MetLife Selects ADP's On-Demand System for the Creation of 401(k) Enrollment Kits for Small and Mid-Sized Employers
Tuesday May 20, 8:04 am ET
biz.yahoo.com
NEW YORK, May 20 /PRNewswire-FirstCall/ -- ADP Investor Communication Services, a division of Automatic Data Processing, Inc. (NYSE: ADP), announced today that MetLife Retirement & Savings has selected ADP for the creation and production of on-demand print services for 401(k) plan participant enrollment materials for small and mid-sized employers. The system will allow MetLife to reduce production costs, increase efficiency and incorporate customization into the enrollment kits.
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Through the use of an automated content management system, MetLife will be able to easily select and combine company specific plan information from an internet-based electronic library to form streamlined booklets. The centralized library will ensure consistent, up-to-date information, and speed up the composition process, and will also provide MetLife with a common location to access and view plan materials. After documents are defined, ADP will print the custom information on MetLife pre-designed cover and text stock, bind the booklets, and then execute distribution.
"Utilizing a more efficient process allows MetLife to increase their focus on capturing and managing assets," says Gerard Scavelli, senior vice president, ADP Investor Communication Services. ADP has produced over one million booklets for clients under this on-demand model, saving them approximately 25% of what they may have paid to produce them using traditional pick and pack methods. "The value goes beyond direct printing and fulfillment savings. Recipients are more likely to make investment decisions when they are provided with customized plan information presented in an easy to use format that is relevant to their financial futures."
MetLife has relied on ADP as a business partner for years, utilizing their prospectus and kit fulfillment services. "ADP's automated system gives us the flexibility we need to globally update content and customize materials," says Bill Slater, vice president, MetLife Retirement Plans Group. "The on-demand print services will allow us to offer customized enrollment kits for the small and mid-sized market, an option that had previously been limited to large company plans."
Plan sponsors can choose from two different retirement themes for their enrollment kits: "Your Financial Future," which features traditional 401(k) messages regarding planning and investing, and "What's on Your Horizon," which uses a contemporary look-and-feel and incorporates inspirational messages. In response to MetLife client requests, a third design -- featuring "Snoopy" -- will be available later this year. |
