KDC had much pent up demand in the category of change for 2020. In the face of the pandemic, KDC took the opportunity of the shutdown to conduct a comprehensive review of the entirety of the program to determine what services were offered to participants, how that actually manifested in participant outcomes, and how best to improve those results; nothing was sacred and KDC was prepared to consider any idea in furtherance of increasing the benefit.
Heretofore, KDC had a set number of enrollments, increases, and other arbitrary marketing goals each year; these goals were not comprehensive. Results were arguably reaching a goodly population, but the effective rate simply wasn’t there in either participation or outcome. With the implementation and expansion of Auto-enroll, KDC quickly realized there was much to be gained with a different focus. KDC’s realigned goal was changed to that of effectuating a financial benefit to ALL eligible and active participants; effectively, for the first time, KDC set out to improve EACH participant’s financial wellness by ultimately providing an active financial plan. Financial planning was approved by the Commonwealth of Kentucky in the last legislative session; KDC is currently developing this program from an existing pilot with partners. For the purposes of this submission, we wanted to focus on how KDC set about meeting these goals by changing their plan design and administrative practices. Our primary goals were to:
- Simplify the investment lineup to meet ALL participants’ needs;
- Reduce participant fees;
- Improve all participants’ Financial Wellness.
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- July 28, 2021 Create Date
- August 31, 2023 Last Updated