Principal Financial Group has introduced its latest retirement modelling planner that offers a real-time assessment of retirement plan design scenarios and boost savings outcomes for participants.
Leveraging the new digital platform, plan sponsors and advisors will be able to assess retirement plan health. Additionally, they can immediately see how action to improve the overall health of the plan improves employee retirement readiness.
Principal Financial Group said that the advanced modelling planner has been designed to show how automatic plan design features, such as enrolment and escalation, can be used as the most effective way to show the impact on participant retirement readiness
Besides showing what action is required to improve overall retirement plan health, the platform allows to view projected cost estimates of matching contributions as a percentage of payroll reported.
Principal Financial Group senior vice president of retirement and income solutions Jerry Patterson said: “The advanced modelling planner provides a single platform to model best practice plan design features.
“Plan sponsors and their advisors can conduct automatic enrolment, auto-escalation, and stretch-match formulas – in real time with real client data – to identify the most beneficial retirement solutions for their business and employees.
“The new modelling planner is one of our latest offerings using technology to provide real-time, actionable insights to make sound financial decisions.”