BPAS says the tool will help plan sponsors and plan advisers rate the overall health of their plan by evaluating the projected retirement readiness of individual participants and the plan as a whole. The report is run monthly for all plan types and delivered online.
“The Retirement Gap Report will encourage retirement plan committees to focus on retirement readiness,” says Paul Neveu, senior vice president of sales and marketing at the Utica, New York-based BPAS. “The report might indicate that the average employee in a plan is on track to accumulate 5.2 times final compensation by retirement age, which is not sufficient for most employees to retire. Seeing progress in Retirement Gap Report scores over time will allow a plan sponsor to measure the effectiveness of plan design decisions and the effectiveness of service providers in ‘moving the needle’ on key success measures.”
In addition to Retirement Gap Report data, BPAS offers comprehensive automatic enrollment and automatic escalation support, 360 payroll integration and other key services.
For more information, contact 603-580-5522 or firstname.lastname@example.org.