T. Rowe Price Launches New Workplace Retirement Site

New site aims to increase retirement readiness among plan participants

Feb 02, 2016, 09:00 ET from T. Rowe Price Group, Inc.

BALTIMORE, Feb. 2, 2016 /PRNewswire/ -- T. Rowe Price has officially launched a redesigned Workplace Retirement site for its nearly 2 million plan participants, aimed at increasing retirement readiness. The new digital experience was shaped by participant feedback during robust testing, as well as the recognition that online behavior has changed significantly over the years. The new site is fully responsive, presenting the optimal browsing experience for the user's device.

"In today's digital world, you only have a moment to catch a user's attention, so designing a website that is intuitive and enables users to complete their intended tasks with ease is a top priority," explains Mary Ellen Whiteman, head of Workplace Investors Experience at T. Rowe Price. "For example, we know that the primary reason participants log in to their account is to check their balance, so their account balance is prominently displayed no matter what device they are using, with quick and easy access to additional views."

The new design is already having a positive impact on participant preparedness for retirement. Among other things, the firm has seen:

  • A 13% increase in enrollment completion rates over the past year
  • The creation of personalized Confidence Numbers by more than 50,000 participants (an indicator of how likely it is that a user will meet his or her retirement savings goals on a scale from 0-100)
  • Significantly greater mobile traffic to the new site, 57% more mobile traffic versus the old site, indicating more investor engagement with their accounts on their preferred device

"It's encouraging to see the impact a well-designed site can have on participant engagement," says Whiteman.  "This is an ongoing process, and we are regularly monitoring user feedback and satisfaction rates to ensure we are meeting their needs and to help inform next steps and continued site enhancements as we go."

Other key features of the newly redesigned site include:

  • An enhanced retirement income experience
    • The ability for participants to create their own personalized Confidence Numbers
    • Full integration with the T. Rowe Price FuturePath® planning tool
    • The ability to aggregate and view balances, including outside assets
  • Streamlined navigation for ease of use
    • Larger, more interactive charts
    • A new account dashboard with the balance features used most by participants
  • New online Loan Center
    • Tools, educational content, and videos to help participants make more informed decisions when they are considering taking a loan from their retirement plan
    • The ability to initiate and complete a loan request entirely online, on any device
    • A Loan Status Tracker that shows where the loan is in the process and when the participant can expect to receive the funds

Plan participants can access the new site, as well as T. Rowe Price's range of mobile apps at rps.troweprice.com.

Founded in 1937, Baltimore-based T. Rowe Price Group, Inc. is a global investment management organization with $763.1 billion in assets under management as of December 31, 2015. The organization provides a broad array of mutual funds, subadvisory services, and separate account management for individual and institutional investors, retirement plans, and financial intermediaries. The company also offers sophisticated investment planning and guidance tools. T. Rowe Price's disciplined, risk-aware investment approach focuses on diversification, style consistency, and fundamental research. For more information, visit troweprice.com, Twitter, YouTube, LinkedIn, or Facebook.

IMPORTANT: The projections or other information generated regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results. The simulations are based on assumptions. There can be no assurance that the projected or simulated results will be achieved or sustained. Actual results will vary with each use and over time, and such results may be better or worse than the simulated scenarios. Clients should be aware that the potential for loss (or gain) may be greater than demonstrated in the simulations.

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SOURCE T. Rowe Price Group, Inc.