Speaking the Same Language Plan terms that have different meanings can create barriers to confident participant decision-making. contribution ('käntr'byoo - SH( )n). Gift or donation to charity match (maCH). Something to light a fire with; an athletic competition; the product of a dating service deferral (d 'f r l). The act of putting something off Millennials in particular ? found some terms difficult to understand, such as: Plan participant 63% Millennial respondents 44% Total respondents Defined contribution retirement plan 88% Millennial respondents According to survey responses*, participants' preferred term for the percentage of their paycheck that they save in their retirement plan: Contribution rate 43% How much of your paycheck you automatically deposit in your retirement account Retirement savings percent (or rate) Savings rate Deferral rate 18% 16% 14% 9% * " Boosting the Effectiveness of Retirement Plan Communications, " Empower Institute Employers can help participants by making retirement communications clear and free of industry-speak. Some examples of jargon are: Allocation Registered investment adviser Rollover Withdrawal strategy Retirement income Retirement readiness Source: Empower Institute Managed account vs. Professional account management Assets Sometimes just a few additional words can help explain a term that people otherwise find confusing. Original term Match vs. vs. Clarified term Employer match Retirement savings and investments 76% Total respondents PLANSPONSOR.com February - March 2019 21http://www.plansponsordigital.com/plansponsor/february-march_2019/TrackLink.action?pageName=21&exitLink=http%3A%2F%2FPLANSPONSOR.com