2017 Plan Sponsor Website Key Enhancements

by on Mar 05, 2018

Each February, Corporate Insight’s Retirement Plan Monitor – Institutional service releases a Plan Sponsor Update Report that reviews major plan sponsor site enhancements, highlights emerging trends and offers forecasts for the digital sponsor space. This year, 43% of coverage group firms released significant enhancements that we analyze in the report. There was moderate consistency regarding types of enhancements, with the exception of plan health resources, as 75% of covered firms added new or enhanced existing plan health resources. Below is a summary of the new plan health resources and notable website enhancements released in 2017:

Today, 65% of firms provide plan health tools, up from 35% in last year’s report. New resources include:

  • Lincoln Financial Group’s new plan health tool:
    • Offers a litany of key plan health data including aggregated participant retirement readiness information
    • Offers peer comparisons to both average and top plansIncludes plan trend data

Lincoln’s New Plan Health Tool

  • Empower Retirement’s new homepage plan health data:
    • Presents users with data and charts pertaining to four key plan health metrics: lifetime income, participation rate, contributions and investment strategy balances
  • Principal’s modeling component:
    • Allows sponsors to preview the impact that adjustments to key plan settings could have on participants’ retirement readiness, plan participation and average deferral rates
    • Demonstrates the impact that plan changes may have on the bottom line of the company

Principal Advanced Modeling Planner Tool

  • T. Rowe Price’s engagement metrics  
    • Presents a graph depicting the percentage of participants who increased their deferral rates after engaging or not partaking in five different engagement types, including Confidence Check-In conversation, Confidence Number score, Smart Video, financial wellness visit and email click-through
    • Outside of plan health, notable enhancements include:
  • Merrill Lynch’s new Security Center:
    • Includes dynamic credential validity features
    • Lists the last password change date
    • Offers optional two-factor authentication, the only firm to do so
    • Provides a Login History page

Merrill Lynch’s Login History Page

  • T. Rowe Price’s new reporting tool:
    • Allows sponsors to tailor 53 pre-built reports using numerous data filter and display options
    • Dynamically updates reports as sponsors adjust options
    • Lets sponsors schedule future reports, save report templates and download reports in three formats
  • TIAA’s updated suite of user management capabilities:
    • Lets sponsors copy existing users’ permissions when adding new users—the only firm to do so
    • Allows sponsors to automatically revoke auditor access at specified dates
    • Lets users designate new sponsors to replace themselves