Employers

The vast majority of employers want to do what’s best for all their employees. The key to doing so is for companies to take the necessary steps to help set their employees on track —to a financially secure retirement. With defined contribution (DC) plans now a primary source of retirement income, it is incumbent on employers to ensure that their employees are saving and investing effectively within those plans. America Saves Week is an annual opportunity to build on the communications efforts you are already doing. America Saves Week.org offers many tools on a wide variety of savings topics your employees can use. 

• America Saves Week logo
• Ballpark E$timate
• Posters—download, customize, print, and distribute all five versions 
  • House
  • Car
  • Education
  • Retirement
  • General Savings
• Flyers—download, customize, print, and distribute all five versions
  • Build Wealth
  • House
  • Car 
  • Education
  • Retirement
• Brochures download, customize, print, and distribute to appropriate partner organizations 
  • Employers
• One page fact sheet, How Can Individuals Participate, serves as an easy to distribute guide for your employees to the How Can Individuals Participate section of the America Saves Week web site.
• Saving Your Tax Refund Made Simple
  Now, taxpayers have an easy way to keep some of the pie for themselves: Finally, savings made simple! Using Form 8888, taxpayers can direct-deposit tax refunds into up to three accounts, making it easy to save a portion of their refunds. They can spend some on expenses, invest some in a long-term goal and save some for emergency funds.
• For additional materials like a sample proclamation, power point presentation or payroll stuffer, visit the America Saves website.

• Use the week to promote your plans and to move employees to action through various communications methods, i.e., motivational workshop, e-mail alert, payroll stuffer, literature available in common areas like cafeteria, etc.

1. Set a target for number of employees who sign up for plans.
2. Set a target for the number who increase contribution limits.
3. Set a target for number who evaluate investment allocation.
4. Set a target for number who use a planning tool.
5. Set a target for number who use an investment allocation or advice tool or service or sign up.

Hold a retirement savings fair for employees, either all-day (ideal), before work, during lunch, after work, or on Saturday. The fair could be staffed with internal HR staff and/or service providers for your plans.

• Options for organizing the fair could include:
  • Explanation of the retirement plan offered.
  • Offer a chance to sign up for the plan.
  • For those already enrolled, offer an opportunity to review their contribution amount and asset allocation.
  • Counsel on where to go for advice.
  • Offer more financial topics such as credit counseling, basics of mortgage financing, etc.
  • Invite nonprofit organizations to give presentations on other topics such as credit counseling, opening a savings account, opening an IRA, etc.
• Send one or more stock e-mails during the Week directing your employees to the America Saves Week.org Web site.
• Encourage employees to sign up for free monthly saver e-mails.
• Place America Saves Week article(s) in internal newsletter.
• Enclose one of the fliers as a payroll stuffer.
• Place a notice of and information about America Saves Week on internal computer system.
• Place a link to America Saves Week.org on company Web site or internal network.
• Provide access to no-fee savings accounts through Saves enrollment—presentation(s), motivational workshop(s), and or topic seminar(s).

What employers can do with their plans

• Over one-third of all eligible employees do not participate—at all—in their company’s retirement savings plan.
• More than 90% of those who do participate fail to take full advantage of the legal maximum contribution limits.
• Nearly one-fifth of participants are invested in a single nondiversified investment option.
• About 20% have outstanding loans within their DC accounts, risking a smaller balance and less earnings potential if the loan is not repaid.

Learn About the Tax Features of Retirement Plans

• IRS Navigator to Tax Information on Retirement Plans Your Highway of Retirement Plan Products. Follow the Navigator's path to find the publications that will help you choose, establish and operate a retirement plan, and even correct plan errors if mistakes are found. Use the Navigator to take the right steps for you and your employees; we've got it mapped out for you! http://www.irs.gov/retirement/sponsor/index.html

Think About Adding Automatic Features to Your 401(k) Plan

• Fast Fact Sheet, “Auto Escalation Has Positive Impact on Income Replacement Rates in Retirement.” 
• AARP/FINRA/RSP “Retirement Made Simple—Automatic 401(k)” information 
• AARP/FINRA/RSP survey, “Employer Awareness and Attitudes About Automatic 401(k) Plans.” 
• Sample Automatic Enrollment and Default Investment Notice (Relating to Code Sections 401(k)(13) and 414(w) and ERISA sections (404)(c)(5) and 514(e)(3)) 

Suggested Activities

• Talk with your service provider about adding automatic features to your 401(k) plan.
• Offer more in deferred compensation as part of a total compensation package for employees.
• Consider offering benefit packages customized for employees at different stages in life, such as young and single, married with children, preparing for retirement, and so on.
• Offer credit counseling services to every employee—leverage either your employee assistance plan or local (sometimes United Way) services.

Success Stories from America Saves Week 2008 

• WorldatWork, an association of human resource professionals, offered one-on-one financial counseling to employees and promoted the week in publications and on its website, which are read by more than 30,000 employees and customers.
• A large plan sponsor, MetLife, used American Saves Week to encourage their employees to save a portion of their annual incentive pay.

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