According to a press release, the RRI is designed to help
plan advisers and other service providers assist plan sponsors with evaluating
how well their employees are preparing for a secure retirement. An RRI value of
112% means a participant is projected to have 12% more than he needs at
retirement, while an RRI value of 92% means the participant is falling 8% short
of his retirement goal.
The RRI uses the Aon Consulting/Georgia State University
study on wage replacement ratios to determine how much money an individual
needs for retirement. Advisers or service providers can obtain an RRI for each
participant in the plans they serve by providing Fiduciary Benchmarks with a
minimal number of existing data points, such as an employee’s date of birth.
The RRI number for any of the 21,000 plans covered is
publicly available at www.fiduciarybenchmarks.com/RRI .
Each plan’s RRI can be updated by authorized plan personnel in a secure manner
by registering on the site.
An analysis of each plan’s RRI, including comparisons to
similar companies, is available for a nominal price, the press release said.
Each benchmark group consists of companies in the same industry as defined by
the North American Industry Classification System (NAICS), and are further
refined by number of employees per plan.
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