In March of 2024, representatives of Grazzini Brothers & Company, a Minnesota-based construction specialty contractor, and Francis LLC traveled down to Orlando, FL to receive an Eddy Award at the Pension & Investments annual Defined Contribution East Conference.
Grazzini’s 401(k) Week promotion brought home a First-Place award in the Investment Education category for employers under 1,000 employees.
What was the 401(k) Week promotion?
In mid-2022, Grazzini transitioned their recordkeeping partner to T. Rowe Price and engaged Francis LLC as their retirement plan consulting and financial wellness provider. A new investment menu and a holistic financial wellness benefit were introduced.
To raise awareness of the plan enhancements, Francis and Grazzini partnered to create 401(k) Week, a week-long event with a different theme each day that encouraged employees to READ, WATCH, and DO. For example:
MONEY MONDAY
- READ: new account access information provided by T. Rowe Price
- WATCH: a video introducing the Francis Financial Planning benefit
- DO: attend a group financial education event, stop by the breakroom for cake to celebrate 401(k) Week, then register for 401(k) account access on the new site
During the week, employees were encouraged to meet onsite with a Francis Financial Planner, providing an opportunity to receive objective financial advice within the safety of a confidential and sales-free environment.
Results of the Promotion
The campaign helped Grazzini employees learn more about their new recordkeeper and investment options and provided opportunities to increase their financial literacy and wellness.
For the 12-month period ending 8/31/23, there was an incredible 34% increase in the number of employees who met with a Francis financial planner.
Additionally, the campaign was highly successful in encouraging sign-ups for virtual financial planning sessions.
Specifically, 401(k) Week resulted in a high utilization of the financial planning sessions, an increased number of employees saving with Roth tax treatment, an increase in the percentage of assets investment in premixed target date funds, and half of employees getting registered for access to their new recordkeeper’s website.
The material provided is for informational purposes only. The information provided is from sources we believe to be reliable, but we cannot guarantee its accuracy or completeness. Neither the information nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Francis LLC does not offer personal legal advice.
