How Retirement Add-on Helped Seacoast Bank Become a Best-In-Class 401(k) Winner

Three people having a financial planning retirement meeting

In 2019, PlanSource magazine honored ALEX customer Seacoast Bank as a Best in Class 401(k) plan winner, in recognition of the strides the company made with plan participation and contribution rates. Specifically, last year, the average Seacoast employee contribution to their 401(k) was 11.7%, considerably above the national average of 6.9%. According to Becky Withstandley, Total Rewards Manager, “a lot of kudos go to ALEX on Retirement for help with that.”

Recently, we talked with Becky about why her company’s partnership with Jellyvision has been so successful. Here’s what she had to say:

ALEX’s personalized approach drives more retirement savings

“We truly see how effective Retirement Add-on is at driving behavior change in a kind and gentle way. ALEX speaks in plain conversational language that makes retirement planning relevant to participants at all stages of work life.

ALEX does a really great job at not only talking about the value of retirement but at being customizable to fit individual needs and providing realistic percentages people need when they consider—if they’re not there already—in order to be retirement-ready. Because ALEX is engaging, informative, and humorous, it puts people at ease and makes a topic that has the potential to be intimidating into a topic that’s relatable. They realize they don’t have to be an expert in investments to plan and protect their retirement.

Also, after we added two additional medical plans, ALEX helped introduce the fact that an HSA account can also be another type of retirement account and tying those concepts together can be very powerful.”

ALEX is a great fit for our associates’ schedules

“We keep ALEX accessible from the homepage on our HR system, so associates see it when they sign in. We also introduce ALEX at new hire orientation and have it on our intranet. No matter where our associates are at in their work phase or where they’re at location-wise, they have the ability to access ALEX and spend the time they need to reach a decision they are confident in.”

ALEX helps support our year-round retirement messaging efforts

“We believe that sharing bite-sized pieces of information and education about retirement each month keeps bringing the topic back to top of mind. So maybe this month’s topic might not resonate. But next month’s topic might. That’s why we mix it up, and remind our associates that Retirement Add-on is available, on demand, to talk retirement any time.

Also, the product itself is easier to use than ever. Some pieces of Retirement Add-on that were more standalone for us in the past are now fully integrated into ALEX Complete. These upgrades to the ALEX platform have been a real value-add to our associates.”

See why over 1,500 customers use ALEX for a better employee benefits experience.

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