Described as a “redesign”, the product offers 24-hour participant access to:
- Plan inquiry and transactions
- Financial modeling and planning
- Third-party investment advice tools
Retirement Passport currently provides Internet access to more than 2 million 401(k) and defined benefit plan participants. The product was originally launched three years ago.
Northern said it is on the fast track to make future upgrades for the new platform, perhaps one every 100 days. Planned upgrades will include:
- Defined benefit modeling
- Automatic rollovers
- Wireless access
- Account aggregation
- Financial modeling/advice on personal assets
- Access to self-directed account brokerage
- Non-qualified plan access
A full-featured plan sponsor web site is also on the drawing board, according to Serge Boccassini, Director of Product Development and Principal of Northern Trust Retirement Consulting.