Making 401K re-enrollment approachable, easy and … a little bit fun.
3M was making several changes to its 401(k) retirement fund to streamline the investment options and eliminate six core funds. They needed to create an attention-getting re-enrollment campaign leading up to the start of the two-week re-enrollment window.
For too many people, their 401(k) feels intimidating, complicated, overwhelming, time-consuming and just plain scary. We wanted to make the re-enrollment process feel like less of an obligation by removing intimidation factors, simplifying the process and making it seem easy, approachable and most of all friendly.
WAVE 1: EDUCATIONAL PRIMER
Reboot participants awareness and relationship with their 401K. Emphasize simplicity, reduce intimidation and create awareness of upcoming re-enrollment prior to introducing the full re-enrollment process.
WAVE 2: INTRODUCE RE-ENROLLMENT
Introduce and educate about re-enrollment process. Focus on resources and support available to help participants think through their options. Encourage participants to revisit their plan, embrace the change and make the most out of their plan.
WAVE 3: ACT NOW
Launch open two-week re-enrollment and reinforce need to act.
