EDUCATIONAL MATERIALS FINALISTS
“Over the course of my career, I’ve been to thousands of retirement plan enrollment meetings,” said Sean Murray, chief revenue officer of Retiree Inc. “At the end of every meeting, participants would still come up and say ‘What do I do now?’”
To address this need, and increase participant engagement and satisfaction, Mr. Murray’s company launched “Retirement Snapshot,” a financial wellness program for 401(k) plans and company benefit programs.
Plan sponsor-provided information (participant name, age, salary, 401(k) balances and annual contributions) generates a QuickStart report that is sent to each participant. This report features an attention-getting “Get More” gross retirement income amount derived from applying various strategies, including Social Security optimization, tax optimization, coordination of Medicare and Medicaid benefits, and efficient withdrawal approaches. Participants can adjust the results by changing default assumptions and adding personal data regarding outside accounts, other sources of income, an investment profile and spousal information.
It’s about imparting a sense of empowerment, Mr. Murray said.
“There’s a negative attitude out there —‘People are not saving enough.’ We send a positive message —‘Here’s what you can do.’”
– Deborah Nason