BOSTON, March 15, 2021 /PRNewswire/ — John Hancock Retirement announced today the availability of a new plan design analysis dashboard which enables an in-depth review of a plan’s retirement readiness across several key metrics and identifies opportunities to improve participant outcomes. The new dashboard analyzes a plan’s data to visualize and quantify how different sponsor match structures and contribution scenarios impact both projected participant replacement ratios and the sponsors’ costs associated with those scenarios.
“Plan design is complex, and it impacts both the sponsor and the participant directly,” said Lynda Abend, chief data officer, John Hancock Retirement. “Sponsors need to not only understand how a plan design change could help participants prepare for retirement, but also how those changes can impact their business. Translating data into tangible information helps facilitate the decision-making discussion. These dashboards allow for on the spot analysis – the ability for sponsors and financial professionals to review multiple scenarios in a single discussion.”
The dashboard uses up-to-date participant information, including pension and Social Security benefit estimates, to demonstrate how potential changes to contributions could affect estimated participant retirement income replacement.
The results of the plan design analysis dashboard are available for plan sponsors and financial professionals to use collaboratively to make plan design…
