#SaveABillion campaign spurred 97% of Movement employees to contribute to 401(k) plan
Movement Mortgage, a top 10 residential purchase mortgage lender hailed for its exceptional workplace culture, is proud to announce that it has won a first place award for launching a two-month campaign that inspired its employees to up their retirement savings.
Pensions & Investments Magazine presented Movement with a first place Eddy Award, which recognizes plan sponsors and service providers that offer investment education to plan participants. The lender led the pack in the special projects category for the #SaveABillion campaign, a 65-day initiative that sought to encourage the company’s 4,000-plus employees to contribute to its 401(k) program at some level.
“As I travel the country visiting with Movement staff, I hear regularly from employees who are in much better financial condition than they were before our financial wellness campaigns,” says Thrive Director Aimée Dodson, who accepted the award at an awards luncheon in Miami. “Our CEO Casey Crawford says that loving someone is acting in their long-term best interest. By driving participation in our 401(k) plan, we are effectively loving our staff by helping them into their retirement with greater confidence and security.”
The idea for #SaveABillion developed when Movement’s leadership realized that just 25 percent of the company’s workforce contributed 6 percent or more to their retirement plans. Movement matches employee contributions 100 percent up to 6 percent of their salary.
Movement’s Thrive department, which maintains the company’s culture through wellness campaigns and programming, partnered with the Principal Financial Group to offer team members an app, financial counseling, videos, a retirement wellness assessment and other tools to shore up their finances and spur boosted retirement savings.
As a result, Movement employees increased their estimated retirement balance to $2.8 billion, and 97 percent of Movement employees contributed to their retirement plan at some level. More than 60 percent of the company’s eligible team members contribute at least 6 percent to their 401(k).
“To increase the percent of staff taking advantage of the company match from only 25 percent to 66 percent is staggering,” Dodson says. “People who connected with the campaign are seeing tangible results in their lives.”
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