The Kentucky Public Employees' Deferred Compensation Authority has been organizing annual one-day Participant Education Expos for 11 years to encourage state employees to participate in voluntary supplemental 457 and 401(k) retirement savings plans. A few years ago, attendance started to decline, and authority leaders became concerned that many eligible workers were not taking advantage of their retirement savings options. Participation reached a record low in 2004 when only 250 employees attended the event. “We still had a good story to tell, but the old expo design was no longer working,” says Chris Helvey, staff assistant.
The authority began working with its plan provider, Nationwide Retirement Solutions, to redesign the event. Based on feedback from participants, the authority brought in more account services staff and made them available throughout the day. They also planned short retirement planning workshops and offered them two times daily. The authority tried to make workshops more relevant to employees' needs. “We are a fairly mature plan, and we have a large block of participants who are close to retirement,” Helvey says. “We decided to focus more of the workshops on how to use your savings in retirement and other issues important to older participants.”
A new campaign promoted the redesigned expos on the authority's Web site and through e-mail reminders. As soon as the doors opened at the 2005 expo in Frankfort, Ky., authority leaders knew that the redesign had been successful. Participation increased 400 percent from the previous year, and more than 1,000 employees attended the event. The number of participants at the 2006 expo rose to more than 1,100, and all six workshops were filled beyond capacity. In addition, 80 percent of those who met with plan representatives made a positive change to their account, such as enrolling in the plan or increasing their deferral amount. “Retirement planning is a complex topic that can be intimidating for many employees,” says Bob Brown, executive director. “The expo is an important event for us because it helps workers get educated and encourages them to be proactive.”
Project: Retirement savings exposition
Jurisdiction: Kentucky
Agencies: Public Employees' Deferred Compensation Authority
Vendor: Dublin, Ohio-based Nationwide Retirement Solutions
