Products July 13, 2016

Milliman Launches Enhanced DC Participant Website

Milliman unveiled the latest in a series of website enhancements for its defined contribution clients and their plan participants. 
Reported by

Defined contribution (DC) plan services provider Milliman Inc. has rolled out new features on its participant-facing website, www.MillimanBenefits.com, including an interactive “It’s Your Move” dashboard with tools that support successful retirement behaviors.

Features on the new website are aimed at helping plan participants establish and maintain sensible investing behaviors, such as saving enough to get the company match, diversifying investments, and utilizing automatic increase and automatic rebalance features. The updated website also comes with “a refreshed look and feel.”

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Further site enhancements build on Milliman’s PlanAhead for Retirement projection tool, the firm explains, while also enhancing the educational Financial Resources Center and expanding mobile application access/capabilities.

“More than ever, our clients understand that it’s important to encourage constructive behavior in this age when too many people are not saving enough for retirement,” says Jeff Budin, Milliman’s global employee benefits practice leader. “From a behavioral finance perspective, it’s helpful to participants to see a list of items they are doing well next to some additional actions they could take to strengthen their account with the simple click of a mouse.”

More information is at www.milliman.com/insight. 

Products July 13, 2016

Riskalyze Reveals ‘Autopilot for Retirement Plans’

Autopilot for Retirement Plans, a new product from Riskalyze, is billed as a “solution that advisers can use to match hundreds of participants with the right fund elections with just a few clicks."
Reported by

Riskalyze revealed a new approach to match 401(k), 457, 403(b), and SIMPLE IRA participants with appropriate investment allocations, known as “Auto Pilot for Retirement Plans.”

According to Riskalyze, the service allows financial advisers to deliver “advice at scale to the desktops and mobile devices of hundreds of plan participants with a few clicks,” leveraging the firm’s Risk Number program to “pinpoint how much risk investors want versus how much risk they need in order to reach their retirement goals.” The service further allows advisers to add all participants to a single online dashboard, create model portfolios from the fund menu or 3(38) fiduciary, and invite participants using a special link to get matched with the fund elections that best align with their Risk Number and retirement goals.

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When an adviser creates a new plan in the product, they can define the plan’s model portfolios, “either building them from the fund menu or copying them from the plan’s 3(38) fiduciary.” Each plan then has a landing page for participants to launch the “best interest exercise” and determine their Risk Number, or the adviser can send invites out via email.

“Autopilot for Retirement Plans will augment or even replace the three-minute meetings many advisers hold in company conference rooms to attempt to deliver advice at scale to all of a plan’s participants,” adds Aaron Klein, CEO at Riskalyze. “Now advisers and plan sponsors can ensure that every single participant has access to getting invested correctly.”

More information about Autopilot for Retirement Plans is available at www.riskalyze.com/retirementplans.

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