Porchlight Financial increases employee engagement and plan participation, while saving employees thousands of dollars per year in fees.
ACL introduced Group Retirement Plan in 2013, however, participation was low, and employees did not seem to understand, nor appreciate the value of the benefit. ACL appointed Porchlight Financial as plan advisors in April 2015.
In the six months that followed, Porchlight Financial conducted multiple group sessions, and met one-on-one with over 100 of the 150 employees, helping them with everything from enrolling in the plan to providing basic financial planning advice.
As a result of this concerted employee engagement campaign, plan participation increased by 26% and the number of plan members who had made an active investment decision increased by almost a third. This increase in participation enabled Porchlight Financial to negotiate a significant fee decrease – saving plan members thousands of dollars per year.