John Hancock Retirement has introduced a new plan design analysis dashboard that enables a sponsor to conduct an in-depth review of retirement readiness across several key metrics. It also identifies opportunities to improve participant outcomes.
Sponsors, and their advisers, can use the new dashboard to visualize and quantify how different plan sponsor match structures and contribution scenarios impact both projected participant replacement ratios and the sponsors’ costs associated with those scenarios.
“Plan design is complex, and it impacts both the sponsor and the participant directly,” says Lynda Abend, chief data officer at John Hancock Retirement. “Sponsors need to not only understand how a plan design change could help plan participants prepare for retirement, but also how those changes can impact their business. Translating data into tangible information helps facilitate the decisionmaking discussion. These dashboards allow for on-the-spot analysis [and enables] sponsors and financial professionals to review multiple scenarios in a single discussion.”
The dashboard uses up-to-date participant information—including pension and Social Security benefit estimates—to demonstrate how potential changes to contributions could affect estimated participant retirement income replacement. Sponsors and financial professionals can collaborate on the results of the plan design analysis, thereby guiding their plan design decisions.
The dashboard is currently available on John Hancock Retirement’s open architecture platform.
« Nextep MEP Sued for Excessive Fees