ICMA-RC Launches Plan Health Monitor
With the solution, created using GuidedChoice data, plan sponsors and consultants can more easily identify participants who might be falling behind, provide data-driven advice and make more strategic plan design decisions.
ICMA-RC, a financial services organization that provides retirement plans and related services for public-sector retirement accounts, is now utilizing GuidedChoice’s retirement readiness projection data to improve participant outcomes.
The projection data will be available to plan sponsors through ICMA-RC’s new Plan Health Monitor. With this online tool, ICMA-RC plan sponsors and associated consultants will be able to analyze retirement readiness at both the plan and participant level—including segmentation views across key demographics to include age, salary, contribution rate or geography.
Armed with these projections, plan sponsors and consultants can more easily identify participants who might be falling behind, provide data-driven advice, and ultimately, make more strategic plan design decisions. Retirement readiness and other key plan health metrics can be tracked over time and are securely accessed by plan sponsors and consultants.
The participant retirement readiness projections found in the Plan Health Monitor are developed utilizing data provided by GuidedChoice using its proprietary investment methodology and displayed using a monitoring dashboard developed by dailyVest, a fintech data and analytics provider.
“One of the biggest problems for plan sponsors and advisers has always been the inability to easily access and garner insights from participant data that would help them identify problem areas within retirement plans,” says Sherrie Grabot, founder and CEO at GuidedChoice. “Now that Guided Choice and ICMA-RC have made that easy for them, they can drill down to really see what is working, or not, and make educated decisions about how to improve the plan.”