Retirement Plan Participants Embrace Virtual Education

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The COVID-19 pandemic transformed practically every aspect of our lives, even how retirement information is delivered. 

In new research from Transamerica, retirement plan sponsors and participants transitioned from in-person to virtual education, which appears to have had a positive effect on engagement. The life insurance and investment company added to a trend that found that remote and virtual meetings ended up reaching even more employees because it offered greater flexibility, accessibility, and convenience. 

In 2020, research showed a 25% year-over-year increase in employee education meetings–and virtual education seemed to have a direct correlation to other improved metrics:

The virtual engagement approach provided increased flexibility for plan participants allowing them to select meeting timeframes that worked best within their schedules, including nights and weekends. Instead of having to meet a retirement plan consultant face to face, employees could opt for a phone or computer interaction, the latter allowing for screen-sharing for a more in-depth account review.

The company said they saw its engagement practices evolve in real time throughout the pandemic. 

“Traditionally, Transamerica’s retirement education program had a mixture of in-person and virtual meetings,” said Phil Eckman, Chief Operating Officer of Workplace Solutions at Transamerica. “With the pandemic, it was necessary to move swiftly to an entirely virtual model. What we found is that virtual education removes most logistical considerations, making it more convenient and flexible for sponsors and employees.”

Eckman said that they trialed a variety of options including virtual meeting opportunities over a fifteen-day period, which he said had plan sponsors and participants lauding the scheduling convenience for employees.  

Participant satisfaction practically perfect in virtual interactions

The report also tracked plan participant feedback about their virtual meetings with retirement plan consultants and the overall response was positive:

As advisors adjust their approach in a changing  world, Eckman says virtual interaction is here to stay. 

“With more companies shifting to a permanent work-from-home or hybrid structure, these statistics show that virtual meetings with retirement plan consultants will be even more important and an effective means to give people the information they need to prepare for retirement,” said Eckman.

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