Plan Sponsors
Plan sponsors receive distinct benefits by using Retiremap, since it helps you:
Reduce Fiduciary Liability
By providing participants with key 404(c) disclosures, plan sponsors can limit their fiduciary liability by making sure that all participants have access to instructions on how they can exercise control over their retirement plan. The 404(c) disclosure content was created with the law firm of Reish & Reicher, one of the top ERISA law firms in the country.
Document Behavior Change
Track and generate reports that illustrate effective participant behavior change. This reporting feature demonstrates how participants are:
- Increasing their auto-deferral rates
- Requesting investment assistance from the plan advisor
- Requesting information on auto-escalation (if part of the plan design)
- Accessing their plan for retirement through their custom online Dashboard (also a fiduciary benefit)
Lower the Cost of Your Plan
By leveraging technology to drive down the cost of participant education and communication, you can have a dramatic impact on the average $150 per participant/year plan expense. Retiremap dramatically reduces the cost of delivering valuable services, by using technologies like email and tablet computers (i.e. iPads) to more effectively deliver plan education and compliance disclosures.
Get Participants On Track
You can engage participants and help reach a secure retirement, by better educating them with Retiremap’s independent, holistic education that goes way beyond what your plan’s service provider offers. Retiremap takes into account a participant’s short term goals, vision for retirement and household situation. Retiremap then provides each participant with a personalized Starter Roadmap, as well as a custom Dashboard designed to help them reach their financial goals and simulating the trade-offs between Life Events, Ways to Get Ahead and Goal Changes
Offset a Reduced Company Match
In difficult economic times, many companies are scaling back the matching contribution amount that you offer to participants. By offering a valuable service, Retiremap offsets a reduction in the company match with tangible benefits that will motivate participants to increase their auto-deferral rate and better prepare for retirement.
Fulfill Your Employees Expectations
Above all other stakeholders, your employees trust you to help them plan for and reach a secure retirement. They’re looking to you to provide a mechanism that engages them around their goals (not just retirement) and breaks the inertia.
