August 15, 2012 (PLANSPONSOR.com) - Wells Fargo Retirement announced enhancements to its service that measures the effectiveness of employer-sponsored retirement plans.
Wells Fargo Plan Benchmarks expand traditional measures of retirement plan success by providing companies that sponsor retirement plans for employees a way to compare their plans to those of other companies that are similar in industry, size, employee demographics and design. In turn, this information will help them measure plan competitiveness and effectiveness relative to their industry peers.
In addition to traditional methods of measuring how well a retirement plan is helping participants save for retirement – determining how many employees are participating in the plan, whether they are contributing enough to the plan and whether they are appropriately diversified – Wells Fargo Plan Benchmarks compiles statistics across Wells Fargo’s retirement plan business, comparing plans to peer groups and “best in class” plans serviced by Wells Fargo to help companies identify potential areas for improvement. “Our plan benchmarks do more than just list industry averages. They break it down into measurements that are important for each client’s individual plan design attributes and industry segment. The numbers can vary significantly depending on the industry segment, plan size and plan features, such as automatic enrollment or contribution increase," said Joe Ready, Director of Wells Fargo Institutional Retirement and Trust. "This data specifically addresses the number one question we get from sponsors: How does my plan compare and is it competitive?”