Products September 20, 2010

New York Life Has New Participant Program

New York Life Retirement Plan Services has introduced a new participant program called MyLifeNow.
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According to a news release, among the elements in the offering are a new participant enrollment package and a new Web site, to be launched in the fourth quarter of 2010.

Sponsors can review participant behavior through reporting metrics that track and benchmark progress as participants move through a continuum of action steps suggested by New York Life.

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Tthe program suggests participants take steps such as enrolling in their retirement savings plan, increasing their deferral rate, or diversifying their assets.

“MyLifeNow is all about engaging our participants in a positive way, breaking down savings into single steps that are easy to understand, and as importantly, easy to act upon,” said Deanna Garen, managing director of strategic marketing. “Traditional education and communication models don’t work. Asking participants to deprive themselves now, to reap benefits at some point in the future, doesn’t resonate.  We need to be empowering, not overwhelming.”

Products September 20, 2010

Company Introduces Interactive Participant Education System

Manchester, New Hampshire-based TPA Retirement Alliance has launched SmartPlan Enterprise, an online participant education and communication system.
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The new offering, developed by vWise, is designed to help investment advisers and third-party administrators increase 401(k) and 403(b) plan participation, fulfill fiduciary duty and reduce the need for print communications and onsite meetings, the company said.

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Hosts on the SmartPlan Enterprise video discuss plan features and benefits of participation, then steer users through an interactive process that helps them discover their individual retirement needs, determine risk profiles, and choose plan investments and contribution amounts, an announcement said. Because the news system is integrated with Retirement Alliance’s recordkeeping, participant choices are uploaded directly to the plan database in real time.

For employers, the technology is supported by a set of customizable promotional tools, including payroll stuffers, automated e-mails, and video ads, among others. Customized user tracking and analytics reports allow employers to more closely manage retirement plans while reducing support costs.

According to vWise, sponsors who use the system seeing a 30% increase in plan participation, the release said.

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