Affiliated Computer Services introduces Healthy 401(k) Plan Analytics, a comprehensive software tool that allows plan sponsors to evaluate the health of their organisation’s 401(k) plan and their employees’ retirement readiness by tracking and analysing participant behaviour and trends.
The company claimed that Healthy 401(k) Plan Analytics is a new service addition to its defined contribution management product, which addresses the plan challenges HR managers face, from cost to quality to operational to employee engagement. The tool offers access to 401(k) data and reporting possibilities, enabling the company and its clients to draw conclusions about company plans and participants.
Rohail Khan, executive managing director of the total benefits outsourcing business at ACS, said: Our new analytics service is an extension of our commitment to provide innovative defined contribution/401(k) management. In today’s economic environment, plan sponsors are concerned about the overall health of their plans and want to ensure their participants have the opportunity to retire more comfortably. This new innovation is in line with our commitment to drive analytical insights that help our clients generate outcomes aligned to their overall people strategies.
The new offering reportedly enables plan sponsors to view aggregate data, including participant rates of return, balance, investment elections and activity in all funds, by any participant sub-set such as location, division or compensation level. This participant group and plan level view allows HR managers to analyse trends and determine the retirement readiness of their participants, and address participant groups accordingly.
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In addition, plan sponsors can analyse the rates of return of various plan investments for multiple time periods, allowing them to determine the percentage of the plan invested in those funds and how they compare to benchmarks.
