PRV is a personalized, consolidated retirement income planning report that helps employees with multiple retirement savings accounts determine the amount of retirement income they require, and understand and adjust current salary deferral amounts and portfolio asset allocations to effectively meet their retirement income goal.
PRV aggregates data from multiple third-party administrators (TPAs) and employee census information into a personalized, consolidated retirement income planning report. Issued quarterly, PRV provides employees with multiple retirement savings accounts with the information they need to save adequately for retirement. Specifically, PRV helps these employees answer key questions, such as: “How do I determine the amount of retirement income needed to maintain my lifestyle?”; “How much of my current income do I need to defer to reach this goal?”; and “How should my salary deferrals be invested to achieve this goal?”
- The Big Picture – This sections shows employees: how much income they will need in retirement—based on 70% of annual ending salary; how much they will have—combined 401(a), 457, social security and other savings calculated at 33% of annual ending salary; and whether their savings are currently on track to meet their goal or need to be adjusted.
- Your Current Position – This section shows current age, annual income, last quarter contributions to 401(a) and 457 plans, and how the current total savings in their plans are allocated.
- Understanding Your Retirement– This section features graphs showing how the annual retirement goal will do in average and good markets from five perspectives—Annual Retirement Goal, You Are On Track to Have, Your Annual Shortfall, Lump-Sum Goal at Retirement and Receive Income Until (estimated age to which funds are expected to last)—with interactive sections that enable employees to make changes, such as increase contributions, change asset allocation, change retirement requirements (age, planning horizon, income required), account for other sources of income and re-calculate their current savings and investment strategy against what is required for a comfortable retirement.
- Make It Happen – This section provides all the contact information necessary to adjust salary deferrals or asset allocations to their plans and help using PRV.