GuidedChoice, which is a private digital investment advisory company, proudly made an announcement that ICMA-RC, which is a mission-focused financial services organization that gives provision of retirement plans & related services for more than million non-private sector retirement accounts, is employing their retirement readiness projection data for improving the participant outcomes. The projection data will be available for planning sponsors via ICMA-RC’s new Plan Health Monitor.
With the aid of this online tool, ICMA-RC plan sponsors & linked consultants will be enabled for analyzing retirement readiness at both the plan, as well as, participant-level inclusive of segmentation views across main demographics to include geography, contribution rate, age, and salary. Equipped with these projections, plan sponsors & consultants can more simply identify participants that might be lagging behind, provide data-driven advice, and eventually, make more long-term plan design decisions. Retirement readiness & other main plan health metrics can be followed over time & are steadily accessed by plan sponsors & consultants.
Senior Vice President of ICMA-RC & Chief Information and Innovation Officer, Karla Gill stated that if you look into the future, technology-driven solutions such as the Plan Health Monitor are a perfect example of the constantly evolving long-term value ICMA-RC provides to plan sponsors & consultants. We are rolling out these types of dynamic solutions to improve informed decision making & positively impact retirement results.
The participant retirement readiness projections which are found in the Plan Health Monitor are created by employing data provided by GuidedChoice utilizing their rigorous & proprietary investment methodology & displayed using a monitoring dashboard-established by dailyVest, which is a fintech data and analytics provider. This makes easier for planning sponsors to identify important metrics that impact overall plan health.