Unlike other tools in the marketplace, the Retirement Income Control Panel automatically draws real-time participant account data from Great-West Financial's recordkeeping system. The panel also analyzes information an individual enters about assets outside of his or her Great-West Financial retirement plan. Industry expert Ibbotson Associates, Inc., part of the Morningstar Investment Management division, uses this custom data set to calculate the individual's estimated monthly retirement income.

The Retirement Income Control Panel then compares the participant's estimated retirement income with their target retirement income and highlights any gap between the estimated and target dollar amounts.

"While other tools often use 'off-the-shelf' calculations, we take into account as much custom savings data as the individual provides," said David Blanchett, head of retirement research, Morningstar Investment Management division. "The result is a real-time, personalized calculation of estimated retirement income based on the individual's unique circumstances.

"This innovative tool puts more power in the hands of employees to make better and more informed decisions about their retirement plans. If a participant has a gap, we'll provide helpful advice for closing it through the Retirement Income Control Panel," Blanchett said. "For instance, we may suggest an asset allocation or that the individual increase their paycheck contribution, open an outside account, or work a little longer before retiring. In addition, the participant can immediately act on our advice via a single click from the Retirement Income Control Panel."

Great-West Financial is the nation's largest underwriter of life insurance sold through banks and the fourth-largest retirement plan record keeper. It is headquartered in Denver, Colo.