CUNA Mutual Group this week launched a new online retirement guidance platform called RetireOnTarget to help more than 140,000 credit union employees manage their 401(k) accounts and make more informed retirement planning decisions.
Company officials said more than 3,000 credit unions now have access to RetireOnTarget to manage the 401(k) accounts administered by the Madison, Wis.-based firm.
“Retirement planning tools have been available for many years to participants, but we believe RetireOnTarget is different and better,” Kevin Thompson, senior vice president of CUNA Mutual’s asset accumulation group, said in a statement. “RetireOnTarget is proactively presented to participants. They don’t have to search for it and they can quickly edit it for their personal situation.”
Plan participants can determine if they’re investing enough for their desired retirement, adjust the risk of their asset allocation and alter goals and their retirement dates.
“Our surveys show participants find this technology easy to use and they value the guidance,” Thompson said. “Participants aren’t portfolio managers or actuaries, yet they’re thrust into that position. Most people set aside what they can afford and hope for the best. Obviously, this is not a good plan.”
CUNA Mutual, along with its subsidiaries, provides administration and investment services to more than 7,500 retirement plans and more than 370,000 employees nationwide.