With the release of the ADP Plan Health Review tool, ADP now provides clients ADP Retirement Services a way to measure how ready their employees are for retirement. The tool is primarily designed to assess retirement plan health so that employers can take necessary steps to improving the readiness of their employees. ADP Plan Health Review offers an abundance of statistics regarding plan utilization, participation rates, participant deferrals, investment usage, and how participants are using loans and withdrawals.
“Most people understand the importance of nutrition and exercise to maintain their physical health,” said Chris Augelli, vice president of Product Marketing and Business Development at ADP Retirement Services. “We want people to think about saving for retirement as a way to maintain their financial health as well. The Plan Health Review tool is designed to help employers accomplish precisely that—by giving them the information they need to improve their retirement plan’s outlook and their employees’ retirement readiness.”
Through the provision of actionable solutions for participants for achieving retirement security, the tool helps participants make better decisions when looking to save an adequate sum for a secure financial future. Plan sponsors also receive a demographic overview giving relevant data for optimizing plan performance and better understanding the savings habits of their employees. Retirement readiness and plan performance can be greatly improved by making appropriate changes to plan design and investment options while bolstering the education of employees to spur increased participation and maximal contributions.