To improve clarity and usefulness, Diversified’s OnTrack report has been streamlined into a single sheet that can be produced as soon as an organization becomes a Diversified client. “Employers can request that reports be provided to their employees immediately, giving sponsors a powerful tool to help their participants realize their financial retirement goals. We recommend that OnTrack reports be produced annually to keep this all-important message in front of participants, but, at any time, participants can also go online and retrieve their retirement outlook,” explained Patricia Advaney, senior vice president, participant solutions at Diversified.
The primary goal of the newly designed report is to provide each retirement plan participant with a series of personalized savings rates that will help guide them toward a well-funded retirement. The report uses weather imagery to illustrate a participant’s current retirement outlook—rainy, cloudy, partly sunny or sunny—and how saving more could change their outlook.
In addition to helping participants get an idea of how well they’re progressing toward their retirement income goals, the report can also help plan sponsors understand how well their participants are doing in aggregate. Scores are captured by Diversified’s proprietary business intelligence tool so that sponsors can, for instance, see and track what percentage of their participants has a sunny outlook. By taking before and after measures, a sponsor can see how effective a campaign has been, which participants have taken actions that have impacted their outlooks, and which segments of the population may still need help.
Diversified’s participant website offers another way to assess retirement readiness (see “Diversified Changes Participant Report“).