In a company news release, Newkirk introduced the Roth 401(k) Analyzer for participants. According to Peter Newkirk, president of the company, “With this interactive Internet tool, participants can enter personal information and assumptions and then perform any number of what-if scenarios to determine the option that’s best for them. The Analyzer is embedded within educational material, so the participant learns as he or she goes. We also have a gap analysis option that allows the participant to see whether either option will result in a comfortable retirement. By adjusting the deferral rate and investment return assumptions, the participant can use the Analyzer to consider other planning factors.”
Participant communication also includes a personalized letter to participants with participant-specific examples to help them reconsider their retirement planning in light of the Roth option. According to the news release, posters and paycheck stuffers are also available to encourage participants to review their options and use online planning tools.
For plan providers and sponsors, Newkirk offers online educational seminars through its subsidiary, McKay Hochman. Another seminar offering is provided for field representatives and third party administrators.
Finally, Newkirk explained there is a customized communication for sponsors describing the impact of adopting the Roth 401(k) option and detailing the provider’s special features.
For more information, Newkirk can be reached at 800-525-4237.