RetireReady Tracker, available with The Standard’s retirement plans, allows advisers to determine the effectiveness of a plan in helping a plan sponsor’s workforce prepare for retirement and can help advisers expand and retain their business.
Reports generated by the tool enable
advisers to consult with employers about how well their workforce is—or isn’t—saving
for retirement, based on the industry-accepted goal of replacing 75% or more of
pre-retirement income. One component of the report is the plan’s RetireReady
Score, which estimates the average level of pre-retirement income that eligible
employees are on track to replace in retirement. Data is also broken out by age
and salary ranges.
RetireReady reports facilitate plan design solutions, such as auto enrollment, auto escalation or Mainspring Managed, The Standard’s goal-based savings and investment plan. Data in the report can help identify opportunities for streamlined enrollment processes or targeted educational efforts. The visual, easy-to-read reports are prepared internally by The Standard and can be generated annually or by request.
The tool gives advisers a tangible way to grow the consultative arm of their practice, according to Dan Hall, vice president of retirement plan sales at The Standard. Hall described RetireReady as a vehicle to introduce retirement readiness solutions to clients that will help relieve their administrative burdens, reduce their fiduciary risk and save them money.
“Helping employees achieve retirement readiness can have a significantly positive effect on both employee morale and an organization’s bottom line,” Hall said. “RetireReady Tracker can help generate a strategic discussion around plan design, including appropriate solutions to help improve employee retirement readiness. Once implemented, the report can help track the progress of these solutions over time.”
The Standard provides a range of financial products and services including those that support retirement plans.