CUNA Mutual Group Offers Synapses Participant Profiles

Synapses Inc., a provider of 401(k) education, products, and services, is supplying its Sponsor Profile tool to Madison, Wisconsin-based CUNA Mutual Group for use with CUNA’s 401(k) clients.

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.