Plan sponsors looking to do some comprehensive comparison shopping between the major players in the DC plan universe have a new one-stop tool at their disposal. Providers might also use it as a way to keep tabs on what their competitors are offering, and how well it's working.
Retirement Plan Monitor, a multimedia system created by Corporate Insight, allows sponsors to get a monthly review of the online an offline plan participant experiences offered by 16 different major DC plan providers, as well as a breakdown of key features and access to analysis of the inner workings of each provider's system.
The monitor program uses live data from real 401(k) and 403(b) accounts and focuses primarily on website design and overall usability, the variety of online tools available and transaction capabilities, as well as educational resources, client account documents and plan pricing and fees.
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At present, Retirement Plan Monitor's monthly reports take a look at providers including ADP, Bank of America Merrill Lynch, Charles Schwab, Diversified, Fidelity, Great West, Hewitt, ING, MassMutual, Mercer, New York Life, Principal, TIAA-CREF, T. Rowe Price, Vanguard and Wells Fargo.
The monthly reports will include reviews and assessments of each company's offerings, industry wide best practices summaries and recommendations for improvement.
The system also allows access to videos available to plan participants on each website, as well as copies of the collateral materials available to participants, including statements, newsletters, disclosre documents, email communications and marketing materials.
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