What is the best way to engage, interest, and entice new employees to participate in the 401(k) savings plan?
In the new era of ubiquitous social media presence, are there additional means to achieve that objective?
Here are some suggestions to find out whether you, as a new employee, would enroll in the program if any, or all, were implemented:
1) A way to project your lifetime earnings, simulated cash flow requirements during your working career, and retirement.
2) Projections of your contributions, company match, and earnings on those, in many different scenarios to see the growth of those balances while taking into account your cash flow needs per the prior item.
3) Potential drawdown scenarios on those balances to show how that would fund your retirement needs.
As everyone realizes, there is no shortage of disclaimers on the fact that all simulations are precisely that – “projections” that cannot in any way be guaranteed, but would seeing any of the above sway the needle to potential enrollment? Or alternatively, would you stay in the plan if automatically enrolled – with or without the above information?
Are there other aspects that you would add or take away from the outreach campaign?