NS4RW. National Save For Retirement Week. Case Studies 9/9/2015. Moderators Doug Miller Suffolk County NY Peter Schaffer Davis Advisors AZ

Transcription

1 National Save for Retirement Week Moderators: Doug Miller, Suffolk County; Peter Schaffer, Davis Advisors Panelists: Kandi Winters, State of Florida; Mary Buonfiglio, State of North Carolina; Michael Okumoto, State of Hawaii National Save For Retirement Week Case Studies Michael Okumoto State of Hawaii Deferred Compensation Plan NS4RW Moderators Doug Miller Suffolk County NY Peter Schaffer Davis Advisors AZ 1

2 Agenda Introductions of Winning Strategies from 3 NS4RW Winners Hawaii Florida North Carolina Questions Case Study: State of Hawaii Deferred Compensation Plan Focus of Attention Marketing Plan Results of the 2014 NS4RW Campaign Focus of Attention: Ho omaha loa Retirement Ideal Lifestyle 2

3 Focus of Attention: Ho omaha loa Retirement Ideal Lifestyle Challenges: High cost of living; long life expectancy Newsmax Retirement Cost of Living in Hawaii Wednesday, June 3, :59AM By: Suzanne Wentley Pristine beaches, perfect temperatures, and luscious tropical landscapes what s not to love about the idea of retiring to Hawaii? For Many, it s the cost of living. Bankrate s list of the Best and Worst States to Retire ranked Hawaii last in cost of living. Still, the chain of islands also ranked first for community well being, so its worth a closer look to determine the true costs of living your retirement years in this tropical state. States Where People Live Longest December 27, 2014 by 247 Alex The United States has a health problem. Across the country, life expectancies routinely fail to meet the standards set by other developed nations. Differences in life expectancy between the United States and other developed nations, such as Switzerland and Japan, are dramatic. However, some states have closed the gap with these nations. In both Hawaii and Minnesota, a resident born in 2010 could expect to live 81 years on average. In 12 states, the life expectancy at birth was 80 years or more. Focus of Attention: Ho omaha loa Retirement Ideal Lifestyle Challenges: High cost of living; long life expectancy Importance of Planning Marketing the Plan Employee Demographics: Approximately 58,000+ eligible employees across the State. Ni`ihau Kaua`i O`ahu Moloka`i Maui Lana`i Kaho`olawe Hawai`i (the Big Island) 3

4 Marketing the Plan Employee Demographics: Approximately 58,000+ eligible employees across the State. Hold Employees Benefits Fairs at different locations semi annually. Marketing the Plan Employee Demographics: Approximately 58,000+ eligible employees across the State. Hold Employees Benefits Fairs at different locations semiannually. Secure top level support. Marketing the Plan Employee Demographics: Approximately 58,000+ eligible employees across the State. Hold Employees Benefits Fairs at different locations semiannually. Secure top level support. Encourage employee attendance at Fairs. 4

5 Marketing the Plan Employee Demographics: Approximately 58,000+ eligible employees across the State. Hold Employees Benefits Fairs at different locations semiannually. Secure top level support. Encourage employee attendance at Fairs. Collaboration efforts. Employees Benefits Fairs Spring Benefits Fair is held on Oahu Fall Benefits Fair is held on a neighbor island Fall Benefits Fair Scheduled in conjunction with the National Save For Retirement Week 2014 NS4RW Campaign Hilo Kailua Kona Promotion of the Fall Benefits Fair Poster, postcard mailers to participants homes, 2 minute video announcement Activities at the Benefits Fair: Vendor Tables with the Plan s Investment Managers. 5

6 Activities at the Benefits Fair: Motivational Activities Interactive Wall Display featuring the Longevity Challenge. Activities at the Benefits Fair: Motivational Activities Interactive Wall Display featuring the Longevity Challenge. Aloha Bingo Card Activities at the Benefits Fair: Vendor Tables with the Plan s Investment Managers. Motivational Activities Interactive Wall Display featuring the Longevity Challenge. Aloha Bingo Card What we discovered. 6

7 Activities at the Benefits Fair: One on One Consultation Stations with the Plan s Retirement Counselors. Activities at the Benefits Fair: One on One Consultation Stations with the Plan s Retirement Counselors. Vendors Tables with Other State Benefit Plan Providers. Activities at the Benefits Fair: One on One Consultation Stations with the Plan s Retirement Counselors. Vendors Tables with Other State Benefit Plan Providers. Printed Educational Materials and Take Action Forms. 7

8 2014 NS4RW Campaign Results Approximately 11% of the attendees enrolled in the Plan; Approximately 40% of the attendees increased their deferrals; and 340+ attendees 40% Increased Contributions 340+ attendees 11% New Enrollments 2014 NS4RW Campaign Results Approximately 11% of the attendees enrolled in the Plan; Approximately 40% of the attendees increased their deferrals; and Average account balance at the end of 2014 was $72, NS4RW Campaign Results Survey Results: 100% 90% 95% of attendees: Got the 80% 70% information they wanted. 60% 50% 94% of attendees: 40% 30% Presentations 20% 10% were helpful. 0% 98% of attendees: Would encourage others to attend the Fairs. Conclusions 95% 94% 98% 8

