PLANSPONSOR - February - March 2022 - 19

PARTICIPANTS SPECIAL ISSUE | COVER STORY
LET'S
I
perspective, " Vaillancourt says.
More and more, that means providing materials in multiple languages.
" It's hard enough for participants who are not financially literate to understand how retirement plans
work, pick their investment allocations, and think about how much they can afford to save, " says Scott
Hauptmann, chief operations officer for TCG, a Hub International company. " If they're not comfortable
with the language and the terminology, it's just another barrier to their being able to participate. "
The Employee Retirement Income Security Act requires only that qualified plans with a large portion
of non-English speakers provide assistance to those workers-in practice, often via a call center. The
requirement applies to large companies where 10% of participants or 500 or more workers speak the same
non-English language, or to small companies where 25% or more of employees are literate only in the same
non-English language. Many plan sponsors now want to do more for those workers, providing additional
materials and advice in their native language.
Vaillancourt says Voya has seen more requests for such foreign-language materials in recent years and
helps clients create content in not only Spanish, but Mandarin and Cantonese, among other languages.
DEMOGRAPHIC SHIFTS
The trend toward offering retirement plan materials in multiple languages reflects a recognition by many
employers that, nationwide, demographics are shifting, as languages other than English become increasingly
common in American households. In 2018, the most recent year for which data is available, more
than 67 million American residents spoke something besides English at home, according to the Center
for Immigration Studies. That number has more than doubled since 1990 and tripled since 1980.
Art by Anja Sušanj
TALK
How to craft multilingual plan materials
to draw in each participant
n their ongoing quest to improve outcomes for plan participants, plan sponsors are increasingly looking
for ways they can " meet participants where they are, " both in terms of their financial journey and their
preferred technology platform, says Amy Vaillancourt senior vice president for Workplace Solutions at
Voya in Windsor, Connecticut.
" Along the same lines, we also look at what might be most comfortable for them from a language
PLANSPONSOR.COM February - March 2022 19
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PLANSPONSOR - February - March 2022

Table of Contents for the Digital Edition of PLANSPONSOR - February - March 2022

INSIGHTS
INDUSTRY ANALYSIS
RULES & REGULATIONS
UPFRONT
Let’s Talk
Let It Grow
When Workers Retire in Stages
Virtual Lessons Learned
Managed Accounts, Today
How ‘Well’ Is ‘Well’ Enough?
Differentiation by Income
FIDUCIARY FORUM
INSIDE ANGLE
PLAN PROFILE
PLANSPONSOR - February - March 2022 - Cover1
PLANSPONSOR - February - March 2022 - Cover2
PLANSPONSOR - February - March 2022 - 1
PLANSPONSOR - February - March 2022 - INSIGHTS
PLANSPONSOR - February - March 2022 - 3
PLANSPONSOR - February - March 2022 - INDUSTRY ANALYSIS
PLANSPONSOR - February - March 2022 - 5
PLANSPONSOR - February - March 2022 - RULES & REGULATIONS
PLANSPONSOR - February - March 2022 - 7
PLANSPONSOR - February - March 2022 - 8
PLANSPONSOR - February - March 2022 - 9
PLANSPONSOR - February - March 2022 - UPFRONT
PLANSPONSOR - February - March 2022 - 11
PLANSPONSOR - February - March 2022 - 12
PLANSPONSOR - February - March 2022 - 13
PLANSPONSOR - February - March 2022 - 14
PLANSPONSOR - February - March 2022 - 15
PLANSPONSOR - February - March 2022 - 16
PLANSPONSOR - February - March 2022 - 17
PLANSPONSOR - February - March 2022 - Let’s Talk
PLANSPONSOR - February - March 2022 - 19
PLANSPONSOR - February - March 2022 - 20
PLANSPONSOR - February - March 2022 - 21
PLANSPONSOR - February - March 2022 - Let It Grow
PLANSPONSOR - February - March 2022 - 23
PLANSPONSOR - February - March 2022 - 24
PLANSPONSOR - February - March 2022 - 25
PLANSPONSOR - February - March 2022 - When Workers Retire in Stages
PLANSPONSOR - February - March 2022 - 27
PLANSPONSOR - February - March 2022 - 28
PLANSPONSOR - February - March 2022 - 29
PLANSPONSOR - February - March 2022 - Virtual Lessons Learned
PLANSPONSOR - February - March 2022 - 31
PLANSPONSOR - February - March 2022 - Managed Accounts, Today
PLANSPONSOR - February - March 2022 - 33
PLANSPONSOR - February - March 2022 - How ‘Well’ Is ‘Well’ Enough?
PLANSPONSOR - February - March 2022 - 35
PLANSPONSOR - February - March 2022 - Differentiation by Income
PLANSPONSOR - February - March 2022 - 37
PLANSPONSOR - February - March 2022 - FIDUCIARY FORUM
PLANSPONSOR - February - March 2022 - INSIDE ANGLE
PLANSPONSOR - February - March 2022 - PLAN PROFILE
PLANSPONSOR - February - March 2022 - Cover3
PLANSPONSOR - February - March 2022 - Cover4
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