Every year on the Friday following Labor Day, the retirement plan industry celebrates 401(k) plans by engaging clients with initiatives to boost their savings.
This year is no different, with several new campaigns announced by organizations like the Plan Sponsor Council of America (PSCA), Prime Capital Retirement, and Transamerica.
PSCA, who was the first to designate the yearly celebration, has launched its campaign, “Step Up to Retirement.” The initiative urges participants to engage in four themes over the course of one month. These themes are “Boost Your Momentum; Balance Your Stride; Build Your Endurance; and Visualize the Finish Line,” with each topic spanning one week.
According to PSCA, each week includes a flyer and promotional materials surrounding the theme, like increasing deferrals, balancing investments, automatic escalation, and retirement planning. PSCA also offers the option for employers to organize a 4.01 kilometer, or two and a half miles, run/walk event, and offers customizable promotional materials for those events as well.
PSCA says plan sponsors are encouraged to customize their events with extended activities, virtual summits, or on-demand content. “Plan sponsors have limited time, and often limited resources, to provide educational materials to employees. PSCA is grateful to the volunteers on its Education and Communication committee for creating a comprehensive and fun program to encourage employees to save for retirement and take a few important steps to securing their financial future,” said Will Hansen, PSCA’s executive director, in a statement.
Other organizations, like Prime Capital Retirement, invite employers to participate in a 1% challenge on Sept. 5. The challenge promotes physical fitness and retirement wellness by encouraging participants to increase retirement plan contributions by 1% of their annual compensation. The firm is also promoting a 4.01-kilometer run/walk, which is 1% of 401 kilometers.
Participants who complete the challenge and log their runs or walks on the event website will be entered to win a $100 gift card from Prime Capital Retirement. Ten winners will be selected on September 8. “At Prime Capital Financial, we believe preparing for retirement should be both empowering and engaging. That’s why we launched the ‘4.01 Killometers’ Challenge — to inspire participants and plan sponsors alike to take small but mighty steps toward a more secure future,” said Jania Stout, president of Retirement & Wellness at Prime Capital Financial, in a statement to 401(k) Specialist. “A 1% increase today can change the course of tomorrow, and we’re proud to walk — or run — alongside our clients every step of the way. “
At Transamerica, the organization is offering a 401(k) Day engagement toolkit that includes a quiz on retirement planning, a bilingual English and Spanish educational piece that asks participants if they are investing enough, an internal newsletter featuring 401(k) Day content, and a social media campaign for plan sponsors to share on their channels.
Transamerica is also reaching out to plans who use its OnTrack communications program to encourage them to review their retirement forecasts and add any changes necessary.
“401(k) Day is more than a celebration—it’s an opportunity to remind people of the power of consistent saving and planning for the future,” said Oriana Freidenberg, head of Customer Experience & Marketing at Transamerica.