Invesmart's RightPath Managed Account Option Hits 57% Participation Rate
PITTSBURGH, PA, August 15, 2006 -- Invesmart, Inc., a subsidiary of StanCorp Financial Group, Inc. (NYSE: SFG) has reported that as of July 31, 2006, 57 percent of participants who enrolled in RightPath, its next generation defined contribution (DC) plan, have selected the managed account alternative.
RightPath was launched in late 2004, after four years of research and development, as a participant-focused approach to traditional Defined Contribution (DC) plans. Participants who enroll in the RightPath program can choose to manage their account themselves or elect an unbiased, fee-based managed account alternative through which their investments and contribution levels are managed by Invesmart Advisors, Inc.
"The percentage of retirement plan participants who choose Invesmart's managed account alternative has remained consistent since we first launched RightPath almost two years ago," said Kent Buckles, vice president and managing director of Invesmart, Inc. "Plan participants both need and deserve every opportunity to build their retirement nest egg for a financially secure retirement. We believe that objective advice from unbiased investment professionals is the surest path to that goal. We're delighted the enrollment numbers support that assertion."
The company also reported that 45 percent of enrolling participants have increased their contribution levels following a RightPath meeting, resulting in an absolute increase in contribution of more than 4 percent of pay. In addition, 18 percent of those employees who weren't previously contributing to an employer-sponsored retirement plan have elected to contribute to the RightPath DC plan.
Since the program's inception less than two years ago, more than 250 qualified plans have either converted or are in the process of converting to RightPath. These plans represent a total of 25,000+ participants and $934 million in assets.
About Invesmart
Invesmart, Inc. is a national full-service retirement financial services firm. Invesmart combines one-on-one, personalized service and technology to help financial service intermediaries advise companies of all sizes in establishing and administering retirement plans. Invesmart provides investment advisory services through Invesmart Advisors, Inc. and brokerage services through Invesmart Securities, LLC. Invesmart, Invesmart Advisors and Invesmart Securities are wholly owned subsidiaries of Invesmart, Inc., a Delaware corporation. Invesmart, Inc. of Delaware is a subsidiary of StanCorp Financial Group, Inc. (an Oregon corporation). Invesmart Advisors' relationship as fiduciary to the plan and/or to the participant is governed by the terms and provisions of a contractual agreement executed by Invesmart Advisors and the plan sponsor, and an acknowledgement between Invesmart Advisors and the participant. Invesmart, Inc. and/or its affiliates do not retain any fund- related reimbursements for any of its investment advisory programs and do not offer any proprietary investments. Visit Invesmart's Web site at http://www.invesmart.com.
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