PNC Gives Face Lift to Vested Interest 401(k) Platform

According to a company press release, the Web site – www.retirementdirections.com – allows plan sponsors and participants to figure our personal rates of return, provides 401(k) statements for any time period; enhanced privacy functions; and a more user-friendly design with charts and graphs for participants to view their allocations.

The site also features automated processing of participant loans and distributions.

The platform has an employee education program, which allows participants to create two new personalized reports, one of which focuses on participants who are not contributing at levels that will allow them to reach the retirement income required. This report displays participants’ projected retirement balance based on their current contribution percentage and also suggests a new deferral percentage to close any predicted shortfalls, according to the release.

The other report targets employees eligible but not currently participating in the plan. The report uses personal data to show the employee tax advantages, potential employer contribution amounts and the impact of delaying participation in their retirement plan.

Plan sponsors will also receive a Plan Utilization Analysis Report, which provides analysis of participation rates, percentages of employees on track for retirement, projections of plan balances at retirement, nest egg estimates among other relevant statistics across the plan and broken down by age groups.