Putnam’s new Smart Goal program systematically increases participants’ annual retirement savings at a contribution rate chosen by the individual investor. According to a Putnam news release, participants also select their maximum contribution percentage, identifying when the automatic increases should stop.
Participants can enroll in Smart Goal when they access their accounts online or by calling the plan’s toll-free phone number, the company said.
Earlier this year, Putnam introduced Retirement Choice Portfolios to simplify asset allocation for plan participants. The Retirement Choice Portfolios allow plan sponsors and advisors to build customized asset allocation portfolios. Participants choose one of several pre-designed portfolios based on his or her investment risk tolerance and may choose to have their accounts automatically rebalanced every three months, six months, or 12 months.
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