In this engaging 3.5-minute interview, John Sullivan from 401k Specialist speaks with Jason Chepenik of Chepenik Financial at the Nuveen Retirement Outcomes Leadership Committee meeting in Chicago. The conversation focuses on innovative and unconventional strategies to increase 401(k) participation rates and financial literacy among employees.
Chepenik shares his “secret sauce” for boosting enrollment in retirement plans: making the process fun, social, and food-driven. He emphasizes that once a plan is running efficiently in the background, the real impact comes from getting participants engaged. Tactics include using food and social events as incentives—such as retirement-themed parties where access (and hot dogs) requires plan enrollment or contribution increases.
A standout idea is the “Taco ‘Bout Retirement” food truck. Employees who sign up get a free taco, while those who don’t receive only rice and beans—a humorous but memorable way to drive home the message of saving for the future.
Chepenik reports strong results, citing an 8% increase in enrollment from one of their hot dog events and unexpectedly high engagement from the food truck initiative. His approach prioritizes simply getting people into the plan before worrying about their long-term savings outcomes.
The discussion also highlights the 401(k) Race for Financial Fitness, a wellness initiative combining physical activity with financial education. In one year, they hosted eight races, saw over 2,000 participants, and raised more than $200,000 for financial literacy programs. The race series is expected to expand significantly and is supported by the Smarter Tomorrow Foundation, which helps scale and license these initiatives across cities.
Jason concludes by encouraging industry-wide involvement and support, highlighting the powerful mix of fun, food, fitness, and finance.
More from Jason Chepenik:
How ‘CSR’ Can Transform Your Practice: 2019 NAPA 401(k) Summit
CSR: Help Your Community AND Your Business