CUNA Mutual, which provides credit unions with financial services, uses the Synapses product to evaluate its defined contribution plan customers at the participant, sponsor, and book-of-business level, according to a news release. The Sponsor Profiles create a status report that details how well a plan’s participants are prepared for retirement in terms of replacement income and whether they appear to have an appropriate asset mix.
Synapses calculates and produces a CUNA Mutual Printed Profile with a personalized cover letter and a PDF of the Profile for posting on the CUNA Mutual Web site.
Additionally, Synapses produces a PDF of a Participant Report that outlines what each person’s projected retirement income will be and whether they are on track to meet a personally defined income goal. The Participant Report indicates how each person’s current asset allocation compares with the glide path used to model CUNA Mutual Group’s proprietary target-date funds.