Franklin Templeton Pilots Program To Raise 401(k) Participation

Franklin Templeton Investments will launch a pilot program aimed at increasing the participation rates in its 401(k) plans by forming a stronger partnership with financial advisors and plan sponsors. Franklin Templeton has chosen six retirement plans with varying sizes and participant demographics for the initial pilot, which is essentially a laboratory for developing strategies for encouraging more individuals to enroll in their 401(k) plans, an insider at the company said. The firm is discussing various ways to increase participation rates, including an outbound call program, more direct mailings targeting plan participants and seminars staged by advisors.

While Franklin Templeton offers some of these services on an ad hoc basis, it is looking at taking a more...