401(k) Day Campaign Takes on Beneficiary Designations

New campaign uses comic strips to illustrate the importance of updating those beneficiary forms

The Plan Sponsor Council of America (PSCA) has unveiled an exciting new campaign to help plan sponsors educate participants about the importance of making sure their retirement savings take care of their loved ones if they can’t – by making sure their beneficiary designations are up to date. PSCA, part of the American Retirement Association (ARA), is the leading association for sponsors of voluntary, employer-based retirement plans in the U.S.

The Friday after Labor Day has been designated 401(k) Day – a day to focus on retirement planning and preparation. The materials for this year’s celebration are designed to help employers who sponsor retirement plans expand and enhance those programs not just on 401(k) Day, but throughout the year.   

“Plan sponsors voiced concern about the difficulty of getting beneficiary designations from their participants,” said Will Hansen, executive director for PSCA. “PSCA’s talented Education and Communication committee created a humorous comic strip campaign that comprehensively deals with misconceptions about beneficiary designations. ”

This year’s education campaign features comic strips with three characters; Beni, Peni and Banksy. These characters introduce a common misconception related to naming a beneficiary in a silly way, then provide the real information. The three comics are available as flyers and posters, which can also be posted to websites and used in emails. An email banner is also provided for plan sponsors to promote the campaign.

“Your beneficiary designation can make a big difference in making sure your retirement savings go to the right people in the event you’re not able to do so,” said Tobi Davis, Director of Operations for PSCA.  “Circumstances change, and it’s easy to overlook the importance of keeping this information up to date.  We developed this campaign with the hope that plan participants can relate to Beni, Peni and Banksy and take action to name their beneficiaries!  This fun and concise campaign can be used in 401(k) day celebrations, at annual enrollment fairs, or anytime throughout the year.”

All materials are available on PSCA’s website and can be downloaded free of charge for immediate use or for use later in the year. The resources can be customized with a company logo, plan name and the plan’s contact information.

However you choose to celebrate 401(k) Day this year be sure to tweet photos and share on Linked-In with the hashtag #401kday and tag us at @PSCA401k!