NU Online News Service, May 30, 2003, 11:22 a.m. EDT – Principal Financial Group Inc., Des Moines, Iowa, is introducing “Hire to Retire,” a new participant-education program for members of 401(k) plans and other defined-contribution retirement plans.
The program tries to keep workers from feeling overwhelmed by giving them focused, easy-to-understand retirement-planning information.
The program also emphasizes efforts to persuade participants to calculate how much cash they will need for retirement. Once participants calculate how much they need to save, more than half will increase their savings, Principal says.
The program includes the Communication Assessment Tool for plan sponsors. Employers can use the tool to compare their plans with typical plans and the best-run plans, Principal says.