Employees are frequently unaware of the scope of their company-provided benefits and of how theirs compare to other companies' benefit plans, according to a study, "Rethinking Defined Contribution Communication and Education."
The report from the Defined Contribution Institutional Investment Association found that, as a result, there is a missed opportunity for both the participant and plan sponsor, "potentially yielding a lower return on the employer's investment in its benefit programs and an un(der)realized benefit in the retirement accounts of its employee participants."
The DCIIA Plan Sponsor Survey 2012 showed that while increasing participant savings rates is the first or second top priority for nearly half of the plan sponsors, improving communication and education efforts is the next highest priority for one-third of the participating plan sponsors.
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