ATLANTA, July 10, 2013 /PRNewswire/ -- SunTrust Banks, Inc. (NYSE: STI) has added new retirement income projection tools to its institutional 401(k) offerings that enhance the ability for employees of SunTrust business clients to make more informed decisions around retirement planning.
"Retirement plan sponsors, regardless of size, want their employees to have access to better information in order to adequately prepare for retirement," said Brad Dinsmore, Consumer and Private Wealth Management executive at SunTrust. "Adding these new tools to our offerings is the latest demonstration of our ongoing commitment to provide clients and their employees with the advice and products that will help them achieve their goals."
The Projected Retirement Income tool provides a quick calculation using real-time account data from the recordkeeping system to give employees an estimated projected monthly income amount at retirement. Unlike standard retirement planning tools, this tool gives employees a clearer picture of their potential retirement income without having to enter any data into a calculator.
The comprehensive Retirement Income Control Panel tool enables participants to include additional factors, such as Social Security, pension and outside assets into the projected monthly retirement income calculation. This intuitive tool compares projected income amounts with anticipated income needs resulting in suggestions for closing gaps and driving participants to take positive actions that impact retirement readiness.SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation's largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients. As of March 31, 2013, SunTrust had total assets of $172.4 billion and total deposits of $129.9 billion. Through its flagship subsidiary, SunTrust Bank, the Company operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states and a full array of technology-based, 24-hour delivery channels. The Company also serves clients in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through its various subsidiaries, the Company provides mortgage banking, asset management, securities brokerage, and capital market services. SunTrust's Internet address is suntrust.com. SOURCE SunTrust Banks, Inc.