Diversified, a firm that specializes in retirement plans, has launched the next generation of its OnTrack report software. OnTrack report provides personalized savings guidance to help guide employees to a well-funded retirement.
Patricia Advaney, senior vice president, participant solutions at Diversified had this to say about Ontrack: “Our enhanced OnTrack report offers a unique perspective to participants because it’s based on a host of personal financial information they have already provided, including how much they are currently saving, what their retirement income goal is, as well as other current or future financial obligations that would impact their ability to save for retirement. Then, with the help of a sophisticated forecasting engine, OnTrack evaluates their current level of savings, provides alternate savings rates, and estimates whether those savings rates could bring them closer to their goal.”
The program summarizes a participant’s projected retirement outlook with weather icons – rainy, cloudy, partly sunny or sunny – and offers guidance on strategies for saving more. According to a 2011 survey of over 2,400 participants conducted by Diversified’s Retirement Research Council, 71% of respondents said they were likely to contribute more to their retirement savings accounts if they were better educated on how much they actually need to save. Additionally, research shows that employees with a retirement goal are more engaged in a number of areas, including closer reading of plan communications, using more planning tools and monitoring their progress toward their goal.
For more information, visit www.divinvest.com.