Deals & People

Corporate Benefit Advisors Selects Synapses for Plan Analytics and Participant Education

Synapses Inc., a provider of personalized 401(k) education, products and services, has been selected by Corporate Benefit Advisors, Inc. (CBA) to evaluate CBA’s 401(k) customers at the participant and sponsor level.
Reported by Rebecca Moore

CBA, a provider of employee benefit and corporate retirement plans, will employ Synapses’ Sponsor Profile service and Retirement Income Report tools for full analyses of its 401(k) plan clients, according to a press release. The Sponsor Profile service will provide CBA with statistics illustrating the retirement income status not only of each participant, but also of each plan as a whole, and CBA will be able to provide suggested steps to meet retirement income goals for each participant.

Synapses’ Sponsor Profile offers organizations top-down views of:

  • Percentage of eligible employees on target for income replacement at retirement;
  • Percentage of eligible employees fully utilizing plan design features such as company match, auto-escalation, target date maturity funds, and managed account products;
  • Participant action items needed to meet income replacement goals;
  • Segmentation of participant audiences according to their actual investment mix compared to what their mix would be in an automatic rebalancing plan; and
  • Quantifying the retirement income impact of moving a participant into an automatic rebalancing plan.

Additionally, the release said CBA will use other targeted communication campaigns to further educate its customers’ employees by creating a real-time snapshot of contribution progress and assisting employees to meet savings goals.

More information about Synapses is at www.synapses.com, and more information about CBA can be found at www.benefitsadvice.com.