Best Practices

These best practices represent strategies and tactics recommended by experts and employed by organizations to increase participation levels in both direct deposit and retirement savings.

Plan Design contains the best practices surrounding how employer-sponsored retirement savings and direct deposit programs can be structured to include features that are effective in engaging employee participation. Also, suggestions are provided for offering employees access to financial education programs, which can improve financial literacy and help employees reach financial goals.

Engagement Strategies include the communication strategies and tactics as well as the mechanisms by which employers can promote participation in the program. Many of the engagement strategies apply to both retirement savings and direct deposit, though some are specific to retirement savings.

Case Studies provide summary examples of what other organizations have done to improve participation in retirement savings programs. Many of these tactics can also be applied to increasing participation in Direct Deposit.