SunTrust Adds Employee Income Projection Tools

SunTrust Banks, Inc. has added retirement income projection tools to its institutional 401(k) offerings.

The Projected Retirement Income tool provides a calculation using real-time account data from the employer’s recordkeeping system to give employees an estimated projected monthly income amount at retirement. This tool gives employees a picture of their potential retirement income without them having to enter any data into a calculator.

The Retirement Income Control Panel tool enables employees to include additional factors, such as Social Security, pension and outside assets, into the projected monthly retirement income calculation. This tool compares projected income amounts with anticipated income needs, resulting in suggestions for closing gaps and driving employees to take positive actions that impact retirement readiness.

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