Case study: Prescribing education to improve plan participation
With Voya’s average healthcare client tenure at 25 years, we have the experience to meet even the most complex plan needs and deliver superior retirement outcomes for plan participants. Learn more at voyadifference.com/healthcare.
As a leader in the healthcare space, Voya has partnered with a large $1.7 billion¹ healthcare provider to administer their 403(b) retirement plan and help drive positive retirement outcomes for their employees. From the beginning, the client’s plan prognosis was positive – showing continuous improvement in plan participation and engagement. At a certain point, plan participation plateaued with only marginal year-over-year improvements.
A dedicated and experienced team from Voya worked closely with the client to develop a solution that improved the plan participation trajectory, while helping employees prepare for a healthier financial future.
Choosing the right solution for better plan health
To create positive participation momentum, Voya customized and implemented an enhanced retirement readiness program to complement the existing curriculum. The more robust retirement readiness strategy centered around interactive on-site seminars and one-on-one advisor sessions. To ensure the program was tailored to the employee-base, we sent health benchmark surveys2 to approximately 23,000 employees to learn more about the greatest areas of interest and the perceived benefits of educational seminars.
Administering the solution
We worked with the client to map out locations, logistics, and topics based on employee areas of interest. Across a two-year period, Voya on-site advisors hosted 78 total seminars in 12 different locations for almost 700 attendees, which amounted to more than 75 hours of financial education.
We performed check-ups after the seminars, with 99% of attendees agreeing or strongly agreeing the session was valuable.
Advising a long-term treatment plan
After the seminars, approximately 45% of attendees requested to meet with a financial advisor for additional assistance. And when employees work with an advisor, we discovered they are
- 3X more likely to have a formal retirement plan, and
- 2X as likely to be on track to retire when they want.³
Education and personal advice improves plan participation
From the beginning, the goal was to move the participation needle, helping more employees plan for retirement and improve employee financial wellness. Not only did our customized education solution improve participation across the entire employee base, but it also proved impactful enough to move the millennial meter, from 51% to an impressive 67%.
Moving forward, we’re continuing to offer annual retirement seminars on employee-guided topics, which are proving to be a valuable prescription for improving plan participation. Voya Financial is a leading retirement plan provider within the healthcare space – offering solutions that help improve employee recruitment, retention and engagement.
Reach out to your local Voya representative to learn how we can help improve your plan participation and plan health. Visit voyadifference.com/healthcare to learn more.
Products and services offered through the Voya® family of companies.
¹As of 2017
2Benchmark survey sent to approx. 23,000 employees in March 2016
³Based on a 2015 Voya online consumer survey completed with Greenwald & Associates, Inc. involving 1,000 workers over the age of 21