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The impact of communications on retirement plan participation.

Communication plays an essential role in driving retirement readiness for employees. Our approach at Corebridge Retirement Services (formerly AIG Retirement Services) to communication and education (C&E) is one of a consultative partnership. This case study shows how this approach can make a measurable difference when it comes to encouraging employees to participate in their retirement plan.

Profile of the plan sponsor for this case study

Company: a large healthcare system with $200M-$1 B with assets under management 

Employee population: 10,000-15,000 individuals across 50 + locations

Plan design:

  • Automatic enrollment and automatic escalation
  • 401(a) plan for employer matching and discretionary contributions
  • 403(b) plan and Roth 403(b) option available

C&E plan objectives

Our communications consultant created a custom C&E plan to help employees make financial decisions, with retirement readiness as the overarching goal. Key objectives:

  • Empower employees to feel more confident making financial decisions
  • Increase the percentage of employees maximizing employer matching contributions
  • Increase the percentage of employees using automatic escalation
  • Target participants who remain in default investment elections and encourage them to consider changing their asset allocation, if appropriate

C&E plan elements and implementation 

  • Monthly financial topics communicated with multiple touchpoints that meet employee preferences
  • Targeted email communications to employees underutilizing plan benefits
  • Monthly educational seminars hosted by the advisor team 
  • Personal counseling sessions for all employees with one of their dedicated on-site advisors

Results: Custom C&E has delivered measurable results in the areas that matter most to this large healthcare client. Average deferral rates have increased across all age and income categories, as well as all 100 locations. In addition, the percentage of participants taking full advantage of employer matching dollars has increased steadily, up 53% over three years.

Contribution Results
Income categories Benchmark Year 1 Year 3 Impact
Deferral rate 6.23% 6.28% 7.8% +24%
Match utilization rate N/A 28.39% 36.76% +29% (+53% since 2015)
Average account value $53,909 $57,356 $64,431 +12%

As with all our plan sponsors, we continuously work to find solutions that drive results. So, let’s talk about what Corebridge can do for your organization!

Annuities are issued by The Variable Annuity Life Insurance Company, Houston, TX. Variable annuities are distributed by AIG Capital Services, Inc., member FINRA. 

Securities and investment advisory services offered through VALIC Financial Advisors, Inc., member FINRA, SIPC and an SEC-registered investment advisor.

All companies above are wholly owned subsidiaries of Corebridge Financial, Inc. Corebridge Retirement Services, Corebridge Financial and Corebridge are marketing names used by these companies.