Page 38 - OctDefComp

webinars until they could establish their own webinar platform. This partnership proved beneficial to participants who now have
webinars that speak to the Defined Contribution and Defined Benefit plans and how they complement each other in retirement.

● Newly eligible enrollment campaign - Because newly hired employees didn’t have the opportunity for a conventional orientation,
the County used a “Get in the Game” campaign to encourage enrollment. The baseball-themed email and postcard highlighted the
advantages of the Plans and the ease of online enrollment. Coincidentally, the campaign ran in October 2020, during the
championship run of the L.A. Dodgers.

● Participant interaction – By transitioning to a virtual meeting format, events such as in-person benefits fairs and table service
were replaced with invaluable educational webinars, one-on-one appointments and phone calls.

Significance of Project
During a time when many people felt more isolated, the County demonstrated that they meant what they say about caring for participants
and their goals. The program clearly showed that even though participants may be separated from their co-workers, the Plans were still
hard at work helping participants working toward the retirement future they desired. Recognizing that any pause in saving and investing
could significantly impact participants’ future retirement income, the County helped participants maintain momentum by letting them know
they weren’t alone and that they could take advantage of the same service and support they were accustomed to.

As participants and Plan representatives adapted to remote engagement, the County also found that it had greater reach in connecting
with participants. Communications became more efficient, focused, timely and actionable. Plan representatives had more time for one-on-
one engagements. All of this afforded participants greater flexibility with service and support options, enabled them to engage at their
convenience, and take action to help improve their retirement outcomes.

Many of the changes the County made to help participants weather the pandemic will stay in place. Participants and Plan representatives
now have first-hand experience of the benefits of remote engagement. Those who may have been technology-averse before the
pandemic received a crash course in virtual interaction, and many will continue to rely on those methods in the future. Balancing in-
person with virtual engagement will likely result in an ongoing win for the County and its employees.

Outcomes and Measurable Benefits
The County’s focused approach to communication and education during the pandemic yielded results that far exceeded the County’s
expectations and included the following:
● We’re Here for You campaign - The email achieved a 60% open rate (three times the financial services industry standard) and
3.7% click-thru rate. The website banner and flier generated 7,541 and 7,214 clicks respectively.
● News and updates - The initial email achieved a 44.4% open rate (nearly two times the industry standard) and 3.5% click-thru
rate. Since the initial email, five additional monthly emails have been sent. The average open rate is 1.5 times industry standard
while the click rate is performing at industry standard. Homepage tile: 12,805 clicks. Since the transition from the newsletter, clicks
to the News and updates section of the website have exceeded newsletter activity by more than 1,000%.
● Low-limit contribution campaign - Email: 59% open rate (more than two times industry standard) and 35% click-thru rate (11
times industry standard). An outstanding 12% of targeted participants increased their contribution rates.

● Webinars - March 2020 announcement email earned a 60% open rate (more than double industry standard) and 4% click-thru
rate. The related website tile generated more than 8,600 clicks. 17,504 participants attended 323 webinars in 2020 versus 523
participants across four webinars in 2019. This represents a 3,247% increase in the number of participants attending a webinar.

● Newly eligible enrollment campaign - This campaign generated a 31% response rate, prompting 459 employees to enroll—an
outstanding result that could have a significant impact on the quality of life of these future retirees.
● Participant interaction – The number of Retirement Plan Counselor touchpoints with participants in 2020 was 30,996. This was
10% higher than in 2019.

● Net Promoter Score – In the fourth quarter of 2020, Empower reported a Net Promoter Score of 88.5, indicating strong
participant willingness to recommend the Plans to others.