MassMutual has had tremendous success boosting 401(k) participation by supplying workers with pocket PCs to make on-the-spot selections during enrollment meetings, FinanceTech reports.
Called the Electronic Enhanced Enrollment Experience, or e4, the online system replaces Power Point presentations and piles of paper forms that workers would previously have to fill out--and many times did not.
The online enrollment works with each pocket PC wirelessly connected to a software program on a MassMutual specialist's laptop. Each participant can see his or her enrollment status and retirement target date. As the specialist guides him or her through 401(k) choices, each participant makes a selection by using a stylus pen to touch the screen of their pocket PC. If a participant has a question, the meeting leader can access their information from their laptop.
One company using the e4 system, Ingalls Health System, reported that using a paper-based enrollment system, only 54% of employees participated in the 401(k) within 90 days of a meeting, but now, 90% of those attending an e4 meeting sign up on the spot and 24% of those already enrolled increase their contributions.