NU Online News Service, Nov. 2, 2004, 12:48 p.m. EST
A large New England insurer hopes to use a little psychology to increase worker involvement in retirement savings plans.[@@]
The retirement services unit at Massachusetts Mutual Life Insurance Company, Springfield, Mass., has introduced the Prepared USA retirement plan participant education program to improve participation rates at 401(k) plans and other voluntary defined contribution retirement plans.
The program uses software that combines basic employee demographic information with several different employee psychological profiles.