SPRINGFIELD, Mass., April 17 /PRNewswire/ -- MassMutual's Center for Behavioral Research has released a new white paper to share insights and best practices regarding the successful implementation of participant education campaigns. Titled "Best Practices in Employee Campaigns: Helping Them Get There," the white paper highlights proven best practices and methods for conducting education campaigns for participants in employer-sponsored retirement plans. The white paper addresses specific methods that advisors and sponsors can use to increase participant engagement and to achieve a desired action such as increasing the average savings rate.
"We have found that contacting participants at least three times at intervals of approximately 25 days can increase the response rate by an average of 60%," says Alison Salka, Ph.D., director of MassMutual's Center for Behavioral Research(SM). "Likewise, by providing a pre-filled tear-off postcard to participants across 65 plans, we achieved a response rate of almost 10% vs. 1.5% for a traditional direct mailing. This is a significant improvement," she adds.
"MassMutual's research clearly demonstrates that sponsors and advisors who get behind an education campaign attain stronger response from plan participants," says Ian Sheridan, corporate vice president and chief marketing officer of MassMutual's Retirement Services Division. "Successfully enrolling a participant is only the first step. We are committed to ensuring that participants understand all the factors that impact their ability to accumulate retirement savings."
"Best Practices in Employee Campaigns: Helping Them Get There," is available on MassMutual's Center for Behavioral Research Web site at http://www.massmutual.com/behavior along with other white papers that address topics important to the creation of an effective retirement savings plan.
"Considering that less than 40% of plan participants have even calculated what they will need for retirement*, there is clearly a need to provide retirement plan advisors and sponsors with tools that educate and motivate," adds Sheridan. In support of its commitment to educate consumers regarding financial matters, MassMutual is the exclusive sponsor of the PBS documentary, Retirement Revolution(R), produced by WTTW National Productions in Chicago, which premiered on March 31 on PBS stations across the nation. The show will air numerous times over the next several years.
To view the complete white paper, please visit
*Source: EBRI 2007 Retirement Confidence Survey
Contact: Lisa Reilly
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