Savings InSight, part of Buck’s retirement plan services, will be provided to workers through an employer’s intranet. It works for any type of defined contribution plan or design and with any recordkeeper. The employer’s management team sets targets and assumptions for the underlying retirement date, income level and payout period, resulting in more control over the eventual retirement readiness of its employees.
“Savings InSight will transform workplace retirement savings into a process that’s automatic and easy for everyone, from the market-savvy to the novice employee investor,” said Ted Goldman, Buck’s North American retirement practice leader. “People will know exactly where they stand in relation to their savings goals, and this confidence contributes to more focused, productive and engaged employees.”
Savings InSight will enable employers to offer a retirement readiness solution that:
- Enrolls employees automatically;
- Sets a savings target for each employee based on age, pay and current savings, taking into account all retirement income sources;
- Calculates a “smart” career contribution pattern that provides employees with customizable options based on their expected retirement age and income goals in retirement;
- Invests in one of a plan’s default funds, though employees always may select alternative investments;
- Reviews an individual’s actual results against the target, and automatically makes contribution adjustments that keep the program on track; and
- Establishes a payout schedule that lasts throughout retirement.
According to Buck, it created Savings InSight to help companies assist their employees with smart, automated retirement planning and to boost employee confidence, make retirement patterns more predictable and let companies align them with business objectives.
“This service is built to bridge the savings gap we face as plan sponsors, individuals and society as a whole,” said Mike Roberts, group president of human resources services at the firm.
Buck Consultants, a Xerox Company, is a human resource (HR) and benefits consulting firm.
More information about Savings InSight can be found here.