Only 29% of companies use the Web for plan communication with employees, a report by the International Foundation of Employee Benefit Plans found. The majority of those companies have been using the technology for two years or less.
Sixty-six percent of the 433 corporate benefit professionals said their primary concern in using Internet/Intranet technology is that most employees will not have access. Lack of employee familiarity with technology and security of data were also cited as problems.
The common uses for Internet technology are employee accessibility to account balances and viewing quarterly reports and fund performance, the survey reports. The majority (73%) said they are satisfied with the Web's uses. Of the plan sponsors that aren't online, 66% said they will use Internet technology in the future.