Great-West Financial now includes a retirement income estimate on its account statements. Beginning with the fourth-quarter statements delivered in January, the new feature shows participants an estimate of their monthly retirement income based on the accounts Great-West Financial record-keeps for them.
"This is the latest tool in our suite of retirement readiness solutions for plan sponsors and participants," said Charles Nelson, president of Great-West Retirement Services. "We're delivering on our clients' desire to give their employees a realistic view of how much money they're likely to have each month during retirement."
The retirement income estimate automatically draws account data from Great-West Financial's recordkeeping system and is based on standard assumptions. User-friendly electronic and paper statements display the estimate on the first page. The information also appears on account home pages, updated with real-time data, when participants log in to their plan's website.
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Participants who want to see a more extensive, personalized retirement income projection that includes outside assets can use Great-West's Retirement Income Control Panel.
Great-West Retirement Services is a division of Great-West Financial. It provides 401(k), 401(a), 403(b) and 457 retirement plan services to 26,500 plans representing 4.6 million participant accounts and $174 billion in assets as of Sept. 30, 2012.
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