Springfield, Mass. — MassMutual Retirement Services' patent-pending e4 wireless enrollment technology has reached new levels of success in participant response rates according to the most recent data, the company announced today.
Since its introduction in 2005, Springfield, Mass.-based MassMutual reports its handheld e4 technology has delivered an average on-site enrollment rate of 90%. The most recent data indicates that number has climbed even higher. Among participants who were not contributing prior to the e4 meeting, 92% now enroll during the meeting at an initial average contribution rate of 5.3%.
"If individuals aren't participating, e4 is highly successful in engaging them to do so because it's easy and fun," states Ian Sheridan, corporate VP and chief marketing officer for MassMutual's Retirement Services Division. "What's even more compelling is that, among participants who increase their savings rate in an e4 education meeting, the average contribution rate is 8%. Equally impressive is the fact that, on average, 74% of participants who are already contributing do increase their savings rate by an average of 5.4%."
Enhancements to the original e4 experience, such as the option to elect a Roth contribution, compatibility with both 401(k) and nonprofit plans and the ability for participants to elect any target retirement date investment option offered by the plan, make MassMutual's e4 technology even more personal, according to the insurer. MassMutual also has started a pilot that leverages the e4 technology to deliver the experience on devices such as cell phones and other personal digital assistants.
"The e4 experience is like nothing else in the marketplace," says Elaine Sarsynski, EVP of MassMutual's Retirement Services Division and chairman, president and CEO of MassMutual International LLC. "Among our clients who have used e4, 100% of them choose it as their standard method of employee education going forward. This speaks to the tremendous impact this technology can have on the success of a retirement plan and its participants."
Source: MassMutual Retirement Services
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