The new program – U-Singles – is aimed at helping increase 401(k) plan enrollment and deferral rates, encouraging asset diversification, and motivating retirement plan participants to meet their retirement goals, according to a press release from the company. The program was developed by Newkirk Products and makes use of direct mail communications that target both participants and eligible employees.
The program uses participant information such as age and years until retirement, as well as general financial projections to illustrate how much must be saved each month to meet a specific retirement goal, according to the release. The program also tracks the market participants and deferral rates.
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