Diversified Investment Advisors Introduces Retirement Readiness Report
PURCHASE, NY, June 9, 2009 -- To provide retirement plan participants with a more holistic assessment of whether or not they are "on track" toward meeting their financial goals for retirement, Diversified Investment Advisors, Inc. has introduced a new version of its OnTrack report. Diversified's highly personalized report helps plan participants assess their total financial situation and make better-informed decisions about how to save and invest to meet their retirement funding objectives.
"OnTrack offers a new look, enhanced features and easy-to-understand language designed to help plan participants develop a more complete picture of their retirement readiness. It encourages participants to assess where they are in the retirement saving and investing process and identifies specific actions that can help close the gap between where they are today and where they need to be for a fully-funded retirement," explained Patricia Advaney, senior vice president, participant solutions at Diversified.
While the report is either mailed or e-mailed annually to participants, among OnTrack's many new features is the attractive and helpful Retirement Outlook that uses weather imagery to help the user understand the likelihood that their current strategy will help them meet their retirement income goal. This same information is also prominently featured on Diversified Directsm Online, Diversified's participant web site, allowing participants to view a real-time snapshot of their retirement outlook whenever they go to the site. Participants can update their outlook by revising or adding new information regarding other income sources and retirement plans, assets and expenses.
Based on this more comprehensive information, OnTrack provides a highly personalized retirement profile and outlook to help participants better understand where they are today and the implications of taking certain actions with their goals in mind. OnTrack includes an estimate of after-tax retirement income; information on how the projections are generated; a comparison of the current strategy to alternative savings and investing scenarios, with the participant's goals in mind; and actionable guidance about saving and investing.
Another key feature of the new report is that data from each plan participant's OnTrack report is now rolled up into a detailed analysis for plan sponsors as part of their Retirement Plan Review. This aggregated information helps sponsors derive a clearer picture of how their employees are progressing toward their financial retirement goals, and identifies those participants with the greatest need for assistance in meeting their goals. Armed with this information, which can be broken down by age, gender and salary, Diversified can help sponsors and their advisors develop specific initiatives, such as targeted communications and education campaigns, designed to motivate and inform employees about how to best reach their goals.
"Diversified has tapped the power of its recordkeeping system and data to create a more personalized experience for retirement plan participants. In addition, for plan sponsors, we are providing a newer generation of 'plan health measures.' Average deferral rates and plan participation tell only part of the story. 100% participation is great, but if everyone is contributing 2%, that's just not going to cut it. OnTrack is a more comprehensive tool that provides a better picture of how participants are really doing," noted Advaney.
About Diversified Investment Advisors
Diversified Investment Advisors, Inc. is a national investment advisory firm specializing in retirement plans. The company's expertise covers the entire spectrum of defined benefit and defined contribution plans, including: 401k and 403(b) (Traditional and Roth); 457; non-qualified deferred compensation; profit sharing; money purchase; cash balance and Taft-Hartley plans; and rollover and Roth IRA. Providing comprehensive plan administration, investment and communication services for mid- to large-sized organizations, Diversified helps more than 1.5 million participants save and invest wisely for and throughout retirement.
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