A Principal news release said the new offering is based on data from the Employee Benefit Research Institute (EBRI) on more than 21 million 401(k) participants.
Principal said the offering asks users for three pieces of data:
- their account balance on December 31, 2008;
- total annual contributions (employee and employer combined);
- anticipated rate of return for the rebuilding period.
“Participants in 401(k) plans are eager to get an idea of how long it might take to rebuild retirement accounts,” said Luke Vandermillen, vice president of marketing at The Principal, in the announcement. “Our estimator helps answer that question and provides tips that can help the process.”
The online tool is available at www.principal.com/rebuild.