The Compass program enables employers to set a measurable course for their company retirement plans, and helps individual plan participants reach their financial destinations.
The program helps plan sponsors benchmark their plan and measure its efficacy. Newport will assess plan-level features such as automatic enrollment, automatic deferral increases, default investment options, online tools and employer contribution structure.
For participants, the program offers assistance through Newport’s interactive website features, as well as targeted communication and education materials. Participants will see their projected retirement savings, receive progress alerts and guidance on when to take action, and be empowered to take the appropriate steps to correct their course. Based on the Compass assessment, Newport may also help plan sponsors initiate a customized participant engagement communications campaign, focusing attention on any tools which are being underused.
“Newport’s approach to retirement readiness is two-fold. Plan level assessment and design changes only go so far. When coupled with participant level assessment and engagement solutions, outcomes will improve dramatically,” said Dennis Sain, senior vice president of Retirement Services at Newport. “Compass follows the assessment with actionable, proactive steps both for sponsors and their employees, as well as an assessment tool to measure results.”
More information about the company is at www.newportgroup.com.