Communicating with Those Boomers & Beyond Association of Municipal Retirement Systems of Virginia October 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 s. Videos

Communicating with Those Boomers & Beyond Association of Municipal Retirement Systems of Virginia October 29, 2007