According to the 16th Annual Retirement Survey from the Transamerica Center for Retirement Studies, participants think quarterly statements are the most helpful resource for retirement planning, saving and investing. The survey shows that the perceived helpfulness of quarterly statements increased from 74% in 2014 to 85% in 2015. Respondents also preferred online tools and calculators, which increased 18% from 2014 to 83%. Other online resources such as educational articles and videos, workshops and webinars, informative emails and mobile apps saw increases in perceived helpfulness as well.
Given the importance participants place on quarterly statements, retirement plan providers should offer comprehensive quarterly statements directly on the participant site to meet the participant’s needs. In the April 2015 Retirement Plan Monitor Report on quarterly statements, we analyzed the online quarterly statements of 17 firms, highlighting trends, and key findings and best practices.
Overall, we found that the majority of firms in our study group provide sufficient, well-organized online quarterly statements that offer the necessary account information. All 17 firms provide basic account figures and current asset allocation pie charts. Other important information such as future contributions, contribution rate and personalized rate of return appears less often on statements (65%, 41% and 76% respectively). Only about half of the firms use color on their statements – important for appearance and readability.
For more information regarding the April Retirement Plan Monitor Retirement Plan Quarterly Statement Analysis Report, please contact us here.