Technology has changed the way that employees and companies sponsoring a 401k or 403b plan are interfacing and leveraging their retirement plan. But for some companies with dispersed employees that travel frequently, mobile applications are not just a nice to have, they are essential. How are the employees at a 3,100-person airline using mobile apps?
The airline’s plan administrator attending his first TPSU program held at the University of Denver explained that the pilots and flight attendants have come to rely on the mobile apps available from their 401k record keeper to review their investments, check balances and make changes. These remote workers have lots of downtime and use the mobile app to check medical claims as well, especially if there is a medical emergency at home.
Because the plan administrator also travels frequently to meet with remote employees at airports around the country, he needs to be able to access their accounts on the road as well as prep for meetings to determine which ones might need help in certain areas. He can even create a plan health report by age group, for example, remotely.
Just as important is the ability to send notices through mobiles apps both required and informational which is effective as so many employees rely on this technology.
So we asked the airline benefits director if they had found the secret to reaching Millennials and, though they are able to operate a substantial airline flying hundreds of thousands of people all over the country, they have still not found the secret sauce in communicating to younger workers although mobile apps are helping. Though pilots have lots of downtime, especially during long flights which is a popular time for them to access their retirement and medical plans, we asked if the mobile apps could be disabled during turbulent markets like last Friday.
