The challenge

Our client, a national retailer, faced a significant challenge with extremely low 401(k) participation despite offering a generous, immediately vested match of 100% on the first 3% of pay plus 50% on the next 2%. The previous year, 79% of eligible employees and 52% of store managers were not participating, leaving roughly $2.7 million in employer match unclaimed. A key barrier was awareness: many employees did not recognize the “free money” available through the plan.

The solution

To address this, Milliman partnered with the retailer to design and execute a high-energy, store-level initiative built around peer leadership and friendly competition. The core of the approach was gamification: a three-month contest running from April through June to determine which store could achieve the largest percentage-point increase in participation. To keep the competition fair due to a broad range of store sizes, the stores were placed into competition tiers by employee count. Milliman produced weekly reports for the client, while the client team shared scoreboards tracking each store’s progress and highlighting “most improved” locations, celebrating weekly “movers and shakers.” Winning stores in each tier were rewarded with a team pizza party, not to mention employee peace of mind that they were saving for their retirement.

Store managers were central to the campaign’s success, with a clear expectation to keep the message front and center. They were asked to demonstrate through their actions that participation was a priority, hold on-site conversations to show employees they cared, incorporate downloading the Milliman Mobile Benefits App into team meetings, and consistently reinforce the value of “free money” from the employer match. Milliman supported the Store Managers with talking points and educational materials, including flyers explaining pretax versus Roth contributions.

The outcome

The contest closed on June 30, delivering strong results in just 90 days. The outcome was newly enrolled participants as well as individual location participation increases from 12% to an extraordinary 62.1%. As participation rose, employer match dollars began flowing into employees’ retirement accounts rather than remaining unspent, and store manager participation increased as well, signaling improved alignment between leadership behavior and corporate goals. By combining behavioral economics with clear, data-driven feedback for store managers, the “All In” campaign transformed a participation gap into a culture of saving, positioning the company to better utilize its intended $3.6 million match budget while advancing employee financial wellness.