9 QUESTIONS? Presented By: Kandi Winters Bureau Chief 9

10 Kandi Winters Bureau Chief Mailed to 88,500 state employees (participants and non participants) Encouraged enrollment, increased contributions, website utilization, and consolidation of other retirement accounts Sent a corresponding, actionable flyer to all 32 State Agency Personnel Directors and 15 non centralized State agencies including State Universities 24 Benefit Fairs / 15,000+ attendees 4 small group seminars / 115 attendees Direct interaction with employees about the Plan Distributed important documents Enrollment forms and Increase Cards FAQs, Performance Reports 2014 Newsletter, Plan Brochure Bureau staff involved with entire process All 5 Investment Providers attended each benefit fair and most of the small group seminars Strong promotional giveaways Sunglasses, hats, pens, tote bags, koozies, notepads Kandi Winters Bureau Chief Silver Pen/Stylus Tote bags Notepads with logo and contact info Trucker hats Sunglasses Koozie Kandi Winters Bureau Chief 10

11 Launched 2 strategically placed billboards for all of October (rentals extended longer) High exposure areas near State of Florida office buildings (275,000+ weekly impressions) Leon County/Tallahassee has over 20% of State of Florida employees (10,000 more than Broward and Dade Counties combined) Inexpensive and reusable Kandi Winters Bureau Chief Web banner promoted the campaign all month on homepage slideshow Banner linked to actionable flyer for EZ enrollment and Increasing contributions to Personnel directors Kandi Winters Bureau Chief 8 th National Save for Retirement Month Campaign 747 new participants enrolled (300 more than normal monthly avg.) Launched electronic increase form/button Enrollments and Increases received online, by phone, fax, at benefit fairs, and at group seminars Avg. employee contribution jumped by $100 from $275 to $376 during this campaign 412 requests were answered by the Deferred Compensation staff in response to the flyer Total October payroll contributions were $5 million higher than previous months Kandi Winters Bureau Chief 11

12 New promo items (piggy banks, cell phone wallets, lanyards, coasters) Updated mailed brochure will be sent to 88,000+ employees Enroll Now and Increase Contributions buttons featured on Mailer and website New billboard location or city bus wrap Website promotion (banner, e flyer, live chat) Send flyer individually to each Agency Personnel Director Send to list of 25,000+ participant addresses Kandi Winters Bureau Chief North Carolina Total Retirement Plans NC 401(k) & NC 457 Plans 2014 National Save for Retirement Week Campaign Key Statistics: 2015 Second Quarter Statistics Total plan membership: 401(k) 253, ,071 Total plan assets: 401(k) $8,006,708, $1,174,861,478 12

13 Mission: Exercise fiduciary oversight and provide outstanding customer service that provides value to, and instills confidence by, the state s citizens, customers, and financial community To secure the retirement of NC public servants To deliver comprehensive personalized solutions and services To provide exceptional customer service To protect the integrity of the NC Retirement System Vision: Create and maintain a fiscally sound and prosperous North Carolina People: Be a great place to work where people are inspired to be the best they can be Productivity: Be a highly effective, lean and fast moving division Portfolio: Package a portfolio of services that anticipates and satisfies member needs and desires Process: Develop and maintain efficient processes that are measurable, customer friendly and manage accountability Predict: Leverage data analytics to predict trends and be an industry leader at State and National levels on retirement matters and innovation Protect: Set the highest standards in the development and rigorous enforcement of our pension protection policies and procedures Retirement Readiness: When a member can replace 80% of his or her preretirement income each year in retirement (i.e., from age 62 until age 90) 2014 retirement readiness score 64.01% 13

14 Seeking enrollments Most impact on Retirement Readiness score Enrollees vs. non enrolled average preparedness 75% vs. 55% Targeting state agencies Large, geographically dispersed Don t offer an employer contribution like others Ability to enroll online Unique approach to messaging Survey data implied men and women think differently about saving Confidence in knowledge Actual knowledge Level of retirement planning Survey data implied different age groups think differently about saving Millennials are most optimistic Gen X and Millennials tied for level of retirement planning Comprehensive outreach 2 Post cards 4 Micro sites (segmented) Animation 14

15 Millennial Gents (ages 18 34) Millennial Ladies (ages 18 34) Gen X Gents (ages 35 49) Gen X Ladies (ages 35 49) Five Key Reasons to Start Saving Animation (for all) 15

16 Results Nearly 4% enrolled One step closer to achieving retirement readiness Sneak for 2015 Nearing retirement focus Increase awareness for considerations heading into retirement and tools available Roll overs of outside assets to take advantage of the plans benefits and features Alternatives to Saving 4 Retirement. Questions? 16