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401k Employee Communications for All Employees

401k Employee Communications for All Employees

401k Employee Communications is not an easy function for any human resources professional, CFO or plan fiduciary.  Making it even more difficult is the requirement facing plan fiduciaries – that, 401k Employee Communications must be a consistent message across an entire workforce. At the conclusion of a Plan Sponsor University (TPSU) Fiduciary Education Program held at a San Jose State University in San Jose, California, TPSU Founder and CEO, Fred Barstein spoke with Tam, a TPSU Program attendee. As Manager of Human Resources at her 32-employee organization, Tam maintains oversight for the 401k plan administration.  One of the challenges Tam has successfully addressed is communicating a consistent message to all 32 of her company employees around the 401k retirement plan.  Watch to learn how Tam has taken control of a strong communications program that now benefits all 32 employees.

Full Transcript Here

Fred Barstein:
This is Fred Barstein with 401kTV in San Jose, where we just completed a TPSU program at San Jose State University, and I am here with Tam. Welcome, Tam.

Tam:
Hi. My name’s Tam. I am the HR manager for an employer of 32 U.S. employees, and I really enjoyed the training today. Main takeaways is, of course, how to … the correct wording to entice our employees to get them to save more in their 401k plans.

Fred Barstein:
Now, today, you mentioned something that your group, others in your breakout group, they use videos. Why do you use videos to help with your employees?

Tam:
I think it’s just another resource and tool. Aside from pulling people away to attend a training seminar just like this, or having them read material, it’s to their convenience. I think, especially now with the younger groups who recruit and retain, they’re more visual, and so videos is on their own time, they’ll leave it in the background while doing multiple other things. They’ll probably prefer it that way.

Fred Barstein:
And what kind of videos do you use?

Tam:
Well, the benefits of using the [inaudible 00:01:18] is that they have the trainings online, so when you log in, it’ll explain how to use the website, as well as the benefits of saving, how much they should save, and, of course, with a video, whoever’s administering the video, will have charts and other visuals.

Fred Barstein:
Right. So your provider makes it available to you?

Tam:
Yeah, right.

Fred Barstein:
Very good. Last question: a couple of things you learned today that you want to maybe try to take back to the office and use?

Tam:
Sure. I really enjoyed the concept of stretching the match to encourage people to invest more. So instead of matching 50 cent to every 4%, then we can stretch it to 12% so that people can invest a little bit more, and also take advantage of the match. So, just another angle to consider.

Fred Barstein:
Very good. Well, thanks for your time, thanks for attending today. And thank you for watching 401kTV. Please stay tuned.

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