Bells & Whistles | Published in September 2014

Bells & Whistles

Recent product introductions that may be of interest to plan sponsors

By PLANSPONSOR staff | September 2014
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Daniel Gray

Platform Enhancements

Penbridge Advisors and P-Solve, a London-based provider of fiduciary asset management services, formed a strategic alliance that will allow sponsors of defined benefit (DB) plans to integrate pension risk transfer (PRT) information and advice within a fiduciary asset management offering. Penbridge Advisors will primarily help plan sponsors evaluate the cost-effectiveness of annuity buyouts relative to other pension de-risking strategies. P-Solve will work with plan sponsors to create and implement an investment and risk-management plan to help them achieve their pension de-risking and termination goals.

A partnership between PlanSource and Transamerica Employee Benefits brings more advanced, cloud-based benefits administration, exchange, payroll and human resources information system (HRIS) solutions to employers. As part of the collaboration, Transamerica’s TransApp enrollment system will now offer complete integration with PlanSource technology, and employers will be able to utilize PlanSource tools to deliver insurance products from Transamerica Life Insurance Co. and its affiliates to employees.

Voya Financial Inc.’s retirement solutions business launched myOrangeMoney, an online retirement planning portal that helps the company’s 5 million participants manage their accounts and plan for their unique financial future. The Web portal automatically tracks participants’ savings progress according to customizable goals and benchmarks, and gives them a visual, interactive way to gauge how their savings align with their retirement goals. Key performance data associated with retirement plan investments, along with participants’ savings data, are translated into projected future monthly income.

The LOMA Secure Retirement Institute launched “Planning for a Secure Retirement,” the third course in its education and certification program. This course gives an overview of the retirement planning process, describes the primary components of a retirement plan and identifies the tools that help organizations create a plan. Candidates who earn credit for all three courses will be awarded the LOMA Secure Retirement Institute Certificate in Retirement Essentials.

RiversEdge Advanced Retirement Solutions’ mobile application (app) is now available to retirement plan participants whose accounts are recordkept by the company. RiversEdge Mobile gives participants the ability to check account balances, view investment options, monitor their accounts’ investment performance, track contributions and review account transactions. The app is free and may be downloaded through the Google Play and Apple App stores.

Mercer and the Health Enhancement Research Organization (HERO) released a new version of the HERO Scorecard survey tool, which helps employers benchmark their wellness programs. Version 4.0 of the scorecard, which is available for free, allows employers to evaluate their employee health management efforts and to benchmark their program and outcomes against companies of similar size and industry.

LPL Financial LLC premiered its Worksite Financial Solutions website to help employees gain confidence regarding their financial future. The main goal for the website is to demystify retirement by offering plan participants online financial tools such as calculators, videos, articles and tutorials, in order to educate them about their options through different life stages.