News
Public employers avoid "doom-and-gloom" messages to boost benefits enrollment
St. Paul, MN, April 27, 2006 – 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 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.
"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," added Chang.
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 July 1 — 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 www.salgba.com.
With more than $400 billion of life insurance in force, Minnesota Life Group Insurance is one of the fastest-growing group life insurers in the U.S., rising from sixteenth largest in 1997 to sixth in 2004, according to a report published by A.M. Best. Respondents to customer surveys are 100 percent satisfied with the service they receive from Minnesota Life, a subsidiary of Securian Financial Group, Inc. For more information about web-based services offered by Minnesota Life Group Insurance, visit www.lifebenefits.com.
NOTE: To receive graphics or a high-resolution photo of Joe Chang via e-mail or other assistance send a note to margaret.jensen@securian.com.
Contact:
Maggie Jensen
Media Relations Consultant
Minnesota Life Insurance Company
Phone: (651) 665-7558
Pager: (612) 650-0433
400 Robert Street North
St. Paul, MN 55101-2098
margaret.jensen@securian.com
A01423-0506
