A news release said the new offering includes a more detailed look at basic plan metrics, such as participation and average deferral rates, which may “highlight improvement opportunities.”
The document also provides specific measures allowing a plan sponsor to evaluate the success of a particular effort—for example, a targeted communications and education campaign to increase the contribution rate of a specific employee age group.
While a typical plan review document might indicate that a plan’s average contribution rate is below the industry average, Diversified said its offering delves further into the data to see which employee population (i.e. gender, age, job classification) might fall short of a properly funded retirement.
“The new plan review is modular and can be prepared any time during the year, making it a flexible, diagnostic tool that allows Diversified’s account executives to collaborate with plan sponsors and their advisers in developing prescriptive, customized solutions for their plan,” said Peter Zummo, senior vice president, client relationship development, in the announcement.