The Wachovia Peak Performance Program uses an evaluation method called the Wachovia Plan Health Index to pinpoint employees who are not on track for retirement. According to the product announcement, the program then selects from several plan designs, investment options and education solutions.
After the initial assessment, plan sponsors will be provided with a progress report that includes:
- The Plan Health Index, which gives a diagnostic evaluation of plan health based on employee savings and investing behaviors;
- In-depth performance metrics divided by income, age, tenure, gender and other variables;
- Suggested solutions for plan sponsors.
“Our fact-based method of assessing plan health points to solutions that have been designed to address specific plan issues,” said Laura DiFraia, senior vice president of WRS product management, in the announcement. “We can estimate the impact that any solution will have on overall plan health — and once a solution has been implemented, we can measure its impact with just the touch of a button. Measuring and reporting results are cornerstones of our approach to accountable service.”
For more information, visit www.wachovia.com/401k.