SAN DIEGO, July 9, 2019 /PRNewswire/ -- GuidedChoice, an independent digital investment advisory firm, is proud to announce that ICMA-RC, a mission focused financial services organization that provides retirement plans and related services for over a million public sector retirement accounts, is utilizing their retirement readiness projection data to improve participant outcomes. The projection data will be available to plan sponsors through ICMA-RC's new Plan Health Monitor.
With this online tool, ICMA-RC plan sponsors and associated consultants will be able to analyze retirement readiness at both the plan and participant level -- including segmentation views across key demographics to include age, salary, contribution rate, or geography. Armed with these projections, plan sponsors and consultants can more easily identify participants that might be falling behind, provide data-driven advice, and ultimately, make more strategic plan design decisions. Retirement readiness and other key plan health metrics can be tracked over time and are securely accessed by plan sponsors and consultants.
"Forward-looking, technology-driven solutions like the Plan Health Monitor are a strong example of the continually evolving strategic value ICMA-RC provides to plan sponsors and consultants," said Karla Gill, ICMA-RC Senior Vice President, Chief Information and Innovation Officer. "We are rolling out these types of dynamic solutions to enhance informed decision making and positively impact retirement outcomes."
The participant retirement readiness projections found in the Plan Health Monitor are developed utilizing data provided by GuidedChoice using their rigorous and proprietary investment methodology and displayed using a monitoring dashboard developed by dailyVest, a fintech data and analytics provider. This makes it easy for plan sponsors to identify important metrics that affect overall plan health.
"One of the biggest problems for plan sponsors and advisors has always been the inability to easily access and garner insights from participant data that would help them identify problem areas within retirement plans," says Sherrie Grabot, Founder and CEO at GuidedChoice. "Now that Guided Choice and ICMA-RC have made that easy for them, they can drill down to really see what is working, or not, and make educated decisions about how to improve the plan."
Established in 1999, GuidedChoice is an independent advisory firm solely focused on fiduciary digital retirement investment advice supporting advisors, plan sponsors and participants. GuidedChoice's proprietary rules engine enables full customization to plan design and lineup, while its digital investment algorithms personalize each participant's investments with no commissions nor conflicts of interest. For more information, please visit www.guidedchoice.com/business.
Founded in 1972, ICMA-RC is a nonprofit, independent financial services corporation that, with its wholly owned subsidiaries, has approximately $55 billion in assets under management and administration (as of March 31, 2019). ICMA-RC is focused on providing retirement plans and related services for over a million public sector retirement accounts. ICMA-RC's mission is to help public sector employees build retirement security. The organization's mission is delivered through its RealizeRetirement® approach in which ICMA-RC representatives actively engage participants in their retirement programs, help them build their asset base, and help them realize their retirement goals through a comprehensive retirement planning strategy. For more information, visit www.icmarc.org, download ICMA-RC's mobile app from the App Store® and Google Play™ or follow ICMA-RC on Facebook, LinkedIn, and Twitter.