Survey: Retirement Plan Sponsors’ Challenge is Prioritizing Education
INDIANAPOLIS, Jan. 10, 2018 /PRNewswire/ — Despite competing concerns such as fiduciary and administrative responsibilities, participant education is the number one priority of retirement plan sponsors, according to a new OneAmerica® poll.
OneAmerica surveyed 1,019 sponsors1 over a three-month period, and when it came to top concerns, our poll revealed that fiduciary responsibilities (57 percent) and administrative tasks (45 percent) were high on the list. But when it came to plan priorities, 69 percent of sponsors cited “providing participation education” as the No. 1 priority, followed by improving participation rates at 67 percent.
These findings reinforce our strategy of providing easy-to-administer retirement and financial wellness education, because we understand that sponsors are oftentimes under-resourced.
“Our survey affirmed the issues that sponsors say keep them up at night, and as their advocate, we want sponsors to achieve their retirement plan priorities,” said Pat Foley, OneAmerica president of Individual Insurance and Retirement Services. “We make our educational content relevant and motivating, and most importantly, easy to share, by deploying ready-to-use educational materials.”
Through our One Day is Today® program, OneAmerica offers a comprehensive curriculum that provides sponsors with seamless participant education and communication assistance.
Our participant education tools are designed to resonate with employees who have diverse learning styles, and speak to participants at various stages of retirement planning and levels of financial and investment knowledge.
The program is reviewed and refreshed regularly to ensure content is current and meets ever-changing participant needs. On sponsors’ behalf, we provide ready-to-use communications regardless of which channels sponsors use to reach participants.
“At OneAmerica, we proactively confront the real-world issues that impact how much time sponsors have to focus on employees’ financial wellness and retirement readiness,” said Marsha Whitehead, vice president, Marketing, Communications and Customer Experience. “We don’t let sponsors lose sight of their participants’ retirement plan goals. That philosophy is an extension of what we’re known for: personalized, relationship-focused service.”
OneAmerica® is the marketing name for the companies of OneAmerica. Products issued and underwritten by American United Life Insurance Company® (AUL), a OneAmerica company. Administrative and recordkeeping services provided by McCready and Keene, Inc. or OneAmerica Retirement Services LLC, companies of OneAmerica which are not broker/dealers or investment advisors. The Insight Scout is not an affiliate of the companies of OneAmerica. Neither the companies of OneAmerica nor their representatives provide tax, legal, fiduciary, or investment advice.
Find the news release here: https://www.oneamerica.com/newsroom/news-releases/Survey-Retirement-Plan-Sponsors-Challenge
Retirement ready? OneAmerica has resources for plan sponsors designed to improve participant retirement outcomes. Learn more at https://www.oneamerica.com/retirement-readiness
A national leader in the insurance and financial services marketplace for 140 years, the companies of OneAmerica help customers build and protect their financial futures. OneAmerica offers a variety of products and services to serve the financial needs of their policyholders and customers. These products include retirement plan products and recordkeeping services, individual life insurance, annuities, asset-based long-term care solutions and employee benefit plan products. Products are issued and underwritten by the companies of OneAmerica and distributed through a nationwide network of employees, agents, brokers and other sources who are committed to providing value to our customers. To learn more about our products, services and the companies of OneAmerica, visit OneAmerica.com/companies.
1 OneAmerica drafted, programmed and fielded the study March 7-May 31, 2017. There were 1,019 complete responses in the subsequent analysis provided by The Insight Scout. More than one respondent per plan was allowed to complete the survey.
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