Sample Goals and Commitments

Goals and commitments should be promoted with a strong communication campaign geared toward awareness and employee engagement.

Goals are the outcomes the employer is expecting to reach.
Commitments are the changes the employer is making in order to reach the goals.

Direct Deposit

Sample Goals:

• Increase the number and percentage of employees using direct deposit (specify amount and timeframe).
• Eliminate disparities by race and income in use of direct deposit (specify timeframe).

Sample Commitments:

• Offer direct deposit if not currently offered.
• Implement payroll card program that will be attractive to employees.
• Provide incentives to employees who register to participate.
• Provide personal financial education to employees.

Employer Sponsored Retirement Savings

Sample Goals:

• Increase the number and percentage of all employees that participate in the retirement plan (specify targets and timeframe).
• Eliminate disparities by race and income in participation rates (specify timeframe).
• Increase the contribution percentage and dollars invested by employees in plan (specify % and/or $).

Sample Commitments:

• If not currently doing so, offer a retirement savings plan,
• Implement automatic enrollment for new hires, all employees or defined sub-sets of employees. Allow for opt-out, and structure it as opt-out, as opposed to opt-in.
• Improve eligibility requirements, e.g. decrease or eliminate tenure requirements; decrease or eliminate vesting requirements for access to employer matching funds
• Increase or initiate employer match
• Implement auto-increase for employee contributions
• Provide easy access to community-based personal financial education resources