Division B - Printed Tools of Public Relations
Category 4 - Brochure - Four Color
FRS Retirement Options for New Employees
State Board Of Administration of Florida; Jay Rayburn, APR, CPRD, Ph.D.; Aon Consulting
Award of Distinction
Research/Situation Analysis:
Since 1970, employees of the State of Florida, all 67 Florida counties,
and the 67 school board districts have participated in the Florida
Retirement System Pension Plan, a plan that guarantees an income for
life during retirement. In 2000, the Florida Legislature created an
optional retirement plan (the FRS Investment Plan), similar to a
private sector 401(k) plan. Beginning in 2002, current employees were
given the ability to choose between the two plans. The State Board of
Administration of Florida (SBA) and its consultants created an
education program to inform employees of their options. The program
consisted of print and video materials, a web-based interactive
modeling program, telephone assistance, and more than 2,900 educational
seminars. By 2006, the SBA wanted to update the materials and target
them toward new hires. The SBA chose Aon Consulting to create the new
materials. The goal of the education program was to encourage employees
to use the free retirement planning resources and to make an active
election. (Employees who do not make an active election by a set
deadline default into the Pension Plan, which may not be the best plan
for them.) As part of the program, Aon Consulting created a new
employee enrollment kit (called the FRS Retirement Options for New
Employees) – the cornerstone of the program – which is mailed to new
employees’ homes. This kit includes a “Choice” Video CD that explains
the retirement plan choices, along with an enrollment form the employee
uses to make a plan election. Also included is information on the
investment funds available in the Investment Plan. Employees who need
advice on choosing from among the 20 investment funds in the FRS
Investment Plan are encouraged to use the Financial Engines’ Advisor
Service and Choice Service tool (available on MyFRS.com) or speak with
a certified financial planner from Ernst & Young by calling the
MyFRS Financial Guidance Line. All resources are free of charge
FRS-covered employees. Dr. Jay Rayburn, APR, CPRC (a consultant to the
SBA) conducted six focus groups in March 2006—three with employees and
three with employers— to evaluate these materials. The purpose of the
groups was to ascertain preferences for the cover of a new hire
brochure, the format for the brochure, the term used to describe the
Ernst & Young workers (who assist FRS employees who call the
Financial Guidance Line), the tagline used on the front cover of the
brochure, and the logo (with variations) for the printed materials.
(The focus group protocol, examples of materials tested, and the
findings from the focus groups appear in the attachments.)
Objectives: To create a brochure that would (1)
describe the retirement plan choices and deadlines; (2) give employees
sufficient information and resources to choose the retirement plan that
works best for them; (3) encourage employees to make an active plan
election, rather than default; and (4) drive utilization of the free,
ongoing, comprehensive FRS financial planning and education resources
that employees have access to once they make a retirement plan
election.
Implementation: Once the focus groups were
conducted and the findings analyzed, Aon Consulting produced the
materials for the campaign using the brochure design chosen by a large
majority of focus group participants—a look that brands the brochure
and makes it immediately recognizable to employees who receive it. The
winning design became the basis for all other printed FRS materials.
According to focus group participants, the preferred brochure cover was
chosen because it was different from so many other materials they
receive, stood out because of the color, and the “nest egg” symbol hit
“the target for retirement,” “family,” and “peace of mind.” (These
themes were incorporated throughout the campaign and all materials.) An
“official” envelope was created for mailing the kit. The envelope
depicted the chosen logo and the Seal of the State of Florida—both of
which focus group participants said would make the materials look
official and important. The FRS New Employee Enrollment Kit was first
mailed to new employees in August 2006.
Evaluation: During August, September, and October
2006, the newly designed enrollment kits were mailed to 38,345 new
hires. Recipients had an enrollment deadline of January, February, and
March 2007, respectively. The response to the materials was
overwhelmingly positive. Subsequent focus group participants remembered
receiving the retirement kit. They read it, used it to help make their
retirement plan choice, and many said they keep the kit in their home
files. Most said the kit, together with the telephone assistance and/or
the website, gave them sufficient information to choose the retirement
plan that works best for them. Most of the participants said they made
an active election (defined as filling out the enrollment form, using
the telephone system, or enrolling through the website). Those who
defaulted into the Pension Plan (defined as not making an active
election), did so deliberately because they knew that taking no action
would automatically place them into the Pension Plan, which was what
they wanted. In addition, 10,476 new hires have contacted the MyFRS
Financial Guidance Line, an increase of 25.7% over Q1 2006; 512,631
individual visits have been recorded on the MyFRS website, an increase
of 36.3% over Q1 2006.
Budget: The cost for producing the enrollment kit
was $67,600. The cost for the focus groups was $12,418.76 plus travel
expenses for the moderator.