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iJoin Enrollment Process

Last updated on January 09, 2024

This video is an overview of the iJoin enrollment experience. It walks the viewer through the step-by-step process and is intended to be used as an implementation guide.

Transcript

Welcome to iJoin.

In this video, we’ll be showing you how you can use our personalized and goal based enrollment tool to get the most out of your company’s retirement plan. Let’s go ahead and get started. One of the best things about iJoin is that it’s integrated directly into the website where you will typically access your retirement plan account.

Prior to enrolling, you’ll receive a set of instructions on how to access this website and log in. After logging in for the first time, you may be required to set up your long term username and password, establish some security questions and answers, and/or provide a little basic information about yourself. After proceeding past this step, you should be presented with an iJoin enrollment option. Choose the iJoin enrollment option, click the next button, agree to any prompts that are displayed, and then click continue to access the personalized iJoin enrollment experience.

Upon entering the iJoin experience, you’ll be presented with a greeting page that will introduce you to the financial advisor for your company’s retirement plan. Your company may provide an option for you to opt out of enrollment into your retirement plan, in which case an “I don’t want to enroll” button will be displayed at the bottom of the page. Click this option if you’re considering formally opting out of your company’s plan. You’ll still have the ability to go through the iJoin experience to gain retirement readiness insights and enroll if desired.

If you ultimately choose to opt out, the system will formally note your decision and ensure a 0% contribution per pay period. Conversely, if you do want to enroll in your company’s plan, click the let’s get started button at the bottom of the greeting page. From there you’ll be presented with an opportunity to watch a very brief introductory video that explains what the iJoin experience is all about. The video is only about 30 seconds long, so feel free to click the play button to watch it.

You can always click the continue button at any time to bypass the video and proceed on to the next step. The next thing you will do is confirm your personal information as retrieved from your plan’s record keeper. Make sure all the values are accurate, and if you need to make changes, you can simply type in the applicable fields. Note that your edits will be saved only when you authorize your enrollment at the end of the process.

On the next page, you’ll confirm some financial info and other data points that will help us refine the retirement projections that occur on the ensuing steps. First, an annual salary value is necessary for an accurate retirement projection. An estimated annual salary will be pulled from your plan’s record keeper, and this value can be modified strictly for retirement projection purposes. Where you plan to retire can have a pretty large impact on taxes and the longevity of your retirement savings.

This value will default to your current state of residency, and can be changed if you already know you plan to retire elsewhere. Lastly, if you have any other retirement savings, such as with an IRA or a 401K from another employer, toggle the other retirement savings switch to yes. From here you can enter in the approximate balances of your other savings accounts, as well as any expected monthly pension amount, such as with a state pension if appropriate. Since iJoin is a personalized experience, you will want to be sure to only enter values that are for accounts that are your own, or held jointly with someone else.

After clicking continue, you will be presented with a page that will allow you to choose how you’d like to go about selecting your investments. Your plan may be configured to display up to three options, the first of which is a choose for me option. A selection of this path will place you into the most suitable default investment for you based of your date of birth and your years to retirement. The help me choose option will allow you to go through the process of answering a risk tolerance questionnaire to determine the most suitable portfolio for your particular risk profile.

There are no right or wrong answers to the questions provided in the questionnaire, so simply select the responses with which you are most comfortable, and the system will select the most suitable investment portfolio based off your selections. After you have answered all the questions, click the create my profile button at the bottom of the page to see the investment that has been chosen for you. If you’re most comfortable selecting your own investments and assembling your own portfolio, the choose myself option allows you to do just that. If you choose this path, each of the investments available to you within your plan will be displayed as hyperlinks that when clicked will bring you to the applicable info sheet for that fund.

