SunGard Financial Systems announced Wednesday that retirement plan administrators Noble-Davis Consulting and Alliance Benefit Group of Michigan have gone live with SunGards' WealthStation MyRetirement income analysis tool.
MyRetirement for Plan Participants provides users with an automated retirement planning tool that uses their 401(k) data contained in SunGard's Relius Administration retirement record keeping system to determine sustainable spending amounts throughout their retirement years, SunGard said in a release.
"We're very focused on retirement readiness support, so SunGard's WealthStation MyRetirement is a welcome addition to our service offerings. MyRetirement provides the interaction participants are seeking when they log in to the web portal to view their retirement balances," said Jan Davis, president of Noble-Davis Consulting.
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"We've received a positive response from plan sponsors, investment advisors and participants, who see it as a unique, helpful tool."
"We believe that while accumulating assets is a basic requirement to attaining a secure retirement, the spending down period is generally overlooked during the pre-retirement years. For most participants, understanding retirement savings and sustainable withdrawal amounts is not addressed until it is too late to change their saving behavior," said Carol Tracey, principal, Alliance Benefit Group of Michigan.
"But with SunGard's WealthStation MyRetirement, we have the opportunity to help participants gain this understanding earlier on when it can make a real impact. MyRetirement provides a meaningful assessment of participants' retirement readiness and offers opportunities and incentives to improve their retirement security."
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