Transforming the Retirement Participant Experience

This report examines the intersection of artificial intelligence and behavioral economics in enhancing the retirement participant experience. It identifies persistent disengagement among participants as a significant issue, highlighting the role of retirement and recordkeeping firms in managing a substantial share of U.S. household financial assets. The document outlines the strategic and operational barriers these firms face in adopting AI-driven solutions and presents actionable steps for leaders to improve participant engagement and outcomes. The report also discusses the competitive landscape of the retirement sector, noting the consolidation trends and the opportunities for firms that leverage automation and improved processes. By reframing the participant experience beyond traditional 401(k) plans, firms can potentially unlock significant assets under administration and enhance retention rates. The findings are supported by insights from industry executives and market trend analyses, emphasizing the need for a more personalized and engaging approach to retirement planning.