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Capital Group, home of American Funds, launched ICanRetire – an employee engagement program for plan sponsors – in 2022 as a useful employee tool to help improve retirement plan engagement and participation among small business employees, but now the tool is available to financial advisors to offer to small business owners.
Capital Group is one of the leading providers of retirement plans for small businesses, offering a range of 401(k) plan solutions and investment options to help small business owners and their employees pursue their retirement savings goals. The ICanRetire program, which is available for employers that have Capital Group Target Date / American Funds Target Date funds on their investment line up (in 401k or 403b plans), is tailored for distinct employee groups to help alleviate their specific barriers when it comes to retirement planning.
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The program is intended to complement Capital’s 401(k) plan solutions, PlanPremier and Recordkeeper Direct, to help improve participant outcomes and increase contributions at no additional cost to the financial advisor or the small business owner, according to the announcement.
A simple and fun personality quiz engages employees to create buzz around the workplace, while matching them to resources to keep them engaged, informed and progressing toward their retirement goals. The program also includes a retirement calculator and informational videos, all of which are easily accessible to employees from work, home or on-the-go.
ICanRetire can be aligned to fit plan sponsors’ existing plan design and goals. White labeling supports a company’s individual brand, with a seamless path for employees to access or modify their accounts on the sponsor’s recordkeeping platform.
Capital Group partners with plan sponsors to develop communications targeted to distinct employee groups, which are accessible through a company’s workplace intranet, email or through QR codes on workplace signage. Additionally, the program provides sponsors with custom reporting to track the program’s impact on employee engagement.
Employees who engage with ICanRetire were 3.4 times as likely to enroll in their company-sponsored retirement plan and 1.5 times as likely to increase their deferral rate, according to Capital Group.
Now, financial advisors can now offer the ICanRetire program to small business owners. ICanRetire can complement help improve participant outcomes and increase contributions at no additional cost to the financial advisor or the small business owner.
“Retirement planning is a huge market opportunity, and we want to be able to partner with financial advisors to make that achievable within their practices,” said Dana McCollum, President of Retirement Plan Services at Capital Group. “Simplifying the process is key — both advisors and participants want an easy button.
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“By seamlessly integrating ICanRetire with Capital Group’s small business retirement plan solutions, advisors gain a powerful tool to attract new business and help accelerate plan growth through increased participation and deferral rates. They’re also helping the individual small business employee who may not have previously had access to a retirement plan, or who may not have been contributing enough.”
According to Capital Group, employees engaged with ICanRetire enrolled in their companies’ 401(k) plans at 2.7x the rate of those who didn’t engage. In addition, participants engaging with ICanRetire increased their contributions by an average of 64%.
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Lynn Cavanaugh
Lynn Varacalli Cavanaugh is Senior Editor, Retirement at BenefitsPRO. Prior, she was editor-in-chief of the What's New in Benefits & Compensation newsletter. She has worked for major firms in the employee benefits space, Vanguard and Willis Towers Watson, as well as top media companies, including Condé Nast and American Media.
