Description of Program
M. A. Mortenson takes a unique approach to retirement education by making open enrollment an exciting event for employees. Months leading up to open enrollment, the company does themed marketing campaigns to build anticipation. Each year, the company, in partnership with other financial education providers, conducts a full tour of all locations, hosting retirement workshops, benefits fairs and other events to emphasize the importance of retirement planning.
The company meticulously plans workshops for their various employee groups, so that new employees receive a full benefits orientation along with education on the basics of money management and retirement planning.
For long time employees, the company ensures that the workshops are more advanced each year, increasing employee’s financial knowledge and preparedness on an annual basis.
Mortenson’s retirement education program has become an annual tradition—a learning and bonding experience that has helped to define the company’s culture, as well as making its retirement plan among the most successful in the nation.
Results
Before the company launched automatic enrollment, over 95% of employees participated in the company’s 401(k) plan, considerably higher than the national average of approximately 65-75%.
Mortenson’s employees have a high degree of financial literacy relative to the employees at other companies. Its employees scored considerably higher than average on Financial Finesse’s financial wellness assessment than average—with above average scores in all categories we track from debt management to estate planning. Retirement preparedness scores were approximately twice the average with employees scoring particularly high in their understanding of asset allocation and investing.
