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 Cone Health completes plan merger with extensive participant communications.

Cone Health is an integrated, not-for-profit network of healthcare providers recognized by US News & World Report as a “best regional hospital.” Situated in 100 locations across North Carolina, Cone Health has over 1,000 employees, which include 1,300 physicians.

Cone Health acquired a regional healthcare facility, which offered a retirement benefit featuring a different plan provider and different match formula. To consolidate providers, Cone Health issued an RFP resulting in the selection of Corebridge Retirement Services (formerly AIG Retirement Services) as the exclusive provider.

Goals:

To ensure a smooth and seamless transition, Cone Health wanted to ensure that the following information was communicated:

  • New provider and dedicated on-site advisors would service the Cone Health plan
  • Transition of accounts and “quiet period”
  • Plan design changes
  • New investment lineup and target date portfolios
  • Importance of asset allocation and match utilization

Challenges & Implementation:

Through several challenges, including detailed conversion communication requirements and enhancements, our team implemented a six-week marketing plan that included eight key deliverables:

  1. Implementation website
  2. Private label website
  3. Plan changes promotional materials
  4. Group meeting promotional materials
  5. Education and enrollment materials
  6. Enrollment and deferral cards
  7. Sarbanes-Oxley notification
  8. Investment information with mapping schedule

 

Results

  • Approximately 1,350 employees/plan participants made a contribution change online of which 920 increased their contribution to take full advantage of the new matching formula.
  • Almost 30% of the active participants began contributing 8% to maximize the match and 79% began deferring 4% to receive the match.
  • More than 770 employees elected to automatically increase their contributions annually.
  • 88% of the eligible employees are now contributing to the plan.

This implementation demonstrated that offering communication through multiple channels helps raise plan awareness while increasing plan participation.

In addition:

  • Providing multiple ways for employees to access information – in person, on the web and by mail – provides flexibility to stay informed about important plan changes. 
  • Offering onsite financial professional services, whether via group or individual meetings, can empower employees with information to make confident financial decisions. 

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!

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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.