Buck Consultants, A Xerox Company (NYSE:XRX), today announced Savings InSight TM, the first automated workplace retirement savings program of its kind in the U.S. that will allow employers to automate their defined contribution retirement programs.
Savings InSight, part of Buck’s retirement plan services, will be provided to workers through an employer’s intranet. It works for any type of defined contribution plan or design, and with any record-keeper. The employer’s management team sets targets and assumptions for the underlying retirement date, income level, and payout period, resulting in more control over the eventual retirement readiness of its workforce.
“Savings InSight will transform workplace retirement savings into a process that’s automatic and easy for everyone, from the market savvy to the novice employee investor,” said Ted Goldman, Buck’s North American retirement practice leader. “People now will know exactly where they stand in relation to their savings goals, and this confidence contributes to more focused, productive, and engaged employees.”
As the first of its kind in corporate America, Savings InSight will enable employers to offer a complete retirement readiness solution that:
- Enrolls employees automatically;
- Sets a savings target for each employee based on age, pay, and current savings, taking into account all retirement income sources;
- Calculates a “smart” career contribution pattern that provides employees with customizable options based on their expected retirement age and income goals in retirement;
- Invests in one of the plan’s default funds, though employees always have the flexibility to select alternative investments;
- Reviews an individual’s actual results against the target, and automatically makes contribution adjustments that keep the program on track; and
- Establishes a payout schedule that lasts throughout retirement.