Customer Service Experience Guarantee Announced by Human Interest to Improve Retirement Planning

Looking to make retirement planning more accessible for all its consumers, Human Interest, the firm providing automated 401(k) plans, has announced its latest guarantee to deliver accountable service: the Customer Service Experience Guarantee.

The Customer Experience Guarantee, which goes into effect on March 1, 2025, includes specific, measurable service commitments for both administrators and plan participants. Human Interest plans to improve guarantees year-over-year. If at any time these standards aren’t met, the 401(k) planner will provide administrators 50 per cent off their next invoice, and participants will be eligible for a $25 gift card.

401(k) customers have historically experienced a lot of delays when sorting out their retirement plans, with many more suffering from subpar service. In fact, according to PBS, more Americans are making hardship withdrawals from retirement accounts than ever before. Receiving a check from a 401(k) provider can take up to 15 business days — assuming a person can get in touch with their provider in a timely manner.

Greater accountability is needed, and having looked at its own offering, Human Interest has introduced a new guarantee to help set a new standard in the industry. It aims to offer a reliable, good service for those reaching retirement and those planning it years before.

“The ability to retire with peace of mind is a really big deal,” says Rakesh Mahajan, chief revenue officer at Human Interest. “So why has it been an industry standard to leave people on hold, or worse, not even pick up their calls? At Human Interest, we know the stakes are high for both administrators and participants who trust us with their futures. That’s why we’re raising the bar for all customers.

“Whether our customers need early access to savings or just want to talk to someone on the phone about their plan, it’s often during a critical moment. They shouldn’t have to deal with unnecessary delays or inefficiencies. That’s why we’re guaranteeing exceptional service and challenging the rest of the industry to meet these higher standards.”

Case study

Looking at examples of hardships, Mahajan added: “Times are tough, and calamities like hurricanes, fires, and other disasters are all too frequent. When Hurricane Milton hit Florida, many homeowners needed their retirement plans to cope with the destruction. As customers called us, we were able to process their requests and deposit funds into bank accounts within two days so they could start rebuilding their lives.

“Typical timeframes for legacy providers can take days — or even weeks — to process distributions via the faxing of paper forms and checks being delivered by mail, leaving people sitting and waiting for help. Everyone deserves better, so we’re doing something about it.”

The Customer Experience Guarantee

Both administrators and plan participants are set to benefit from the new guarantee. For example, 100 per cent of an administrator’s inquiry submitted through the Human Interest Support Center will receive a non-automated response within four business hours. Additionally, 100 per cent of a plan’s contributions will be processed within five business days of running payroll.

From a plan participant’s point of view, 100 per cent of:

• A participant’s distributions will be sent to their bank accounts within two business days.
• A participant’s calls will be answered within five minutes during business hours.
• A participant’s initial inquiries submitted through the Human Interest support centre will receive a non-automated response within four business hours.

Improving speed and reliability 

Human Interest is looking to provide participants with timely access to their funds, handling issues that historically have taken time. For example, 75 per cent of all payroll contribution files are automatically pulled by Human Interest without any intervention from administrators, saving them up to 40 hours annually and reducing errors.

In 2024 alone, Human Interest processed nearly one million contribution files, with 95 per cent processed in three days or less, and nearly 200,000 distributions, with 75 per cent of distributions completed in under 48 hours.

Human Interest hopes that launching this guarantee of this kind will spark broader change in the retirement planning space. “We want to lead by example and encourage other providers to prioritise customer needs over outdated practices,” Mahajan says. “We’ve come a long way, and we’re putting ourselves out there because transparency matters. We’re going to keep improving. Others should, too.”

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