The City and County of Honolulu is a 457(b) deferred compensation plan was established July 1, 1979 and is available to eligible employees of the City and County of Honolulu. The Deferred Compensation Committee, which consists of seven committee members, manages the plan which has assets exceeding $950 million and serves more than 9,500 participants.
While many employers scaled back operations at the onset of the pandemic and struggled to define a “new normal,” the City and County of Honolulu recognized that this could be detrimental to the retirement progress employees had made to date. The City and County of Honolulu decided to further increase participation and the retirement readiness of their participants while also increasing the digital engagement of plan participants by increasing the frequency and scope of communications, communicating in a more efficient and targeted way and helping participants improve retirement outcomes.
The Plan, along with its recordkeeper, Voya Financial®, partnered together to implement a detailed strategy for the year with the overarching goal of increasing plan engagement and overall participation. The strategy included five key tactics:
- Encourage active participants to access their account online and go paperless for delivery of documents with e-Delivery to increase digital engagement;
- Encourage active employees, to review their existing Plan account beneficiary or to designate one for the first time;
- Motivate individuals to understand the importance of increasing their deferral amounts to maximize their savings;
- Increase participation and enrollment through the Benefits Processing sessions; and
- Promote online account registration and regular account access.
- Version
- 1.09 MB File Size
- August 1, 2022 Create Date
- August 31, 2023 Last Updated
