Page 41 - MayDefComp

COUNTY of

SAN MATEO

2021 457 Plan Non-Participant Survey

We are pleased to provide the results of the 2021 Deferred Compensation Program Participant Survey.

In April, with your support, we distributed a survey to eligible, non-participating employees requesting feedback
on the Deferred Compensation program. 67 employees completed the survey. Results from the survey are
provided.

Key Survey Results
• Demographics
o Although a broad range of participants responded representing all age groups, 36% of
respondents are younger than 40, representing the largest segment.
o 40% of respondents have worked for the County less than 5 years.
o 53% of respondents were female.

• Employee Engagement
o 35% of respondents stated they do not understand how the plan works as the primary reason
for not participating in the plan.
o 24% indicated they are saving for retirement some other way.
o 24% indicated they cannot afford to save now.
o 64% indicated that employer matching contributions could change their mind regarding
participation.

Conclusions / Assumptions
• Employees do not understand or appreciate the immediate tax benefits of participation.
• Employees do not understand or appreciate the ease of saving or long-term growth potential through
• A growing segment of the workforce is young and novice to saving and investing.

Recommended objectives for future campaign initiatives
• Change behaviors. Ensure communications are clear and concise, actionable and measurable.
• Promote plan advantages and resources. Develop a multi-component campaign to advertise key
benefits and resources, including:
o Tax benefits
o Compounding
o Long-term growth potential
o Website and Call Center resources
o Individual support
• Expand financial education sessions available. Increase the number of sessions available. Review
times meetings are offered to allow for increased attendance. Further evaluate LMS to determine of
meeting promotion can be enhanced.