LOS ANGELES, March 21, 2022 — Capital Group has announced the launch of ICanRetire®, an employee engagement program for plan sponsors. The new service from Capital Group helps plan sponsors more effectively engage employees in their retirement plan while addressing their specific goals.
“Today’s retirement landscape reveals that too many people are not saving enough for retirement,” said Ralph Haberli, head of Institutional Retirement at Capital Group. “One critical factor is the dramatic retirement education and savings gap that persists among socio-economic groups. Our new customizable program aims to improve retirement outcomes by removing barriers and making retirement planning accessible to all,” he added.
As a complement to American Funds’ target date strategies, ICanRetire is a white-labeled engagement program featuring tailored tools and resources that educate employees on retirement planning and inspire them to take action.
Customized for employees
The ICanRetire experience is tailored for distinct employee groups to help alleviate their specific barriers when it comes to retirement planning. 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.
Customized for plan sponsors
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.
A recent pilot program with one large health care company showed that ICanRetire effectively engaged over half of the target employee population during the program’s first 100 days. Participants who engaged with the site increased their retirement contributions at two times the rate as those who did not. Notably, the program successfully drove action among diverse and underserved employee groups. All groups increased their contribution rates at a higher frequency once they engaged with the program. Program results may vary.
ICanRetire is available through employers that have Capital Group Target Date / American Funds Target Date funds on their investment line up (in 401k or 403b plans). For more information visit ICanRetire.com.
The ICanRetire web experience is already available to Capital Group's Plan Premier® and Recordkeeper Direct® clients.
About Capital Group
Capital Group, home of the American Funds, has been singularly focused on delivering superior results for long-term investors using high-conviction portfolios, rigorous research and individual accountability since 1931.
As of December 31, 2021, Capital Group manages more than $2.7 trillion in equity and fixed income assets for millions of individual and institutional investors around the world. Capital Group manages equity assets through three investment groups. These groups make investment and proxy voting decisions independently. Fixed income investment professionals provide fixed income research and investment management across the Capital organization; however, for securities with equity characteristics, they act solely on behalf of one of the three equity investment groups.
For more information, visit capitalgroup.com.