ICMA-RC’s TextAccess Tool Proving to be Extremely Popular with Public Employees
November 6, 2019
Believed to be the industry's first text-based retirement planning tool, ICMA-RC’s TextAccess which was launched more than two years ago, has proven incredibly successful. Available exclusively to participants in ICMA-RC-managed retirement plans, the feature now boasts more than 50,000 users.
Texting has revolutionized the way people communicate with each other, making it easier than ever to connect and receive information. Through ICMA-RC’s TextAccess, participants can also utilize texting as a retirement tool by requesting specific account details— such as their retirement account balance — via text message and receive the information within seconds. There's no voice-response menu to navigate and no hold time.
Commands that are available to participants include:
- Balance Information
- Balance Information for the specified plan
- Last Contribution Amount
- Last Disbursement
- Pending Disbursement
- List Loans
- List Loans for the specified plan
- Last 3 Transactions
- List of Nicknames
- Rate of Return (year-to-date)
TextAccess is part of a continuing ICMA-RC initiative to innovate and introduce technological advances that benefit retirement plan sponsors and their participants. The company understands how important it is for participants to be able to receive their account information quickly, which is why we focus on offering technology that speed service delivery and further enhance retirement savings outcomes.
The text interface is a critical feature, as nearly two-thirds (65%) of the public employees ICMA-RC serves, such as teachers, fire fighters, police and parks employees among others, work away from a desk. TextAccess keeps these workers in touch with their retirement plans 24/7 and while on the go, giving them additional peace of mind and understanding of their accounts.
In the years since it was introduced, TextAccess has become extremely popular among ICMA-RC plan participants. To date, more than 670,000 balance requests have been sent, as well as close to 140,000 requests for performance information. Additionally, nearly 52,000 participants regularly use text to manage their retirement investments.
"ICMA-RC strives to continuously provide our participants with new and dynamic solutions for managing and evaluating their retirement savings accounts," says Karla Gill, ICMA-RC’s Senior Vice President and Chief Information & Innovation Officer. “Developing digital services such as TextAccess allows our participants to get fast, secure, up-to-date account information, a key need that we identified among public employees."
Signing up for TextAccess is simple. Participants log in to Account Access, ICMA-RC's account management portal, and navigate to the TextAccess menu and follow a few easy steps. Once they are signed up, they can simply text a command to ICMARC or 426272.
Visit www./textaccess for more information on ICMA-RC's TextAccess feature.