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.