You can go about entering the allocation to each fund either by entering in the desired allocation percentages in the associated text boxes, or by using the slider controls for each investment. Once you’ve entered in an allocation set that totals 100%, you can proceed to the next step. Once you’ve established a portfolio selection with which you are most comfortable, click the save and continue button to be presented with a snapshot of your current projected retirement picture. This page is intended to give you a quick summary of where you’re currently projected to land in terms of a retirement income goal if you were to make no further changes to your savings strategy.

How the iJoin experience goes about doing this is to use a sophisticated algorithm to first determine a suitable monthly income amount need at retirement age. Note that unlike other calculation engines that use a static income replacement ratio to make this determination, the iJoin experience takes into account several factors such as your age, salary, savings to date, and where you plan to retire to design a personalize income stream that is intended to last throughout the duration of your retirement years. The amount that is displayed takes into account inflation, but it is expressed in today’s dollar so you can correlate it to your current budget and lifestyle.

The iJoin system will also put together an estimate of how much savings you will have at retirement that includes social security and any other savings that you may have previously told us about. When you proceed to the next step, you’ll have the ability to adjust several factors and see how this impacts your goal completion projection in real time. Adjusting factors such as the age at which you plan to retire, or increasing the amount you contribute to your plan per pay period can help improve your path to success. On this page, you can change these hypothetical values to model such changes, and then implement them as your new savings strategy.

Within the contribution rate section, you can choose the percentage or fixed dollar amount you want to contribute per paycheck. Your plan may offer an employer matching contribution, in which case the iJoin experience will tell you whether or not you are optimizing this match, and the contribution amount necessary for doing so. As you adjust your hypothetical new contribution rate, iJoin will indicate via green check mark as to whether you are optimizing your employer match, as well as present the estimated impact to your take home pay each pay period. An icon is provided that will give you the ability to see how the impact to your current paycheck could translate to more monthly retirement income, via retirement paycheck simulator.

You’ll notice as you adjust your contribution rate and other factors such as the amount needed per month at retirement, or your desired retirement age, the goal completion projection and your breakdown of monthly income at retirement will update in real time to reflect these changes. Click the continue button when you’re ready to implement the changes you have modeled. You’ll have a chance to review and authorize these changes before making them official in a subsequent step. Your plan may require the designation of at least one primary beneficiary and the optional entry of any number of contingent beneficiaries.

A primary beneficiary is one or more individuals or entities, such as a trust, that are first in line to receive benefits in your retirement account in the event of your death. The iJoin experience will allow you to review and edit any pre-existing beneficiary info on file with your plan’s record keeper, as well as add new designations. When editing or adding a beneficiary, the only required information is a name, stated relationship to you, and the percentage of your accrued benefits to which they would be entitled. If you are married, there are federal regulations around designating someone other than your spouse as a primary beneficiary, which in most circumstances will require the execution of a waver form.

Be sure to read the disclosures provided within the iJoin experience if this situation applies to you. Once you’ve saved all your beneficiary information, click the next button to review and authorize all the changes you have made through the iJoin experience. From here you will confirm both your contribution rate and your investment elections. Use the back button if you need to make any changes.

Otherwise, if you’re ready to implement your new strategy, simply agree to these changes under associated disclosures, then click the authorize button. When you click authorize, your updates will be supplied directly to your plan. Should you have any questions, the appropriate contact info will appear on screen so your inquiry can be directed to the right individual. If you’d like to immediately access your retirement plan account, click the back to login button to return to your account’s login screen and log back in with your established user credentials.

Shortly after submitting your changes, you will receive an email that contains an attached personal retirement picture report. This report summarizes all of what you authorize through the iJoin experience, and serves as your confirmation of changes. Within the report, you can review your projected goal completion percentage and breakdown of estimated monthly retirement income, along with all of the factors that were used to come up with these projections. You can also review some helpful tips for improving your path to success, confirm your investment elections, and learn a little bit more about the methodologies behind the iJoin experience.

And that’s all there is to it. Personalized, goal-based enrollment made easy and frictionless, that’s iJoin.

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