INCENTIVES: The power of incentives in retirement plans: Should 401(k) plans take a page from the wellness playbook and offer incentives for completing certain financial planning tasks?

Borrowing from workplace wellness programs, plan sponsors may want to consider providing incentives to boost or start employees' retirement savings. Most workplace 401(k) plan incentive programs use a raffle-type system - enroll in the 401(k) plan and be entered in a draw for an iPad or a paid vacation day, for example - but at least one vendor has launched a more comprehensive financial incentive program.

Buck Consultants at Xerox's recently launched SavIncent program aims to link financial education and activities to a company's retirement savings plan. Employees who complete various elements of the program - finishing a financial health assessment, enrolling in the 401(k) plan or meeting with a financial adviser,...