Announcing your plan
It's time to announce your new retirement savings plan! We recommend that you send the plan announcement 1-2 days before the education session, so it's top of mind for employees. You can use the announcement template linked below for an idea of what information to share with your team.
Access and Customize Announcement Template
Enrollment links
Just before the employee education session, we will send an email with a unique enrollment link to your employees, inviting them to join the plan. If employees do not receive their link, please have them check their spam folder for an email from enroll@commonwealthretirement.com.
In the event that an employee is unable to find the email with the link, they can enrol in the plan by entering the registered email in all lower case letters in the sign-up portal (https://my.commonwealthretirement.com/create-account). If the email matches exactly, the site will connect the employee to their employer.
Note: If you are a QuickBooks Payroll user, employees will be invited to enroll as soon as you connect your QuickBooks Payroll account.
Eligibility
Only full-time or part-time employees can participate in your plan. Any individual who is paid under contract, on a fee-for-service basis or other arrangement (e.g., gig worker) is not eligible to participate through an employer arrangement.
How do employees enroll?
Enrollment is a self-serve process and takes about 10-15 minutes to complete. The plan is optimized for desktop/laptop use – please instruct employees to sign up on a computer rather than using their mobile device.
How do employees define their contribution amount?
During enrollment each member is encouraged to maximize any match you provide. They also define the amount they want to save, which can be higher or lower than an employer match.
Here are two videos that outline the enrollment process:
Sharing Plan Information
We encourage you to post information about your retirement savings plan in your chat service (Slack, Teams, Skype) and wherever you share other benefits information. Below are some helpful links to member resources that you can include.
- Common Wealth website
- Online retirement savings calculator
- Plan overview video
- How to enroll in your plan
- Common Wealth brochure
Encourage Plan Participation
A successful plan starts by communicating the benefits of saving for the future. The education session provides a critical step in explaining how easy it is for your team to enroll and start building wealth for their future - but your voice is also important.
Below you'll find some helpful enrollment reminder templates that you can share with your team to boost participation.
- Enrollment reminder #1 - send 2-4 days after the education session
- Enrollment reminder #2 - send 3 weeks after education session
- Enrollment reminder #3 - send 6 weeks after education session
Member data
All member data will be protected and used only for the purposes of plan administration. This includes enrollment: to verify an enrolled member is an employee of your organization and to send plan enrollment communications, employment status: to update the employment status of employees (e.g., new hire / terminated / date of change) and payroll: to track payroll details for employees (e.g., employment start date).