A New Approach to Evaluating Plan WellnessANewApproachtoEvaluatingPlanWellness

Did you know that over half of the households in the US are currently at risk of not being able to maintain their standard of living in retirement? Despite the fact that 82% of financial executives believe that their companies benefit from having workforces that are financially secure. 47% of plan sponsors say their employees are not consistently making the maximum contribution. And Americans are passing up on an estimated $24 billion per year by not saving enough to receive their full employer 401(K) match.

Maintaining a well-designed and cost-effective defined contribution plan is complicated. But, by focusing on plan wellness advisors and plan sponsors can work together to build a plan that finds the right balance between helping participants achieve successful retirement outcomes whilealso enabling plan sponsors to make the most efficient use of their benefits budget. Plan Power is a new tool designed to make finding this balance easier.

Using the Plan Power score you can analyze a plan's wellness and explore opportunities that may improve it. Using the iPad app you can see how changing just a few features can encourage positive participant behavior and help improve retirement outcomes. Like increasing auto-enrollment or automatic-escalation optimizing your company match or changing your QDIA option.

By engaging in conversations with plan sponsors about their plan's wellness the Plan Power app can help you retain existing clients by demonstrating your value generate simple,easy-to-understand reports to share with clients and make a convincing case.

Learn more about how Plan Power can help build better retirement plans that improve participant outcomes by visiting the Appstore or calling a Prudential representative today.