TPA Adds Financial Education Solution to Participant Portal

Third party administrator (TPA) Sentinel Financial Group will be installing vWise SmartPlan Enterprise onto its SunGard Relius platform January 1.

vWise Inc. says that by combining a video-based presentation of financial information with an interactive application that prompts users to make informed investment decisions, SmartPlan Enterprise can help increase plan enrollment, raise participant contribution levels, and reduce support costs, according a press release.

The video offers a brief overview of 401(k) basics, followed by a discussion of selected features–such as auto-enrollment, matching contributions, and loans –that providers can customize. The video hosts then guide participants through a process, including individual retirement needs and risk profile surveys, and selection of investment types and contribution amounts that generates a personalized investor profile.

The SmartPlan Enterprise system is integrated with a provider’s participant database, to deliver a custom experience and allow upload of participant choices, the press release said. It also includes an administration portal that provides a suite of tools in a menu-driven format.