Many governmental retirement plan sponsors face cost concerns and the additional challenge of transitioning from defined benefit to defined contribution plans.
Servicing more than 1,200 457(b) plans, Lincoln Financial Group has extensive experience meeting their unique needs.
Engaging and motivating governmental participants
As more governmental plan sponsors transition from defined benefit (DB) to defined contribution (DC) plans, the responsibility for retirement saving shifts to participants. We can work together to help participants achieve retirement readiness with the Lincoln InStep® Participant Retirement Program. Lincoln InStep offers on-site personal service, communication, and education with comprehensive web tools and resources to help drive higher participant satisfaction and better retirement outcomes.
Our research reveals that governmental plan participants respond well to one-on-one assistance.
- 64% who attended a one-on-one meeting in the past year increased their contribution rates1
- 59% of governmental participants who used a calculator on their plan provider's website in the past year increased their contribution rates2
- 49% of governmental participants who looked at a retirement income projection in the past year increased their contribution rates3
By providing on-site personal service and customized solutions to meet your clients’ needs, our retirement consultants (RCs) aim to increase participant retirement readiness. We recognize that not all workplaces are traditional. Our RCs conduct meetings wherever it’s most convenient for the government and municipal workers they serve—whether that’s on a boat, in a port, or at a train station—to help them plan for their futures.
Service tailored to your goals
We’re the fastest-growing retirement plan provider in the governmental market because we partner with you to ensure a positive, personal experience. Our dedicated relationship managers and highly trained client service teams respond to your needs, providing sophisticated administrative services and comprehensive fiduciary and compliance support.
You can rely on our expertise to:
- Engage a diverse workforce
- Provide face-to-face participant education
- Streamline plan administration and manage plan complexities
- Optimize plan design for DB to DC
- Partner to create a tailored solution to best fit your clients’ needs
Getting started with Lincoln
Learn more about the benefits of working with Lincoln, and help participants better prepare for retirement with confidence. Contact us today.
1 Lincoln Retirement Power® Participant Study, 2019.