A downloadable communications campaign for educating employees about the importance of saving for retirement now is available, at no cost, from the Plan Sponsor Council of America (PSCA), a not-for-profit that helps employers better manage their retirement plans.
While in past years PSCA has sponsored a "401(k) Day" during the first week of September, the organization has declared that going forward "every day is now 401(k) Day." Moreover, "As every day is now a 401(k) Day, you are free to start today or next month."
To launch an education campaign at any time, plan sponsors can download the new 2012 program.
In addition, three previously released series of printable posters, fliers and postcards are easily accessible:
• View all downloadable communications pieces for the "Winding Road to Retirement" theme.
• View all downloadable communications pieces for the "Map the Course" theme.
• View all downloadable communications pieces for the "Maintain Your 401k" theme.
To spur 401(k) plan participation with adequate contribution rates, the materials inform employees of pertinent facts, such as:
• For a secure retirement, seek to build a nest egg sufficient to replace 70 percent to 90 percent of their pre-retirement income.
• Don't expect to rely on Social Security; 90 percent of retirees receive an average monthly Social Security benefit of only about $1,160.
The communications materials can be customized with an employer's logo, additional action steps and plan contact information.
"You can use the entire campaign or select the pieces that best fit your education and communication needs," the organization's 401(k) Day website states. "However you choose to do it, PSCA encourages you to host your own 401(k) Day and to make every day 401(k) Day."
Retirement Savings? There’s an “App” for That
While thousands of smartphone applications have been developed to help people spend money, a new one has been developed to help Americans save: The Ballpark E$timate, now available online and as an iPhone App.
Developed by the nonprofit Employee Benefit Research Institute's Choose to Save financial education program, Ballpark E$timate shows how complicated issues such as projected Social Security benefits and earnings assumptions can impact retirement savings, as demonstrated through an interactive tool that's easy to understand.
Choose to Save also has released a series of online public service announcements to educate employees on the long-term value of retirement plan savings.
Related SHRM Articles:
Tailor Your Retirement Planning Messages, HR Magazine, September 2012
Auto Features Impact Communication, SHRM Online Benefits Discipline, August 2012
Encourage Employees to Defer Adequate Pay to Their 401(k), SHRM Online Benefits Discipline, May 2012
SHRM Online Benefits DisciplineSHRM Online Retirement Plans Resource Page