KeyCorp is beefing up its retirement savings plan offerings with expanded investor education programs and simplified reports for plan sponsors.
The Cleveland-based banking company, which markets 401(k) savings plans to corporations under the brand name Prism, said a key enhancement would enable plan sponsors to create customized education programs for their employees.
Under the arrangement, KeyCorp investment representatives will hold on- site seminars on topics such as increasing the percentage of income deferred for retirement. Seminars can also be tailored to niche markets.
"Having better educational offerings makes Prism more attractive because education is the No. 1," a KeyCorp spokeswoman said. "It's a way of getting people to participate in the plan."
KeyCorp also plans to add investment software and expand the range of booklets, videos, and seminars already offers.
To augment the education effort, KeyCorp is also revamping its reports to plan sponsors to include easy-to-read charts that track plan performance based on a number of factors, including participation, demographics, deferral rates, asset allocation, and account activity.
KeyCorp administers 1,000 401(k) plans with a combined $6 billion of assets under the Prism banner. Its clients are in 14 states.