Prudential Investments has launched a new iPad app designed for plan adviser use to help defined contribution (DC) plan sponsors gauge the effectiveness of their plans.
Plan Power analyzes several factors such as auto enrollment and escalation rates, investment selections, fees paid by participants, and projected retirement balances to provide plans with a score. This number measures how well the plan is balancing positive retirement outcomes with spending. Through the interactive interface, plan sponsors can visualize how modifying certain plan design features may enhance participants’ retirement readiness as part of their overall financial wellness.
“Participants can’t be expected to achieve individual financial wellness if they are investing in a poorly designed or inefficient retirement plan,” says Stuart Parker, president of Prudential Investments. “By focusing on plan wellness, advisers and plan sponsors can lay the groundwork for a sound plan that helps participants achieve successful retirement outcomes.”
Prudential says Plan Power also helps plan advisers and sponsors “run real-time scenarios with actionable ideas to evaluate the impact of potential plan changes.” The firm says this app is the first of its kind in the industry, and it focuses on a holistic approach to individuals’ financial wellness in a time when regulatory changes in the industry is putting this variable at the forefront.
Plan Power is supported by Prudential Retirement’s proprietary actuarial, plan design and data analytics expertise. Financial advisers and plan sponsors can download the app through the Apple App Store by searching for ‘Prudential Plan Power’ on their iPads. To activate the app, users must contact a Prudential Retirement Investment Services representative at 877-275-9786.
Prudential Investments is the retail distribution arm of PGIM, the investment management business of Prudential Financial.