SunTrust Introducing Retirement Readiness Reports

SunTrust Banks added its new Retirement Readiness reports to its institutional 401(k) platform, which aim to help employers evaluate how prepared their employees are for retirement.

The reports examine the effectiveness of employee retirement plans; looking at whether sufficient savings have been accumulated to produce an annual income stream that provides “at or near” the same level of living as before retirement. 

Factors such as retirement age, current balance, average number of years in retirement, and a pre-determined income replacement ratio are used when determining the plan’s retirement readiness. SunTrust says these results can help employers motivate employees to consider making changes to how, and likely how much, they save for retirement. 

“We are confident the Retirement Readiness reports and our consultations with clients will help us develop and implement more customized plan designs, along with investment and employee education strategies, that will significantly improve a retirement plan’s outcomes for the company and its employees,” said Brenda Seliga, Senior Vice President, Employee Benefit Solutions.