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SOURCE New York Life Retirement Plan Services
New Interactive Tool Helps Plan Sponsors and Advisors Gauge Effectiveness of 401(k) Plan
WESTWOOD, Mass., July 9, 2014 /PRNewswire/ -- New York Life Retirement Plan Services (New York Life), a leading provider of retirement plan solutions to U.S. corporations and unions, introduced today its new Retirement Readiness Dashboard, a tool to help plan sponsors and their advisors determine employees' retirement readiness and model plan changes to increase these rates.
The Retirement Readiness Dashboard shows how prepared participants are for retirement when compared to industry peers and all other New York Life retirement clients, and allows segmentation by participant age, tenure, salary and division. The dashboard, which was rolled out across New York Life's client base in May, also features interactive tools to model how adding features including auto enrollment, auto escalation or changes in corporate match will affect participant readiness.
"Empowering participants to retire with sufficient assets is likely the most important metric by which a sponsor can judge the plan's success," said Patrick Murphy, CEO of New York Life Retirement Plan Services. "We enable our sponsors and advisors to access core plan data and analysis, and then provide the consulting and expertise that allows them to act on it."
Since 2012, New York Life has launched a series of dashboards that allow sponsors to evaluate core components of their plan including participant behavior and utilization of plan investments, plan enrollment and savings rates by participant demographic, and the efficacy of participant communication campaigns.
About New York Life Retirement Plan Services
New York Life Retirement Plan Services offers bundled retirement plan solutions and defined contribution investment only products throughout the United States. New York Life Retirement Plan Services, a division of New York Life Investment Management LLC, (New York Life Investments) administers $65 billion in bundled retirement plans and stable value solutions as of March 31, 2014. With offices in Westwood, Massachusetts, Parsippany, New Jersey, and San Francisco, New York Life Retirement Plan Services is widely recognized for its leadership within the retirement plan industry.
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