People-first model gets results for retirement plan participants

20 April 2023

Over the past few years, employers have prioritized their employee benefits package, realizing that access to retirement plans makes a positive impact on their employee’s overall well-being. At Lincoln, we’ve found that it goes beyond just offering a retirement plan, employees are looking for personalized guidance to help them along every step of their retirement journey. In fact, our participants saw results, with our data showing a 55% increase in contribution rate after participants transitioned to Lincoln from another provider and met with one of our retirement consultants1.

Lincoln surveyed 9,000 active participants across four plan sponsors who recently switched their recordkeeping services to Lincoln and found that leveraging a personalized approach enabled by engaging technology, leads to success. Participants want more than auto features, and Lincoln’s retirement consultants are there to help educate and provide customized information to those who are underserved by solely an online portal.

Meeting with a Lincoln retirement consultant made a difference across many demographics, including industry, age, income, tenure and more. In fact, we found that1:

  • Healthcare participants saved 64% more after meeting with a retirement consultant.
  • Young professionals (25-35 years) saved 65% more if they met with a retirement consultant.
  • Participants with a tenure of one year or less almost doubled their contribution if they met with a retirement consultant.
  • Households with income between $50,000-100,000 saved 54% more after meeting with a retirement consultant.

Making a difference

Attracting and retaining top talent is a key concern among employers in today’s competitive environment. At Lincoln, our people-first model not only drives results for our participants, but also helps employer plan sponsors with recruitment and attrition. In fact, we found that employees who met with a retirement consultant were 40% less likely to leave their employer2.

Offering a retirement plan that combines one-on-one education with digital tools can make a real difference. We’ve found that participants who engage with Lincoln’s various tools and resources stay with their employer an average of four years longer than those who do not engage3. Engagement can happen through a variety of channels, including receiving a personalized marketing campaign message and logging in or speaking with a retirement consultant. These touch points keep retirement planning top of mind for employees as they plan for the future and protect their savings.

Extend service to plan sponsors

As the industry has evolved, we have stayed committed to a personalized participant experience through our one-on-one approach. Lincoln’s retirement consultant model showcases the strength of our more than 100 years of helping millions of people plan, protect and retire.

Lincoln’s personalized service goes beyond our participants to our plan sponsor relationships as well. Our Relationship Managers, who work with plan sponsors to get the most out of their Lincoln relationship, also get results, earning high scores for partnership, collaboration and communication — 99% satisfaction rate overall in 20224. From implementation through renewal, a Relationship Manager is there to answer questions, position plans for continued growth and proactively help improve the overall health of the plan.

We continually strive to improve how we serve our plan sponsors. In fact, our plan sponsor satisfaction increased to a near perfect score of 99% in 2022, up 5% from 20195. And we continue to improve how we partner with plan sponsors, working toward a common goal to help their participants achieve success.

Power of partnership

Our research shows that Lincoln’s model achieves results for plan sponsors and participants. We are proud of the impact our plan design, education and product solutions make on our participants’ retirement readiness from accumulation to income in retirement. By partnering together, your carrier can help you understand the needs of your employees and deliver tailored solutions to help them achieve their retirement goals. See how Lincoln can help your employees along every step of their retirement journey.


1Lincoln Financial Group Plan Participant Data Analysis, 2022

2Lincoln Financial Group Plan Sponsor Data Analysis, 2022

3Lincoln Financial Group data, 2022

4Relationship Manager Satisfaction Results, 2022

5Plan Sponsor CSAT, 2022

Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates.  Affiliates are separately responsible for their own financial and contractual obligations.