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Smart use of data increases retirement plan enrollment and contributions.

Problem:

Low participation in company 403(b) plan

An organization in the healthcare industry with nearly 8,500 employees offered a generous 403(b) retirement plan. There was an annual 3% contribution for all employees plus a 50% match up to 6% of compensation. 

  • All the employees were eligible to participate, yet voluntary participation topped at around 75%. 

With an eye on improving employee participation, Corebridge Retirement Services (formerly AIG Retirement Services) was enlisted to partner with the company to create a targeted data-driven strategy that identified specific employees who were underutilizing plan benefits.

Solution:

One goal was to identify which of the healthcare system’s locations had the largest population of non-participating employees and then determine which were the top non-participating departments at each location. The data indicated there were 227 employees who weren’t participating in the 403(b) plan. 

“To assist in workload sharing and to ensure all departments received an equal opportunity to meet with an advisor, the departments were divided up by the advisor team,” said  Yarmon Kennedy, Vice President of Strategic Planning. 
“The advisors attended departmental meetings and showed up during cafeteria hours to help engage employees one-on-one and to encourage action toward saving.”

Results:

Over a 12-week period, the targeted approach led to impressive results of 40% employee engagement in the identified departments.

34% increase
in personal
counseling sessions

9.25% increase
in enrollments / restarts

9.25% increase
in advisor-led
contribution increases

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.