LEXINGTON, Ky., Sept. 14, 2017 (GLOBE NEWSWIRE) -- Numerous survey reports reveal that the majority of Americans are ill-prepared for retirement. To further its objective of helping working Americans obtain retirement security, the National Association of Government Defined Contribution Administrators (NAGDCA) is championing 2017 National Retirement Security Week (October 15-21) with a free, ready-to-use communications campaign for plan sponsors.
The “Your Whole Story” campaign, which can be used by public and private plan sponsors, is designed to engage employees in a discussion about their overall financial decision-making, with an emphasis on their retirement savings decisions. It was created by the National Association of Retirement Plan Participants (NARPP), a leading provider of retirement communications, using a process grounded in behavioral finance and human centered design to generate higher levels of engagement and behavior change. Test use on County of Los Angeles employees in 2016 resulted in a 25% increase in plan participation and a 48% increase in savings rates. NAGDCA received an Eddy Award for Overall Excellence from Pensions & Investments for “Your Whole Story” in March 2017.
“NAGDCA’s goal in facilitating the creation of National Retirement Security Week was to create a grassroots movement for societal change around retirement. ‘Your Whole Story’ is a campaign using best practices and behaviorally effective methods to engage participants in becoming aware of their role in preparing for retirement. Specifically, it was designed to relieve the burden on plan sponsors, who are typically tasked with communicating with employees, but often lack the necessary resources,” said Polly Scott, NAGDCA Executive Board Member and former President, and Communication & Deferred Compensation Plan Manager at the Wyoming Retirement System.
“Communications can be huge lever for change when done in a way that shifts the focus to the individual and their needs. ‘Your Whole Story’ engages people in a conversation about their own life and goals, without using fear and scare tactics that have been proven to turn off employees from taking the actions necessary to secure their financial future,” said NARPP President Laurie Rowley.
The “Your Whole Story” campaign is a suite of ready-to-use materials that can be easily accessed, used generically or customized, and implemented in digital or printed form by plan sponsors to use with their employees, and employees can share with family and friends. It covers a wide-range of topics, including the need to have an emergency fund, the power of compound interest and the importance of never removing funds from a retirement account. “Your Whole Story” information and materials may be accessed at http://www.nagdca.org/NRSW/Story.
About the National Association of Government Defined Contribution Administrators, Inc. (NAGDCA)
NAGDCA is the leading association for defined contribution retirement plans of government employers to advocate opportunities that empower sponsors to preserve and enhance these plans to meet their goal of providing participants with financial security at retirement.
About the National Association of Retirement Plan Participants (NARPP)
NARPP is a San Francisco-based 501(c)(3) nonprofit whose mission is to improve retirement savings outcomes. Through pioneering research, independent coalition building, and innovative educational programs, NARPP is making financial information transparent and universally accessible for the 145 million working Americans saving for retirement.
About National Retirement Security Week (NRSW)
NRSW is a national effort to raise public awareness about the importance of saving for retirement. It is held annually during the third week of October.
Congress first passed the enabling legislation for NRSW in 2006 at the request of the National Association of Government Defined Contribution Administrators (NAGDCA). NRSW has continued each year since then with Congressional support. Most recently, in 2016, the Senate passed Resolution 575 continuing its support of National Retirement Security Week. The primary sponsors are Senator Ben Cardin (D-MD) and Senator Mike Enzi (R-WY).
Contact
Robin Schoen
Robin Schoen Public Relations
rschoen@robinschoenpr.com
215.595.7542