For retirement plan education to be effective, employees need to understand the information they’re receiving. Sometimes, that starts with offering it in their own language.
Following a recent TPSU program at Marquette University in Milwaukee, Wisconsin, Fred Barstein, founder and CEO of TPSU and 401kTV, spoke with Nate, a senior financial analyst at a manufacturing company with approximately 60 employees.
Nate explained that his company had struggled with 401(k) enrollment and engagement among its Spanish-speaking employees.
To address the challenge, the company prioritized finding a retirement plan provider that offered educational resources, a website and a mobile app in both English and Spanish.
The provider also offered access to Spanish-speaking representatives who could communicate directly with employees, answer questions and help build trust.
Since making these resources available, Nate says the company has seen increased enrollment among its Spanish-speaking workforce.
The takeaway for plan sponsors? Making retirement education more accessible isn’t just about translating materials. It’s about helping employees feel comfortable, informed and confident enough to participate.
Read the Full Transcript Here:
Fred Barstein: Greetings, this is Fred Barstein, founder and CEO of TPSU and 401kTV. We just completed a program here in Milwaukee on the campus of Marquette University, and I’m here with Nate.
Welcome, Nate.
Nate: Thank you.
Fred Barstein: Okay, if we could ask you a few questions. Before we do, tell our audience a little bit about yourself and the size of your organization.
Nate: All right, so I’m Nate. I’m a senior financial analyst at a company that’s about 60 people right now.
Fred Barstein: Right, 60 people.
So one of the things you mentioned in your group discussion was having Spanish-language or second-language materials. Can you tell us what you’re doing and what’s the benefit of that?
Nate: Yeah, so we’re a manufacturing company. In our warehouse, we’re in the heart of Milwaukee, and we have a lot of different cultures.
One of them is that we have a lot of Spanish-speaking people.
With our Spanish-speaking employees, we didn’t have a lot of good engagement and enrollment in the 401(k).
So when we looked at a provider, we wanted to have the resources for Spanish-language educational assistance and also for employees to be able to use a phone app or website that’s available in both languages.
Since implementing that, we’ve been able to grow our enrollment among Spanish-speaking employees and also educate them with someone who speaks their native language.
Fred Barstein: It’s also what I’ve heard, especially with first-generation employees. They don’t believe that the employer is going to keep their money safe. They think they’re just taking money from them.
So having it in their language…
Nate: Correct. And we do have a provider that has some native Spanish-speaking representatives, which creates a connection with our employees and builds that trust.
Fred Barstein: Final question. What are a couple of things you learned, and would you recommend TPSU?
Nate: Yeah, I would recommend TPSU. Loved it here.
A lot of great information about plan design, how we should go ahead with expanding our current plan, how to make our plan better, and also utilizing different things that are put out in SECURE 2.0 to better position our company, not only on the 401(k) side but also on the benefits aspect of it as well.
Fred Barstein: Thank you. Thanks for sharing.
And thank you for watching 401kTV. Please stay tuned.
