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Ascensus’ Strategy to Increase Retirement Plan Participation Is as Easy as 1-2-3
Ascensus has launched Enroll123™ to increase participation rates in 401(k) and other types of retirement plans. Enroll123 is a free personalized mailer designed to simplify the enrollment process.
The one-page, personalized communication targets eligible, non-contributing employees and enables them to enroll by: (1) reviewing illustrations and deferral options based on actual salary and census data; (2) simply checking a box and selecting a deferral rate; (3) returning the signed, self-sealing mailer to Ascensus using prepaid business reply postage. Enroll123 also provides contact information for employees to enroll online or through an interactive voice response phone system.
The company’s pilot program showed promising results, with respondents setting their average salary deferral rates at 7%. In addition, many plans experienced double-digit response rates, including one plan with 30% of recipients electing to enroll.
“Inertia is one of the biggest challenges to getting people enrolled in their company retirement plan. For people who are strapped for time or unsure about the enrollment process, Enroll123 offers a simple strategy to get them started,” explained Kathleen Endres, Executive Vice President, Client Services at Ascensus. “By taking just a few minutes out of the day to complete and return the mailer, individuals are able to position themselves for a better, more secure future.”
Enroll123 is the latest addition to Ascensus’ successful Targeted Communications program. Ascensus offers a range of customized and easy-to-understand communication pieces with messaging designed to reach employees not taking full advantage of their company retirement plan.
With more than 30 years of industry experience, Ascensus provides high-quality solutions for every segment of the retirement marketplace. Ascensus is a division of Crump Group, Inc., (CGI). CGI is a leading provider of retirement services as well as the largest and most diversified wholesale insurance distributor in the United States. As the nation’s largest independent recordkeeper and administrator for retirement plans in the micro to large market segments and a leading provider of regulatory expertise, plan document services and participant enrollment support, Ascensus services over 27,000 defined contribution plans. The company’s core capabilities encompass every component of a sophisticated retirement infrastructure, including administration, recordkeeping, ERISA consulting, compliance and sales support, trust and custody services, multilingual participant education programs, training and documentation. These solutions are offered with the open architecture investment capabilities that can be tailored to support the needs of institutional retirement plan providers, third party administrators, financial advisors and their clients. For more information, visit www.ascensus.com.