CUNA To Use Synapses 401k Sponsor Profiles Tool
CHARLOTTE, NC, May 12, 2010 -- Synapses Inc., a leading provider of personalized 401k education, products and services, today announced that Madison, Wisconsin-based CUNA Mutual Group, the leading provider of financial products and services to credit unions and their members worldwide, has positioned their Synapses Sponsor Profile tool as a key fiduciary tool for their 401k services.
As announced in February 2009, CUNA Mutual starting utilizing the Synapses' Sponsor Profile service and targeted communication tools to fully evaluate its defined contribution plan customers at the participant, sponsor and book-of-business level. Since the deployment, the Synapses Sponsor Profiles have proved to be a major success, and the Sponsor Profiles have now shifted to become one of the first items discussed in each sponsor's annual review -- serving as a valuable tool for CUNA Mutual.
Alongside CUNA Mutual's in-house analysis, the Sponsor Profiles create a short, concise status report that details how well a plan's participants are prepared for retirement in terms of replacement income and whether they appear to have an appropriate asset mix. Built up from a person-by-person assessment, Synapses' unique Sponsor Profile offers organizations powerful top-down views that provide comprehensive information that's unmatched in the industry.
Synapses calculates and produces a CUNA Mutual Printed Profile with a personalized cover letter and a PDF of the Profile for posting on the CUNA Mutual Web site. Additionally, Synapses also now produces a PDF of a Participant Report that outlines what each person's projected retirement income will be and whether they are on track to meet a personally defined income goal. The Participant Report also indicates how each person's current asset allocation compares with the glide path used to model CUNA Mutual Group's proprietary target date maturity funds.
"CUNA Mutual is using the Sponsor Profiles from Synapses to change the conversation with our sponsors," said Tom Eckert, vice president of Retirement Plan Services at CUNA Mutual. "The conversation now includes a person-by-person analysis of whether 401k participants are projected to have a favorable outcome at retirement. This is powerful. The conversation used to be primarily about funds and fees, important topics for sure, but without the broader context of participant outcomes, funds and fees are just part of the story. With Synapses at our side, we can start the conversation with a solid, thorough discussion of projected participant outcomes. This broader approach to the conversation is a much more personalized and, therefore, successful service."
"Synapses prides itself on providing organizations such as CUNA Mutual with the ability to assist plan participants in attaining a financially secure retirement through an outcome-based approach that repeatedly proves to be successful," said Jim Saunders, President of Synapses. "This concept can be embedded into product platforms, answering the most important questions for each person, including if they are on track, how much they should save, how they should invest, and how much retirement income should they expect to receive. A service that provides this level of information is a winning combination for all -- and Synapses is pleased to be at the forefront of such personalized services."
About Synapses Sponsor Profiles
Synapses clients use the sponsor-level analysis to evaluate the effectiveness of the plan as a whole, and to identify candidates for targeted education campaigns. Effective education will improve year-over-year results in the sponsor profiles, providing a powerful feedback loop for plan administrators. The analysis provides a projected annuity payout from projected future 401k balances, and also includes social security and any other company defined benefit or defined contribution pension plan. The Profiles can be delivered in various media including PDF for online distribution. The reports play a powerful role in effectively evaluating retirement savings -- creating a real-time snapshot of retirement readiness, helping employees set and meet savings goals. For more information on Synapses products, visit www.synapses.com/Home/Products.aspx.
About CUNA Mutual Group
CUNA Mutual Group is a leading provider of financial services to credit unions, their members and valued customers worldwide. With more than 70 years of commitment to credit unions, CUNA Mutual's vision is unwavering: to be a trusted partner who delivers service excellence and customer-focused, best-in-class products and market-driven innovation. More information on the company is available on the company's Web site at www.cunamutual.com.
About Synapses
Synapses Inc. is a leading innovator in personalized 401k education, products and services. Providing comprehensive process analysis, custom software design and implementation, as well as personalized education product development and delivery, Synapses has produced hundreds of thousands of individual personalized 401k education reports. By offering 401k providers, sponsors and financial advisors customized products, Synapses uses a proprietary product delivery infrastructure to provide astoundingly effective education that offers unique scalability to meet the demands of the retirement services market. Founded in 2005, Synapses is headquartered in Charlotte, North Carolina. For more information, call 704-321-4738 or visit the Synapses Web site at www.synapses.com.
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