My Virtual Coach may help your participants and your plan
In 2015, My Virtual Coach began to change the way participants enrolled in an organization’s retirement plan1. It offered a simple conversation and personalized back-and-forth interaction.
New participants answer quick questions, pick their contribution amounts and select their investments. And you know what? They’ve made what we believe are good decisions.
Participants set themselves up for success2
- 31% contributed 10% or more of their pay. Only 7% deferred that much when they enrolled through traditional methods.
- Nearly 31% set up annual contribution increases. Only 5% selected that feature when they used traditional enrollment methods.
- On average, they deferred nearly 3 percentage points more than participants who used traditional enrollment methods.
The conversation continues
This isn’t just about enrollment. Here are some of the other conversations participants will automatically see when they log in to principal.com:
- Investment choices
- Designating a beneficiary
- Retirement income3
What’s good for them is likely good for you
My Virtual Coach helps your participants make informed decisions. It also takes pressure off your staff to know all the retirement planning answers. It lets you offer personalized assistance, reaching employees in multiple locations or over multiple shifts, if you need to.
Here’s what you can do next
- See My Virtual Coach in action: Enrollment2 | Moving to Principal | Welcome to Principal | Checkup | Retirement income3
- Check out how it's working for another company: Success story
- Learn even more: Brochure
- Share with your employees: Email | Flier
For enrollment materials that tell your employees they can get help from My Virtual Coach (if available for your plan), log in to the employer website. If you’re not automatically redirected, select “Participants” then “Enroll & Educate.”
Give us a call if you’d like to talk about making the most of My Virtual Coach.
1 The enrollment conversation is automatically available at principal.com/myvirtualcoach-enroll and principal.com/enroll if you use Salary Deferral Service and have a target date investment as the participant-level default investment in your plan.
2 Principal from 01/01/2016 to 06/30/2016 for 401(k) and 403(b) plans. My Virtual Coach enrollment results from 23,998 eligible plans. Traditional enrollment results based on 24,127 eligible Salary Deferral Service plans.
3 The retirement income conversation is available to participants when Principal Pension BuilderSM has been added to the plan.
Principal Pension BuilderSM is a deferred income annuity rider available through certain group annuity contracts with Principal Life Insurance Company, a member of the Principal Financial Group®, Des Moines, Iowa, 50392. Certain investment options may not be available in all states or U.S. commonwealths. Principal Pension BuilderSM is not available to plan sponsors located in New York.
The ability of Principal Life Insurance Company to pay the guarantee is based on the claims-paying ability of the general account and is subject to the terms of the contract.