown, the tools provide a sufficient level of data mining and complete selections of results with clear, effective data visualizations.
  • Principal’s new My Badges page encourages participants to complete certain tasks, such as reviewing educational materials and updating profile information, to earn badges.
  • T. Rowe Price introduced a seven-part educational video series, Your Savings at Work, that covers retirement progress assessments, deferral rates, contribution types, investing and emergency savings. The videos incorporate narrative examples and avoid industry jargon, making content more digestible.
  • Vanguard introduced a new lesson, How Can I Build Wealth?, that consists of five articles on spending, Roth IRAs, stock options, 529 accounts and taxes.
  • Voya Financial added a personalized video, Your Retirement Journey, that provides participants with retirement income goals and encourages them to use the firm’s myOrangeMoney tool.
  • Wells Fargo launched a Retirement Income Planning Center sitelet that centralizes a selection of existing educational resources available on the firm’s main website and its public retirement site.

Wells Fargo Retirement Income Planning Center