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Retirement plan enrollment can overwhelm employees and discourage them from participating in benefits. Our mobile app targets and reduces choice aversion among participants, helping increase enrollment rates and maximise plan value.
Plan sponsors face a challenge when engaging employees in retirement plans. What’s the best way to get employees to enroll, select investment elections, increase deferral rates, or defer at a rate that will help employees save for retirement?
To employees, enrollment decisions can seem overwhelming. Employees who do not feel financially savvy might avoid enrolling in a plan rather than deal with difficult choices. For employers, higher plan participation rates can make benefits more cost effective, and can help ensure a plan’s regulatory compliance. In the past, employers who wanted to increase participation rates developed a strategy using automatic plan enrollment and default investment elections. In addition to these methods, Milliman now offers plan sponsors with a free mobile app that boosts employee engagement.
Milliman’s mobile app is designed to address employee engagement from a behavioural standpoint. Our simple interface allows employees to make a few key decisions about their retirement account. Our tool allows:
Our mobile app pairs with our other tools. Our PlanAhead for Retirement™ tool shows employees any potential shortfall in their retirement savings, so it’s never been easier to demonstrate the need for retirement savings. Our open architecture can help your retirement plan committee choose the appropriate default investment. And with tools like InvestMap, we can simplify investment choice by pairing an employee’s time horizon for retirement with their own risk tolerance.
It starts with participant enrolment, and from there, we can help you offer employees a range of options that educate plan participants and help them meet their retirement savings goals.
This video offers perspective on how Milliman's mobile app technology is helping retirement plan participants and sponsors meet their needs.
This second video highlights the mobile benefit app's upcoming functionality and transaction enhancements that will further boost employee engagement.
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