Boosting Retirement Plan Participation Through Peer Influence
Encouraging employee participation in the retirement plan can prove to be a challenging task. However, leveraging the influence and success of your employees, especially those who are already participating and benefiting from the plan, can greatly facilitate the process. When successful employees share their positive experiences and outcomes with their peers, it creates a sense of trust and motivation. Peers are more likely to be encouraged and inspired to join the retirement plan when they see firsthand the benefits and value it provides. This peer-to-peer influence can help overcome reservations and increase participation rates, leading to a more financially secure future for all employees.
At the conclusion of The Plan Sponsor University (TPSU) Fiduciary Education Program held at Loyola University in Baltimore, Maryland, Founder and CEO Fred Barstein had an insightful conversation with Plan Sponsor Idell Tillman. Idell, who has an extensive background as a consultant for corporations ranging from 44,000 to 160,000 employees nationwide, shared her successful strategies in leveraging employees to motivate their co-workers to participate in the retirement plan. As the Managing Director at Tillman HR LLC, her experiences shed light on the power of peer influence and the positive impact it can have on plan enrollment and engagement.
Read the Full Transcript Here:
Fred Barstein:
Fred Barstein with 401kTV here outside of Baltimore at Loyola University where we just completed a very successful TPSU program. I’m here with Adele.
Idell Tillman:
Idell.
Fred Barstein:
Idell. Okay. And welcome, Idelle.
Idell Tillman:
Thank you.
Fred Barstein:
Okay if we ask you a few questions?
Idell Tillman:
Absolutely.
Fred Barstein:
Okay. So before we start, a little bit about yourself and what you’re doing now?
Idell Tillman:
Okay. Well, right now I am helping other companies with any of their HR needs in a consulting basis.
Fred Barstein:
You’re consulting.
Idell Tillman:
Right. But I have worked with large corporations in the past, one that was 44,000 employees nationwide and the last one was 160,000 employees nationwide.
Fred Barstein:
Oh, my goodness.
Idell Tillman:
But I didn’t exactly touch all 160,000. I had about 1,200 that I worked with.
Fred Barstein:
Very good. So one of the things you talked about was leveraging people that were in the plan and successful. We like to call them sales champions. Why did you do that and how did you do that?
Idell Tillman:
There were a couple of reasons that I did that. Number one, it enabled employees to have a special place and they could be very knowledgeable, and it was more peer to peer communication. I had employees also that were very interested in exploring a career in HR.
Fred Barstein:
I see.
Idell Tillman:
This gave them a perfect opportunity to really get involved, and so I would utilize them at three different times. One would be a new hire orientation when we would really explore 401k with the new employees. The other times would be when I needed to have HR tables set up with information about benefits for our benefits-
Fred Barstein:
[inaudible 00:01:53] benefits fair.
Idell Tillman:
… enrollment. Right. And then we had bonus day once a year, and that was the perfect time to present 401K information. People are getting a bonus, why not put some of that away?
Fred Barstein:
And what did you do? Did they speak or how did you-
Idell Tillman:
They staffed the table and I gave them all the materials they needed. I’d have a big screen with a PowerPoint presentation looping behind them and they would run it.
Fred Barstein:
They would do it. And so what was the effect? Were people-
Idell Tillman:
People would stop by. They would be more engaged instead of it just being me or my other HR peers. I mean, because these were people they knew more intimately.
Fred Barstein:
Right. And different types. Well, that’s great. So a couple of things you learned here today. I mean, you’re a professional, so this is-
Idell Tillman:
A lot, actually. One of them was the use of Safe Harbor. I had always been used to Safe Harbor meant that when we had a big presentation, it meant that anything could be discussed, but you couldn’t take it out of the room. That was safe harbor, but now I understand has a-
Fred Barstein:
Safe harbor plans. Where you contribute 3% or some have a match and then you don’t fail the discrimination testing.
Idell Tillman:
Then the RFP. I never really thought about RFPs when it came-
Fred Barstein:
Request for proposal for the record keeper, and advisor maybe too.
Idell Tillman:
Right. And that I can be an advisor.
Fred Barstein:
Right. You can help.
Idell Tillman:
I can help with this.
Fred Barstein:
Especially advisor because the advisors generally help with the record keeping, but no one is helping them with the advisor. It’s a whole new career.
Idell Tillman:
It is, and that’s a big reason why I’m here today, really. In a consulting role with other companies, I know I’m going to be called upon for this type of information at some point. I know there’s way more that I need to learn. So I have a lot of notes that I’ve taken, a lot of homework to do, but this will really give me a good foundation.
Fred Barstein:
So usually we’re anonymous, but your last name is what?
Idell Tillman:
Tillman. I-D-E-L-L T-I-L-L-M-A-N.
Fred Barstein:
The name of your company is?
Idell Tillman:
Is Idelll Tillman Consulting. I made it simple.
Fred Barstein:
Idellltillmanconsulting.com?
Idell Tillman:
I’m still setting that up.
Fred Barstein:
But they can get you on LinkedIn?
Idell Tillman:
I’m absolutely on LinkedIn.
Fred Barstein:
Okay, very good. So if you’re looking to do an RFP for your advisor, Idelll can help you.
Idell Tillman:
Perfect.
Fred Barstein:
Very good. Well, thank you for your time, Idelll.
Idell Tillman:
Thank you.
Fred Barstein:
Thank you for watching 401kTV. Please stay tuned.
