The firms said the index includes virtually every
plan with more than $10 million in assets.
The RRI is designed to help plan advisers and other service providers assist plan sponsors with evaluating how well their employees are preparing for a secure retirement, according to a press release. An RRI value of 112% means a participant is projected to have 12% more than he needs at retirement, while an RRI value of 92% means the participant is falling 8% short of his retirement goal.
The RRI uses the Aon Consulting/Georgia State University study on wage replacement ratios to determine how much money an individual needs for retirement. Advisers or service providers can obtain an RRI for each participant in the plans they serve by providing Fiduciary Benchmarks with a minimal number of existing data points, such as an employee’s date of birth.
The RRI number for any of the 21,000 plans covered is publicly available at www.fiduciarybenchmarks.com/RRI. Each plan’s RRI can be updated by authorized plan personnel in a secure manner by registering on the site.
An analysis of each plan’s RRI, including comparisons to similar companies, is available for a nominal price, the press release said. Each benchmark group consists of companies in the same industry as defined by the North American Industry Classification System (NAICS), and are further refined by number of employees per plan.
Fiduciary Benchmarks offers discounts on RRI reports purchased through advisers and other service providers.