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Talented, experienced employees are the key to any successful business, and employee benefits are an important tool in retaining employees. To help clients maximise the return on their investment in benefits, Milliman offers integrated, personalised employee communications. While these communications enable employees to make informed benefit decisions, they also enhance employee awareness and appreciation of the benefits program provided by the employer.
We offer a full range of educational formats to help participants set and reach financial goals, including such actions as increasing savings and diversifying investments. Our participant status reports describe current savings levels and inform participants of their progress and corrective steps they can consider if necessary. We lead employee meetings offering employees the opportunity to get answers to their questions and gain a greater understanding of their benefits. We also facilitate topic-based education sessions, such as debt reduction and retirement planning, that can be presented personally by our communication consultants and rebroadcast online on demand. Clients can access our participant education tools on demand as well. Because this system is linked to plan administration, the messaging can address the unique offerings of your plan and the individual situations of each plan member.
Through our participant website, employees can sign in at any time to view their benefits and investment information for both 401(k)/403(b) and defined benefit plans. The site provides several calculators that assist participants in analysing their retirement savings and allow them to easily compute how changes in savings and investments will affect their retirement. The analysis includes estimated Social Security benefits and allows the user to enter personal savings as well. The site also includes detailed articles, educational videos on investing, and personalised financial performance statements.
A large financial institution with several small branches over an expansive geographic region needed to increase participant awareness of new employee benefits. The organisation turned to Milliman's participant education services for help in achieving its objective. We customised an email to each participant that provided a detailed explanation of the changes with links to resources for more information. Additionally, we created a webcast that explained how to enroll in the plan. As a result, each branch delivered a consistent, simplified message and each employee was educated on the changes.