Retirement plan success starts with active employee participation, but complex 401(k) rollovers often disrupt that connection. When the process feels overwhelming, employees hesitate to transfer accounts, leading to lower engagement and missed financial opportunities.

Manifest partners with employers to consolidate employees’ retirement accounts. By reducing rollover delays and administrative burdens, Manifest empowers employers to offer a seamless experience that encourages participation and improves overall plan engagement.

How to Manage 401(k) Rollovers

With the right strategy, employers can make managing 401(k) rollovers easier for their teams while boosting the value of their retirement benefits. A well-organized approach streamlines transfers to boost employee engagement and trust.

Here’s how to manage 401(k) rollovers effectively:

1. Simplify the Rollover Process

Manual, paper-heavy processes can make rollovers frustrating for everyone. Adopting digital solutions like Manifest improves the experience by automating tasks and removing common blockers.

We guide employees through each rollover step, ensuring their accounts are transferred smoothly and on time. Employees get the support they need, and employers gain peace of mind knowing everything is handled efficiently.

2. Provide Clear Communication and Support

Employers are uniquely positioned to foster better retirement outcomes for their employees. In doing so, they assume the responsibility to educate workers about their options, including the benefits of consolidating retirement accounts.

According to a TIAA survey, nearly 7 in 10 employees would like more information about their retirement plan or savings and think educational resources would be extremely or very helpful. This helps build trust in the organization.

HR teams can provide resources like FAQs or one-on-one consultations to address employee concerns. When workers feel supported, they’re more likely to take action on rollovers, boosting overall plan participation.

3. Leverage Expert Solutions

Managing rollovers and plan queries doesn’t have to fall entirely on HR teams. Partnering with Manifest can alleviate a lot of complex participant concerns, allowing HR teams to free up their weeks from administrative work. This means fewer barriers and more convenience for employees.

4. Track and Optimize Results

We recognize the importance of frequently monitoring rollover success rates and employee participation, which is why we handle it all for employers. By tracking outcomes, plan sponsors can identify areas for improvement and ensure their benefits are making a real impact on their teams.

The Cost of Low Engagement for Employers

When employees disengage from their retirement plans, the impact isn’t limited to just their future financial wellness. It also creates significant challenges for employers. Here's a breakdown of the cost of low engagement for employers:

1. Reduced ROI on Benefits

Employers invest heavily in providing competitive retirement plans, often matching contributions to help their workers save more effectively. However, 49% of employees felt overwhelmed by their benefits options, with many opting to skip extras and stick to basics like health insurance.

Besides defeating the purpose of diverse benefits, it means employers are paying for perks that no one uses. Hence, a significant portion of these investments goes underutilized. Low engagement leaves both employers and workers missing out on potential financial growth.

As a free add-on to any retirement plan, Manifest is helping employers meet their ROI goals by increasing plan balances while driving down plan costs.

2. Increased Administrative Burden

When employees struggle with rollover complexity, HR teams often bear the brunt of the confusion. Fielding questions, troubleshooting issues, and guiding employees through cumbersome processes take up valuable time.

These tasks distract HR professionals from improving employee benefits, fostering engagement, and focusing on long-term workforce planning. This increases operational inefficiencies and places unnecessary stress on teams already managing multiple priorities.

3. Strained Workforce Satisfaction

A disengaged workforce is less likely to view their benefits package as valuable. More than 30% of employees say it is at least possible they’ll leave their jobs, and benefits, including retirement benefits, play a big role in this decision.

At Manifest, we help employers address these issues by simplifying rollovers and boosting participation rates. By reducing administrative burdens and creating a seamless employee experience, we help turn retirement benefits into an asset that benefits all parties.

Manifest’s Role in Simplifying Transfers

At Manifest, we’re advocating for simpler retirement account transfers. Employers who aim to enhance employee engagement and simplify benefits management need solutions that remove barriers and make rollovers effortless. Here's how we do this:

1. A Smarter, Simpler Way to Handle Rollovers

The Employee Benefits Security Administration (EBSA) recovered over $1.4 billion from informal complaint resolutions in 2023. Manifest transforms the retirement rollover process with a fully digital platform, eliminating the need for paperwork and lengthy delays.

Employees can easily consolidate their retirement accounts in just a few steps, saving hours of effort and reducing frustration. For employers, this means less administrative work for HR teams. With 24/7 support and secure, streamlined transfers, Manifest makes rollovers fast and stress-free for everyone.

2. Partnering With Employers for Seamless Integration

We understand that employers need solutions that fit within their existing benefits structure. That’s why Manifest works directly with plan sponsors to ensure smooth implementation. Our solution is designed to be distributed as a simple URL or embedded directly into onboarding flows, reducing the workload on HR staff while improving efficiency.

3. Measurable Results for Employers

Manifest delivers tangible outcomes that enhance retirement benefits programs and drive employee engagement. Here’s what employers achieve with our platform:

  • Cost savings: By increasing average account balances, employers can reduce overall 401(k) plan fees by up to 20%. Eliminating inactive accounts—which cost up to $72 annually per account—makes a significant difference.
  • Improved employee engagement: Manifest helps boost retirement savings participation among underrepresented groups, including younger employees, minorities, women, and lower-income workers. These results support DEI initiatives while improving workforce retention.
  • Quick and seamless implementation: Employers can implement Manifest in under an hour without complex integrations or long-term contracts, enabling rapid deployment and immediate impact.

Empower Your Workforce with Manifest

Retirement benefits play a critical role in fostering employee satisfaction and engagement, but the complexity of 401(k) rollovers can undermine even the best plans. Manifest has changed that.

By making rollovers effortless, Manifest helps employees consolidate their retirement accounts, increasing plan participation and maximizing the impact of your benefits program.

Why let outdated processes hold your organization back? Take the next step toward creating a benefits program that stands out. Partner with Manifest today and see how simple, effective rollovers can empower your workforce and maximize retirement outcomes for everyone.