One new dashboard, called “Enroll and Roll-in,” drills into plan participation for each client. It displays participation rates and average account balances in a plan, with comparisons to industry peers and also against all plans on New York Life Retirement Plan Services’ platform.
New York Life has also added an employee contributions dashboard providing details of contribution activity across a plan, including average contribution rates by age, catch-up participation, and changes in participant deferral rates. This tool also benchmarks each plan versus others in its industry and across New York Life Retirement Plan Services’ client base. The enhancements became effective July 13 across the firm’s platform serving defined contribution, defined benefit, and total retirement outsourcing (TRO) clients.