John Hancock Introduces New Program and Tools to Help 401k Participants
BOSTON, MA, Septenber 6, 2007 -- John Hancock Retirement Plan Services recently unveiled two new initiatives aimed at helping 401k participants achieve a comfortable retirement.
One is a campaign called 'Set a Goal', which encourages participants to develop detailed savings objectives. The other is a unique post-enrollment education program called 'EZRoute', which helps empower participants as they plan for retirement.
"We know from our research that participants who set goals feel more confident and save more for their retirement," said Ralph Vizl, Vice President, Product Development and Management. "We also know that plan sponsors and financial representatives want and need easy and effective materials to continue the education that begins with enrollment in the plan. With EZRoute, we've given them the tools to help them help participants to achieve their retirement goals."
Set a Goal Campaign
Research indicates that participants who set a goal save more toward retirement and feel more comfortable about their long-term financial prospects. As part of 'Set a Goal,' participants receive an Annual Review kit along with their Q1 statements. This unique and easy to use kit includes a questionnaire that takes fewer than ten minutes for participants to complete. The kit walks participants through the process of setting a retirement goal. They simply complete the questionnaire and return it to John Hancock. A few weeks later, they receive a one-page, personalized action plan built around their specific retirement goals. Participants also have the option of logging on to their account where they can complete the survey online and receive their action plan immediately.
The campaign which was piloted last year and rolled out in full in 2007 is proving to be a success. Participants from more than 1,000 plans have submitted their Annual Reviews in the first ten weeks of release.
This year, users also had access to an online 'increasing contributions' calculator. This handy tool lets them choose a contribution amount and automatically see how much it would be worth after five years. (http://communications.jhpensions.com/sagp/)
Another popular feature was a website launched for financial representatives. The site provides PDFs of the 'Set a Goal' marketing materials. It also allows financial representatives to identify contracts where participants are either less engaged or highly-engaged, so they may take appropriate action from a sales perspective.
EZRoute
As part of another initiative to encourage participants to save for retirement, JHRPS recently launched a post-enrollment education program called EZRoute. EZRoute is comprised of four distinct modules, focusing on different sets of participant needs. Within these modules are seminars and workbooks that teach essential skills related to effective retirement planning.
One of the most popular components of the program is a piece called 'Be Prepared for Emergencies'. Participants record all their important financial information in one place to help with emergency preparedness. This summary, also used successfully elsewhere at John Hancock, helps participants be ready in the event of an emergency and also helps financial representatives better understand their clients' needs.
About John Hancock Retirement Plan Services
Amongst mutual fund, life insurance companies and banks, JHRPS is ranked as the #1 provider to 401k plans based on number of 401k plans managed as of 12/31/06, according CFO Magazine. (CFO Magazine 401k Buyers Guide Study, published May 2007.)
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