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John Hancock Retirement Debuts Plan Design Analysis Dashboard
PR Newswire
John Hancock Retirement announced today the availability of a new plan design analysis dashboard which enables an in-depth review of a plan s retirement readiness across several key metrics and identifies opportunities to improve participant outcomes.
The new dashboard analyzes a plan s data to visualize and quantify how different sponsor match structures and contribution scenarios impact both projected participant replacement ratios and the sponsors costs associated with those scenarios. Plan design is complex, and it impacts both the sponsor and the participant directly, said Lynda Abend, chief data officer, John Hancock Retirement. Sponsors need to not only understand how a plan design change could help participants prepare for retirement, but also how those changes can impact their business. Translating data into tangible information helps facilitate the decision-making discussion. These dashboard
Throughout 2020, the majority of the more than 1.1 million participants in over 1,000 John Hancock open architecture defined contribution plans lost relatively little ground in their efforts to save for a secure retirement.