Products January 9, 2017

MassMutual Enhances Retirement Readiness Tool

The tool now provides a graphic illustration of how much income savers will potentially need in retirement and whether they are saving enough to get there.
Reported by

MassMutual upgraded its RetireSMART Ready tool available on the RetireSMART website to provide savers in defined contribution (DC) plans with better guidance and potentially improved outcomes to help reach their retirement goals.

The tool now provides a graphic illustration of how much income savers will potentially need in retirement and whether they are saving enough to get there. Savers can automatically include other sources of retirement savings and income they may have outside of their current employer-sponsored retirement plan as part of their ongoing retirement income calculations.

Never miss a story — sign up for PLANADVISER newsletters to keep up on the latest retirement plan adviser news.

Savers can obtain guidance about what steps to take if their current savings strategy is falling short of their retirement goals. They can choose to implement the recommended strategies by themselves, or work with a financial adviser on a recommended strategy. The guidance and managed outcomes are provided by Envestnet | Retirement Solutions (ERS).

MassMutual’s RetireSMART Ready tool now provides a simplified picture of a saver’s retirement readiness at a specific age. The tool generates a projection of monthly income in dollars or, if preferred, shows the progress toward a stated financial wellness goal in retirement as a percentage of preretirement income. New mountain chart graphics compare a saver’s expected retirement outcome based on his or her current savings strategy and a suggested strategy from ERS. The suggestion includes specific action steps, such as changing contributions to the retirement plan or reallocating investments.

More information about RetireSMART is here.

Products January 9, 2017

Stadion StoryLine Added to Ameritas Platform

StoryLine, built with SPDR exchange-traded funds (ETFs), is designed specifically for 401(k) participants in adviser-sold, small-market plans.
Reported by

Ameritas has added Stadion’s StoryLine small business 401(k) solution to its retirement platform.

StoryLine, built with SPDR exchange-traded funds (ETFs), is designed specifically for 401(k) participants in adviser-sold, small-market plans.

Want the latest retirement plan adviser news and insights? Sign up for PLANADVISER newsletters.

The StoryLine process first seeks insight into the overall plan make-up with the intent of tailoring default options for each individual company. Then, with Stadion’s participant-centric web interface, employees will be encouraged to further define their individual investment paths based on personal risk profiles, expectations, and goals.

StoryLine will also allow—at the employee’s discretion—the inclusion of outside and spousal assets to facilitate more comprehensive retirement planning. The end goal of this is to have each participant on a path personalized to their own circumstances and needs.

Speaking with PLANADVISER last year about the StoryLine approach, Jud Doherty, president and CEO of Stadion, explained that a participant is initially placed into one of the many potential portfolios based on their input on the risk questionnaire and the current market environment. “As the participant ages or the fundamental market situation changes, or as their outside asset situation evolves, their appropriate risk exposure may also change and so the participant will be automatically routed into the new portfolio.”

«