Performance Report
Prepared for Plan Sponsor
Table of Contents
Employee Engagement Details on how many employees were engaged and their feedback on Retiremap.
Financial Wellness Data on employees savings rates, financial goals and debt issues.
Retirement Readiness See how employee retirement readiness compares across demographic groups.
Demographic Differences Dive into the differences between employees goals and investing approaches.
Next Steps Review of what comes next and areas for considering additional support.
22
Employee Engagement 108 Employees Engaged
(received a personalized Starter Roadmap and custom online
Dashboard)
Overview
97% Completion
rate
24%
76%
iWorkshops (76%)Online (24%)
How employees engaged
33
42% Interestedin meetingan advisor
Employee Engagement
Profile38%
39%
23%
Baby Boomers (46-64): 23%Gen X (65-76): 39%Millennials (77-92): 38%
Employees engaged by generation
58% of engaged
employees are married
54% of engaged
employees own a home
67 years old is the average
anticipated retirement age
44
Employee Engagement
Behavior Change
46% of employees
decided to increase their paycheck
deferral rate
5.7% of pay was the average deferral increase
request
13% of employees are interested in auto-
escalating their paycheck
contribution
55
Employee Engagement
Workshop Feedback
I now feel more engaged with the 401(k) plan90.2% I now feel more prepared to work on my financial goals88.6% I now have helpful tools to reduce stress related to my personal finances93.2% I would recommend the workshop to a co-worker96.8% I plan to increase my savings rate through my retirement plan92.7% I am more interested in meeting with an advisor from Plan Advisor Firm 74.1% I am more prepared to take the next step to improve my financial wellness96.2% This new financial wellness program is an excellent addition to the benefits package97.6% I consider financial education to be an important employee benefit100.00%
66
Financial Wellness
Overview
77712%
10%
12%
24%
42%
Saving 0-5% of household paySaving 6-10% of household paySaving 11-15% of household paySaving 16-20% of household paySaving more than 20% of household pay
HouseholdSavings
Rates
32% of engaged
employees have CREDIT CARD
debt
28% of engaged
employees have STUDENT LOAN
debt
41% of engaged
employees have CAR LOAN
debt
8Financial Wellness
Top 5 Financial Goals
Save for Retirement
Eliminate Debt
Invest Better
Buy a Home
Emergency Fund
71% of employees
43% of employees
41% of employees
36% of employees
35% of employees
Other Top Goals:
31% of employees
28% of employees
21% of employees
19% of employees
17% of employees
0%
25%
50%
75%
100%
All Employees Millenials Gen X Baby Boomers
42%32%
47%41%
8%29%15%19%
27%18%25%22%
23%21%13%18%
Scored Less Than 25 (Least Prepared for Retirement)Scored 25 - 49Scored 50 - 75Scored 75+ (Most Prepared for Retirement)
Retirement Readiness - February 20159
Assumptions Used to Calculate Employee Retirement Readiness The following assumptions were used to calculate retirement readiness:
Inflation Rate: 3% Success rate of Monte Carlo simulations for non-retirement years, based on portfolio type: 75% Replacement rate for income at retirement (only meets basic needs, not retirement goals)
First five years of retirement: 65%Early middle retirement: 55%Late middle retirement: 45%Last five years of retirement: 55%
Percentage of retirement assets that are tax deferred: 50% Rate of return on investable assets in retirement (after tax): 5%
9
Demographic Differences
Overview
1010
38%
39%
23%
Baby Boomers (46-64): 23%Gen X (65-76): 39%Millennials (77-92): 38%
Employees engaged by generation
Demographic Differences
Millennials (77-92)
1111
Save for Retirement
Buy a Home
Invest Better
Eliminate Debt
Emergency Fund
71% of employees
38% of employees
51% of employees
42% of employees
41% of employees
32 years old
is the average age. 11%
7%
21%
23%
39%
All cashMostly bonds and cashHalf stocksMostly stocksAll stocks
How Millennials
are investing
33% Own a home 28%
Want tosave more
Top 5 Financial Goals
Demographic Differences
Gen X (65-76)
1212
Top 5 Financial Goals
1212
Save for Retirement
Eliminate Debt
Emergency Fund
Save for College
Buy a Home
71% of employees
31% of employees
45% of employees
40% of employees
31% of employees
45 years old
is the average age. 10%
33%
21%
12%
24%
All cashMostly bonds and cashHalf stocksMostly stocksAll stocks
How Gen Xers
are investing
61% Own a home 47%
Want tosave more
Demographic Differences
Baby Boomers (46-64)
13131313
Save for Retirement
Invest Better
Reduce Spending
Minimize Taxes
Long Term Care
82% of employees
28% of employees
64% of employees
34% of employees
33% of employees
56 years old
is the average age. 9%
18%
23%32%
18%
All cashMostly bonds and cashHalf stocksMostly stocksAll stocks
How Baby Boomers are investing
77% Own a home 48%
Want tosave more
Top 5 Financial Goals
Next Steps What comes next and areas to consider additional support.
1414
Step 1: Email campaigns We will start with targeted emails to engaged employees based on the financial goals selected and issues identified.
Step 2: Personal finance webinar Based on the issue that the committee feels is mostpressing, a CFP with Retiremap will offer a live webinar.
Step 3: Evaluate addressing debt Retiremap uncovered that 49% of employees had eitherstudent loan or credit card debt, with 11% having both.