Products July 11, 2013

SunTrust Adds Employee Income Projection Tools

July 11, 2013 (PLANSPONSOR.com) – SunTrust Banks, Inc. has added retirement income projection tools to its institutional 401(k) offerings.
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The Projected Retirement Income tool provides a calculation using real-time account data from the employer’s recordkeeping system to give employees an estimated projected monthly income amount at retirement. This tool gives employees a picture of their potential retirement income without them having to enter any data into a calculator.

The Retirement Income Control Panel tool enables employees to include additional factors, such as Social Security, pension and outside assets, into the projected monthly retirement income calculation. This tool compares projected income amounts with anticipated income needs, resulting in suggestions for closing gaps and driving employees to take positive actions that impact retirement readiness.

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More information about SunTrust is at http://www.suntrust.com.

Reader Responses July 11, 2013

SURVEY SAYS: What topics do you include in participant education?

July 11, 2013 – Many years ago, retirement plan participant education only included information about the plan features, and maybe a couple of illustrations of typical asset allocations for individuals based on age.
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However, as investment menus have become more complex and after a couple of recessions, more plan sponsors are realizing participants need more investment education and education about finances in general.  This week, I’d like to know, what topics do you cover in participant education?

You can respond to the survey by 6 p.m. Pacific time today at https://www.research.net/s/LJLZNVF.

 

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