MassMutual Retirement Services’ 2011 campaign to prompt 401(k) participants to save more has succeeded in boosting deferral rates by 4.34%. It also was aimed at getting those who were not saving into the game, and helping those with portfolios to revisit their allocations.
Aimed at 310,000 participants, the campaign was conducted through postcards and e-mails. MassMutual targeted all participants over the age of 50 and those under 50 saving less than 12% of their salary. But messages were tailored to various age demographics, as well as genders.
The response rate to the campaign was 4.38%, or 13,578 individuals.
The savings rate increased slightly more, by 4.43%, among those over 50, and by 3.07% among younger participants.
Thus, male investors increased their deferral rates to an average of 8.26% and women, 7.99%.
MassMutual called the results of the save campaign “outstanding”—and noted that it has had the most positive results of any other 401(k) campaign it has waged.
“By helping these participants focus on a single action and increase their saving rate, we were able to help them take a step towards becoming better prepared for retirement,” said Kris Gates, assistant vice president of participant and interactive marketing at MassMutual Retirement Services.
-- This article first appeared on Money Management Executive.
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