Strategies for Providing Information to Participants

Q. What are some approaches that one can take in providing information to a participant?

A. In the RetireReady blog, Edward Dressel suggests the following strategy in providing information to participants. 

Provide information about the plan. Providing participants with important information about the plan is key to participants being in control and to their ability to set a course for a secure retirement. 

Be proactive. Be proactive about furnishing information and not simply relying on directing participants to a web portal to access information. 

Participant status. Help participants understand where they are regarding readiness to finance retirement. 

Be concrete. Communicate with participants about what they need to do to be financially prepared for retirement in a way they will understand that and includes specific information about steps they can take. Don’t simply rely on pointing out target figures concerning savings participants should amass by various ages; rather suggest what a participant can do to make up any difference between those targets and what they have saved.