New capabilities focus on four primary areas: simplified pricing, expanded plan sponsor reporting, fiduciary protection, and participant education. New plans effective 1/1/11 will benefit from an improved pricing structure; Ascensus has eliminated the one-time fee for establishing or converting a plan, according to the announcement.
The company has increased reporting capabilities with the online quarterly Planillustrator report. Planillustrator consolidates plan information into a package giving both financial advisers and plan sponsors the ability to track key plan metrics such as plan demographics, capital market review, investment lineup review, and fund fact sheets.
Ascensus has also broadened its education program for plan participants. Each year, Ascensus will automatically send customized communications to employees who either aren’t contributing or who aren’t contributing enough to maintain a desired retirement lifestyle. These targteted communications are personalized and proactively prompt employees to save for retirement goals with sample illustrations and helpful suggestions, the announcement said. Ascensus mails these communications at no additional cost to the plan sponsor.