The Wisconsin Deferred Compensation Program (WDC) wanted to measure participant interest in having their Wisconsin Retirement System (WRS) defined benefit estimate included on the Plan’s website and in participants’ personalized Lifetime Income Score.
The Lifetime Income Score (LIS), powered by the WDC’s recordkeeper Empower Retirement, estimates the percentage of working income that a participant is on track to replace in retirement. The LIS percentage is generated by utilizing a participant’s individual deferred compensation savings, Social Security data, and any other outside sources of retirement income, such as a defined benefit estimate.
WDC partnered with Empower Retirement to offer a pilot group of 605 participants at 7 different employers a special limited-time option to view their defined benefit estimate in their LIS. The expected outcome was that the pilot group of participants would engage more with their account data on website and their LIS. The pilot program consisted of several communications touchpoints throughout the limited-time offer, which ran from April 15-June 30, 2020.
During the pilot, which ran from April 15-June 30, 47% of those targeted went online and reviewed their LIS with their WRS defined benefit estimate included. Average web session duration for these participants lasted about 8 minutes, 39 seconds, which is about a minute and 32 seconds longer than the WDC average session duration of 7 minutes and 7 seconds. 12% of the participants who went online decided to add in other outside assets and income, like rental income, to fill out their retirement income picture. 4.5% of the participants who went online increased their contribution after reviewing their LIS with their defined benefit estimate, and 6% updated their beneficiaries during their web session.
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- July 28, 2021 Create Date
- August 31, 2023 Last Updated