Are Your Retirement Plan Communications Effective?

According to recent studies, it is more important than ever for plan sponsors to improve communications with their employees due to the continued retirement crunch for all generations currently in the workforce.  Communication in recent years has become more complex due to increased compliance requirements; additionally, communication methods may not be the same for Baby Boomers, Generation X and Millennials.   However, if done effectively, retirement communications can not only increase participation within the plan, but can also decrease the cost to employers. 

There are several emerging communication trends to help employers deliver more personalized, relative and interactive communications to plan participants.  Life-stage communication programs targeted by age segments, known as segmentations, will be particularly critical as Baby Boomers retire and Generation X and Millennials take the reins.  Channel optimization will focus on all available means of communications, including social media and more integrated use of digital communications.  Utilization of metrics, particularly retirement outcomes, should be delivered at a cost that is reasonable, maintainable and competitive.  Retirement plan providers and regulators pay particular attention to plan outcomes as the primary metric of plan success. 

The key to all communications is to review and evaluate all communication efforts to ensure plan sponsors are providing timely, cost-effective information to plan participants.

© 2014 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

This advice is not intended or written to be used for, and it cannot be used for, the purpose of avoiding any federal tax penalties that may be imposed, or for promoting, marketing or recommending to another person, any tax related matter.

our thoughts on

array(1) { [0]=> string(2) "14" }
ERISA BY Brian Reitz
Bad Fiduciary. What’s it Going to Cost You?
Audit, ERISA BY Joshua Zimmerly
Benefit Plan Audit by Infomercial
Audit, ERISA BY Todd Lucas
Long-Awaited Employee Benefit Plan Audit Standard Final Balloted
Making Your Benefit Plan Audit Easier
ERISA BY Lindzee Nicholson
Mortality Scale 2018 Update
Revenue Procedure 2018-52 Released by IRS: VCP Modifications

Register to receive our weekly newsletter with our most recent columns and insights.

Have a question? Ask us!

We’d love to hear from you. Drop us a note, and we’ll respond to you as quickly as possible.

Ask us

contact us

Map of Pittsburgh Office
Pittsburgh

One PPG Place, Suite 1700
Pittsburgh, PA 15222

contactsd@schneiderdowns.com
p:412.261.3644     f:412.261.4876

Map of Columbus Office
Columbus

65 East State Street, Suite 2000
Columbus, OH 43215

contactsd@schneiderdowns.com
p:614.621.4060     f:614.621.4062