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If You Build It--and It's Tough To Use--they Won't Come

Plan sponsors are coming to realize that Web sites are not created equal when it comes to 401(k) participant use. Here are a few tips on picking the best

By Staff Writer | Updated on May 01, 2004

Jeff Maggioncalda, CEO of Financial Engines Inc., a company that provides investment advice over the Internet, knows first-hand how frustrating it can be to use some retirement plan Web sites. His wife worked at a university where the plan provider used to issue predetermined personal identification numbers (PINs) and prohibited users from changing them to numbers they could remember more easily. “I forgot it every single time,” says Maggioncalda, whose firm provides advice to more than 3.8 million retirement plan participants. “It got to the point where every time I wanted to use the Web site, I had to call somebody.”

The university subsequently switched to a provider that lets participants customize PINs or access accounts using their social security numbers. That’s a good thing, according to Maggioncalda, who cites “ease of use” as the No. 1 thing companies sponsoring 401(k) plans should look for when evaluating a plan provider’s site.

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