401(k) Participant
Engagement

The goal
Personal
communication
with
participants
Effort

Easy Inexpensive Personal
One-on-one meetings ✓
Group meetings ✓
Phone calls ✓
Webinars ✓
Personal emails ✓ ✓
Automated emails ✓ ✓
Handouts ✓ ✓
Personalized reports ✓ ✓
Participant interactions

One-on-one meetings
Pros:
● Delivers the best participant
outcomes
Cons:
● Time-consuming
● Do not scale
Group meetings
Pros:
● You meet participants <>
Participants meet you
Cons:
● Participants are not comfortable
asking questions
● Content is not personalized
● People might tune out

Phone calls
Pros:
● Speak with participants directly
● End with a positive result for the
participant
Cons:
● Often are questions that should be
directed to recordkeeper
Webinars
Pros:
● Centered around specific topics
● Scales to many participants
● No time constraint (can be
recorded and played later)
Cons:
● Like with group meetings
participants might be afraid to ask
questions

Personal emails
Pros:
● Personalized advice is more likely
to be acted upon
● Asynchronous (you can respond
when your schedule permits)
Cons:
● Do not scale
Automated emails
Pros:
● The simplest way to reach
participants
Cons:
● Likely to be ignored

Handouts & mailings
Pros:
● Easily deliverable
● Satisfy requirements
Cons:
● Easily ignored and discarded
● Often not relevant (e.g. most
people do not hit contribution
limits)
● Expense and waste
Personalized reports
Pros:
● Great discussion pieces
● Inspire action
Cons:
● Time-consuming to produce

Engagement drives business results
Engaged
participants
Better
metrics
Better
participant
outcomes
Win more
clients

Why use metrics?
You distinguish yourself on:
● Price
● Service
● Reputation
With metrics you quantify why you are better than competitors which makes the
plan sponsor's choice easier.

401(k) metrics
Metrics today:
● Participation rate
● Actual Deferral Percentage
● Actual Contribution Percentage
● AUM
Metrics tomorrow:
● Retirement readiness rate
● Participant engagement rate
● Financial wellness

Retirement readiness rate
Number of participants
projected to meet their
retirement income goal
Total number of participants

Participant engagement rate (PER)
Participants who:
You have met with -or-
Had a phone call with -or-
Who opened an email -or-
Logged into their account
Total number of participants
PER is bounded by a timeframe. Your annual PER will be larger than your quarterly PER.

Financial wellness
The CFPB defines financial wellness as:
A state of being wherein a person can fully meet current and ongoing financial
obligations, can feel secure in their financial future, and is able to make choices
that allow enjoyment of life.
We define financial wellness as:
Being financially prepared for all major life events up to, and including, retirement.

How do you measure financial wellness?
Financial wellness is composed of many different components that need to be
measured individually. (e.g. budgeting, emergency savings, debt, insurance,
estate planning, etc.).
How do we measure financial wellness?
We have developed a 100-point score that measures a participant's overall
financial wellness by weighing the individual components based on the
participant's profile. We can report on that across a plan or your whole book of
business.

"If you can't measure it, you can't improve it." - Peter Drucker
With WorkPlay401(k) you:
● Have a branded financial wellness portal
● Increase participant engagement
● Make automated emails and handouts personal and make personalized
emails and reports easy
● Get metrics for use in plan reviews and proposals
● Set yourself apart from your competitors
WorkPlay401(k) Participant Engagement
Management

Find out more
Find out more information and schedule a demo.
Web: www.workplay401k.com
Email: will@workplay401k.com
Phone: (323) 628-4015