ING Boosts Retirement Plan Enrollments using Tablets and Mobile Devices
In an effort to help Americans better prepare for their retirement, ING’s U.S. Retirement division has launched a nation-wide initiative that allows employees to instantly enroll in their workplace retirement plan by accessing ING’s online enrollment center through a tablet made available by an on-site ING enrollment specialist, or through their own mobile device.
The program, ING iEnroll, is the expansion of an initiative first introduced in the Northeast during the past six months, where tablets were used in group enrollment meetings with a select number of 401(k) plan customers. The goal was to help facilitate the enrollment process by providing employees access to the latest in mobile technology as a means to help them immediately enroll in their employer’s retirement plan. The ING iEnroll program is available to ING’s corporate markets customers.
Initial results from the program suggest that tablets and mobile devices can be powerful tools for encouraging individuals to take positive retirement savings action. According to industry statistics, the average participation rate in a 401(k) plan was 82.3% at the end of 20091. However, for those attending an ING iEnroll meeting, ING found that those deciding to participate trended higher – nearly 97% took positive action by enrolling or re-enrolling in their company's plan using a tablet during the session.
“One of the biggest challenges our industry faces is getting individuals to take an important first step by joining their employer-sponsored retirement plan,” said Rick Mason, president of Corporate Markets for ING U.S. Retirement. “We’re extremely excited with the initial results from our new program, especially with small employers where plan participation rates are typically lower. ING conducts thousands of enrollment meetings throughout the year for its corporate plan customers, and we believe this effort can help even more Americans get on the right track to achieving their goals.”
During the interactive sessions, ING enrollment and retirement specialists educate prospective participants on the benefits of saving as well as the investment options available in their retirement plan. At the conclusion of each session, these individuals are then able to enroll instantly with access to ING’s online enrollment center through a tablet or their own mobile device. Mobile devices offer eligible employees the convenience to enroll when they are at their highest point of interest and engagement with regard to the benefits of participating in their plan.
These enrollment sessions may also help existing plan participants understand the value of increasing their payroll contribution amounts while offering the same mobile access and convenience for making these contribution changes immediately.
“By personalizing the enrollment experience and offering employees another method to engage with their plan, we are making it easier to take advantage of these important retirement benefits in a way that is most effective for them,” added Mason.
ING is a leading advocate for helping Americans in their effort to achieve a secure retirement, and the company is always exploring ways to leverage emerging trends and technologies to help produce positive retirement outcomes. Today’s workforce expects greater choice, control and convenience when it comes to retirement plan benefits. ING recognizes that a successful integration of technology and education can meet those expectations and lead to satisfied and engaged participants.
ING’s U.S. Retirement business holds top rankings in the defined contribution industry. It is one of the few providers that serves all types and sizes of customers, including corporate, government, healthcare, K-12 and higher education employers.
1. The 53rd Annual Survey of Profit Sharing and 401(k) Plans by the Profit Sharing/401(k) Council of America (PSCA).
ING U.S. is a subsidiary of Dutch-based ING Groep NV. In the U.S., the ING (NYSE: ING) family of companies offers a comprehensive array of financial services to retail and institutional clients, which includes life insurance, retirement plans, mutual funds, managed accounts, alternative investments, institutional investment management, annuities, employee benefits and financial planning. ING holds top-tier rankings in key U.S. markets and serves approximately 15 million customers across the nation. For more information, visit www.ing.us.