Diversified Launches Next Generation OnTrack® Report: Newly Designed Report Provides Personalized Savings Rate to Help Employees Save Enough to Meet Retirement Goals

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Diversified's newly designed, highly personalized OnTrack® report provides retirement plan participants with a series of personalized savings rates that will help guide them toward a well-funded retirement.

Diversified

Diversified is a leading provider of customized retirement plan administration, participant communication and open architecture investment solutions for mid- to large-sized organizations.

With the help of a sophisticated forecasting engine, OnTrack evaluates each employee’s current level of savings, provides alternate savings rates, and estimates whether those savings rates could bring them closer to their goal.

Diversified, a national firm specializing in retirement plans, has introduced the next generation of its highly personalized OnTrack® report. The primary goal of the newly designed report is to provide each retirement plan participant with a series of personalized savings rates that will help guide them toward a well-funded retirement. The industry-leading report uses vivid weather-related imagery to illustrate a participant’s current retirement outlook—rainy, cloudy, partly sunny or sunny—and how saving more could change their outlook.

“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 presents the message through weather icons that convey the size of the disparity between the projected savings amount and the goal,” explained Patricia Advaney, senior vice president, participant solutions at Diversified.

Research shows that participants with a goal are more engaged on a number of fronts. They read plan communications more, use more planning tools, and keep abreast of progress toward their goal. In addition, according to a survey of more than 2,400 participants conducted by Diversified’s Retirement Research Council in 2011, 71% of respondents said they were likely to contribute more to their retirement savings accounts if they were educated on how much they actually needed to save.

To improve clarity and usefulness, the enhanced OnTrack report has been streamlined into a single sheet that can be produced as soon as an organization becomes a Diversified client. “Employers can request that reports be provided to their employees immediately, giving sponsors a powerful tool to help their participants realize their financial retirement goals. We recommend that OnTrack reports be produced annually to keep this all-important message in front of participants, but, at any time, participants can also go online and retrieve their retirement outlook,” explained Advaney. Diversified’s online experience encourages participants to update their personal information to include any assets—or liabilities—outside of their plan that may affect their outlook. Changes made online are reflected in the OnTrack report.

In addition to helping participants get an idea of how well they’re progressing toward their retirement income goals, this report is also a key component to helping sponsors understand how well their participants are doing in aggregate. Scores are captured by Diversified’s proprietary business intelligence tool so that sponsors can, for instance, see and track what percentage of their participants has a sunny outlook. By taking before and after measures, a sponsor can see how effective a campaign has been, which participants have taken actions that have impacted their outlooks, and which segments of the population may still need help.

About Diversified
Diversified is a leading provider of customized retirement plan administration, participant communication and open architecture investment solutions for mid- to large-sized organizations. The company’s expertise covers the entire spectrum of defined benefit and defined contribution plans, including: 401(k) and 403(b) (Traditional and Roth); 457; non-qualified deferred compensation; profit sharing; money purchase; cash balance and Taft-Hartley plans; and rollover and Roth IRA. Diversified helps more than two million participants save and invest wisely for and throughout retirement.

Headquartered in Harrison, NY, the company’s regional offices are located in Arkansas, California, Florida, Illinois, Iowa, Louisiana, Maryland, Massachusetts, New York, North Carolina, Ohio, Oregon, Pennsylvania, Texas, Utah and Wisconsin. To learn more, visit http://www.divinvest.com.

About Diversified’s Retirement Research Council™
The Retirement Research Council, the research group of Diversified, is dedicated to:

  •     Portraying a comprehensive picture of the institutional retirement plans market;
  •     Detailing trends to assist with the strategic evaluation of retirement plans; and
  •     Providing retirement plan sponsors and their advisors with comprehensive benchmarking information.

Drawing on more than 50 years of experience in retirement plan management, the Council periodically assembles a panel of experts from all facets of the retirement plans market to evaluate the current and future impact of trends shaping our industry.

The projections or other information generated by OnTrack regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Results derived from the OnTrack tool may vary with each use and over time. Please see the OnTrack report for more information regarding the criteria and methodology used, the tool’s limitations and key assumptions and other important information.

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