Transamerica Research Finds Pension Plan Members Embracing Virtual Education
BALTIMORE, October 26, 2021 / PRNewswire / – Transamerica today announced key findings from research focused on how plan sponsors and plan members have behaved during the COVID-19 pandemic, and the impact of the requirement to move from in-person education to virtual education had an impact on engagement.
Transamerica found that remote and virtual meetings actually reached more employees due to greater flexibility, accessibility and convenience. Transamerica Virtual Education allows an employee to select a date and time that suits their schedule, including nights and weekends. An employee can meet with a retirement planning consultant using their phone or computer, allowing for instant face-to-face interaction. If the call is through a computer, attendees can benefit from screen sharing for further account review.
âTraditionally, Transamerica’s retirement education program has featured a mix of face-to-face and virtual meetings,â said Phil eckman, COO of Workplace Solutions at Transamerica. âWith the pandemic, it was necessary to move quickly to a fully virtual model. What we have found is that virtual education removes most of the logistical considerations, making it more convenient and flexible for sponsors and employees. Transamerica offered virtual meeting opportunities over a fifteen-day period, and employers did not need to recruit employees to provide training.
Results from Transamerica show that in 2020 there was a 25% year-over-year increase in employee training meetings. The research also found that the increase in virtual education appeared to have a direct correlation with other improved metrics:
- Participants who met with a Transamerica pension advisor had an average contribution rate 32% higher than others.
- There was a 38% higher participation rate for pension plans whose employees met with a Transamerica pension consultant compared to those who did not.
Feedback from participants on their meetings with pension plan advisors was positive:
- Ninety-eight percent (98%) said the sessions were “beneficial” with most stating that the sessions were “very beneficial” (88%).
- Ninety-eight percent (98%) of plan members were satisfied with their interaction with the pension consultant.
- Ninety-one percent (91%) were satisfied with the ease of scheduling and accessibility of meetings with pension advisors.
“With more and more companies moving to a permanent work-from-home or hybrid structure, these statistics show that virtual meetings with pension consultants will be even more important and an effective way to give people the information they need. they need to prepare for retirement, âEckman said. “We cannot predict how the world will turn out after the pandemic. What we do know is that people want financial education, and Transamerica is committed to meeting with them wherever they are to have these discussions.”
To learn more about Transamerica, contact your financial advisor or visit www.transamerica.com.
With a history stretching back over 100 years, Transamerica is recognized as a leading provider of life insurance, retirement and investment solutions, serving millions of clients around the world. United States. Recognizing the need for health and wellness during the peak period of working life, the dedicated professionals at Transamerica strive to help people take the necessary steps to live better lives today so that they can worry less about tomorrow. Transamerica serves almost all customer segments, offering a wide range of quality life insurance and investment products, individual and group retirement plans, as well as asset management services. In 2020, Transamerica kept its promises to its customers by paying more than $ 49 billion in insurance, pension and annuity claims and benefits, including the reimbursement of annuity premiums paid by the client. Transamerica is headquartered in Baltimore, Maryland, with other major operations in Cedar Rapids, Iowa and Denver, Colorado. Transamerica is part of the Aegon group of companies. Situated at the Netherlands, Aegon is one of the world’s largest providers of life insurance, retirement solutions and asset management products, operating in more than 20 markets around the world. For the whole of 2020, Aegon managed more than $ 1.1 trillion in income-generating investments. For more information, visit www.transamerica.com.
Securities offered by Transamerica Investors Securities Corporation (TISC), member of FINRA, 440 Mamaroneck Avenue, Harrison, New York 10528. Investment advisory services are provided by Transamerica Retirement Advisors, LLC (TRA), a registered investment advisor. All identified Transamerica companies are affiliated.
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