Communicating with Those Boomers & Beyond

Association of Municipal Retirement Systems of VirginiaOctober 29, 2007

Intriguing Facts for Retirement Systems

• 17% of workforce covered by defined benefit pension plan

• In 2005, average defined contribution account balance = $59,000

• 45% take the cash out option of their defined contribution account

• 50% chance of outliving $ if cash out

Some Current Patterns for Silent Generation and oldest Boomers

• Increasing # staying in labor force• Without retiree medical or defined

benefit pension plan• In 2005

– Age 55 or older, full time work– 64%

Retirement Systems’ Hook

• Lifelong retirement payments• Not outlive your money stream• Most have access to health coverage

Blocking & Tackling

• What’s your message?• Who’s your audience?• What behavior needs to occur?• What media is available?• Timing?• Budget?

What Are You Trying To Achieve

• Recruitment• Financial education• Pre-retirement counseling• Benefit timing advice• Long term care insurance information

What media is available?

• Currently accessible– Print materials

– Web sites with interactive links

– Meetings

– Counselors

• Future possibilities– New media

New Media

• Online communities.• Podcasts.• Blogs.• Text messages• Blast e-mails.• Videos

Communicating with Those Boomers & Beyond

Association of Municipal Retirement Systems of VirginiaOctober 29, 2007