Minn. Life Says Think ‘Partnership’ on Retirement Benefits

Public employers can retain valuable staff, attract new talent and help employees fund retirement by encouraging a shift from a “benefits” mentality to a “partnership” mentality.

That’s the message Joe Chang from Minnesota Life Group Insurance will share on May 3 with attendees at the State and Local Government Benefits Association conference in Louisville, KY. Chang is co-presenting a case study from one of the insurer’s state government clients on effective strategies for educating employees about saving for retirement, the company said in its press release this week.

“When a public employer engages employees in a partnership to manage benefits, it helps them better prepare for retirement,” said Chang. “It also helps the employer retain current employees and attract new talent. These are crucial issues for public employers who face a shrinking talent pool along with a ‘brain drain’ to the private sector,” Chang said.

Chang says customized communications help employees understand the value of their benefits, while encouraging them to get engaged and take control of their financial futures. Chang says it is best to avoid gloomy predictions about the possible failure of Social Security or other government programs.

“Research shows that messages about the failure of the federal safety net can paralyze employees. They feel they can’t possibly save enough to support themselves through a long retirement, so they don’t take any action at all,” explained Chang. “On the flip side, employees are motivated by messages about how their assets can grow over time.”

Minnesota Life has developed several web-based programs aimed at helping employees better understand their benefits and make full use of them. Chang says it’s one of the many ways the life insurer supports public sector clients in Delaware, Georgia, Illinois, Kansas, Minnesota, Vermont, Wisconsin and, effective July1, West Virginia.

Chang’s co-presentation is scheduled from 9:45 – 10:45 a.m. at the Louisville Marriott hotel, downtown Louisville. For more information about the conference, visit http://www.salgba.com/ .

Minnesota Life Group Insurance ( http://www.minnesotalife.com/ ) identifies itself as one of the fastest-growing group life insurers in the US, rising from sixteenth largest in 1997 to sixth in 2004.

Source: Securian Financial Group, Inc.