401k Plan Education Program Increases Participation
401k plan education program strategy can make a big difference in participant participation. In this case, a 401k plan education program took this plan exactly where leadership wanted it to be. After this 401k plan education program, the firm ended up at 100% participation.
At the end of a Plan Sponsor University (TPSU) Program, Steff Chalk, Executive Director of The Plan Sponsor University (TPSU) interviewed Alecia Harvey, Human Resources Generalist with many responsibilities at her organization – one of which is overseeing the company’s 401k Plan. Management at the company had a strong interest in taking 401k participation to 100% among the organization’s eligible employees and Ms. Harvey successfully designed a 401k Plan education program to make that occur.
Full Transcript Here
Hi, this is Steff Chalk and we’re at Rollins College, where we’ve just concluded a TPSU program, and I’m here with Alecia. Hello, Alecia.
And I’m going to be asking Alecia a couple of questions as a result of what some comments that she made during our program. She has a very, very successful plan. First, I’d ask could you please tell us a little bit about your company and what you do with the company?
Absolutely. So, I work for Adacel Systems Inc., which is in the software simulation industry, and I work as the Human Resources Generalist, so I have a plethora of HR-related tasks that I oversee, the 401k plan being one of them.
Okay, thank you. And you had mentioned that your plan has a very successful participation rate.
Absolutely. Our most recent participation rate was 95%, which I know is above industry standards because our advisers tell us about that all the time.
So it is definitely a very successful plan.
Something to be proud of.
Absolutely. We’re very, very proud of it.
Nice. And then you had a little tagline after that that you told us, and could you share that with the group as well?
Yep. During our most recent semi-annual review meeting, we had our CEO present and our advisers were just discussing the different things with us, one of them being the participation rate of 95%. And our CEO saw that, and his response was, “Well, well how do we get that to 100?” So he turned to me and he said, “Let’s figure out how we can get that to 100.”
So as a result, I had some homework to do. I had some takeaways from that meeting, and I just followed up with the individual employees to figure out why they weren’t contributing and make a decision in regards to what steps we could take so that they can move towards participating in the plan so we can get to that 100%.
Great. I mean that’s a fantastic story as far as I look at it because you have someone that’s in the leadership role at your organization-
Who is not only just saying yes, we have a plan and our plan does what it should, but we’re taking an active interest in the employees and want to do what’s right by them.
Absolutely. I work for a great organization, great plan, just no complaints. It’s an awesome place to work.
That sounds exciting too. Great. Well, thank you very much for your time today.
Thank you for having me.
We appreciate it. And that concludes our program at Rollins College at TPS University and thanks for watching.
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